An apartment cooperative will typically involved a corporation renting apartments to people who are also owners of stock in the corporation. The apartment complex is owned by the corporation.
Two basic documents are ordinarily involved in the transfer of a member's or stockholder's interest in a cooperative apartment corporation: (1) an agreement for the purchase and sale of the proprietary lease and the appurtenant membership or stock; and (2) the instrument of assignment.
The agreement of purchase and sale is similar in format to an agreement for the sale of real property. The seller agrees to assign all rights under the proprietary lease covering the unit, and to sell the membership or stock in the corporation. The seller also agrees to procure the consent of the corporation to the transfer if this is required in the proprietary lease. The purchaser agrees to pay the purchase price and to submit references to the corporation and otherwise cooperate in procuring its consent to the transfer, and also promises to execute an agreement in a form approved by the corporation by which the purchaser assumes and agrees to be bound by all covenants and conditions of the proprietary lease.
The instrument of assignment does not differ materially from an ordinary assignment of a lease of real property, except that the assignor's interest in the membership or stock in the corporation is assigned together with interests under the proprietary lease. Ordinarily, the assignor declares that there are no liens or other claims outstanding against the lease or the shares to be assigned, that there are no undischarged bankruptcy proceedings or unsatisfied judgments or tax liens outstanding against the assignor, and that the assignor has full right and authority to assign the lease and shares.
Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that outlines the terms and conditions associated with the transfer of a proprietary lease and membership rights in a cooperative apartment in the state of Texas. This agreement is crucial when someone intends to sell or transfer their cooperative apartment to another party. It ensures that the rights and obligations pertaining to the lease and membership are properly assigned and transferred to the new owner. The main components of this agreement include the names and contact information of both the assignor (current owner) and assignee (new owner), the details of the cooperative apartment, such as its address and unit number, and a description of the proprietary lease and membership rights being transferred. The agreement specifies the effective date of the assignment, as well as any necessary consent from the cooperative board or management for the transaction. It also addresses the consideration or purchase price for the transfer, the method of payment, and any applicable taxes or fees. Additional provisions that may be included in this agreement are conditions for the approval of the assignee by the cooperative board or management, representations and warranties made by both parties, and any rights of rescission or termination. It is important to note that there might be different types or variations of the Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, depending on the specific terms and requirements of each cooperative association. Therefore, it is recommended to consult with legal professionals or real estate experts who are experienced in Texas cooperative law to ensure that the agreement is tailored to the particular circumstances of the transaction.Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that outlines the terms and conditions associated with the transfer of a proprietary lease and membership rights in a cooperative apartment in the state of Texas. This agreement is crucial when someone intends to sell or transfer their cooperative apartment to another party. It ensures that the rights and obligations pertaining to the lease and membership are properly assigned and transferred to the new owner. The main components of this agreement include the names and contact information of both the assignor (current owner) and assignee (new owner), the details of the cooperative apartment, such as its address and unit number, and a description of the proprietary lease and membership rights being transferred. The agreement specifies the effective date of the assignment, as well as any necessary consent from the cooperative board or management for the transaction. It also addresses the consideration or purchase price for the transfer, the method of payment, and any applicable taxes or fees. Additional provisions that may be included in this agreement are conditions for the approval of the assignee by the cooperative board or management, representations and warranties made by both parties, and any rights of rescission or termination. It is important to note that there might be different types or variations of the Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, depending on the specific terms and requirements of each cooperative association. Therefore, it is recommended to consult with legal professionals or real estate experts who are experienced in Texas cooperative law to ensure that the agreement is tailored to the particular circumstances of the transaction.
