Proprietary Lease

State:
Multi-State
Control #:
US-03491BG
Format:
Word; 
Rich Text
Instant download

Description Lease Assumption Agreement Template

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. Also, it is common to have an assumption by the Assignee of the liabilities under the Lease.

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.

Free preview What Is A Proprietary Lease
  • Form preview
  • Form preview
  • Form preview

How to fill out Proprietary Lease Printable?

Utilize the most complete legal library of forms. US Legal Forms is the perfect platform for finding up-to-date Assumption of Proprietary Lease templates. Our service provides a huge number of legal documents drafted by licensed lawyers and sorted by state.

To obtain a template from US Legal Forms, users just need to sign up for a free account first. If you are already registered on our service, log in and select the document you need and buy it. Right after purchasing forms, users can find them in the My Forms section.

To obtain a US Legal Forms subscription on-line, follow the guidelines listed below:

  1. Check if the Form name you have found is state-specific and suits your needs.
  2. If the template has a Preview function, utilize it to check the sample.
  3. In case the template does not suit you, make use of the search bar to find a better one.
  4. Hit Buy Now if the template meets your requirements.
  5. Select a pricing plan.
  6. Create a free account.
  7. Pay via PayPal or with the credit/bank card.
  8. Choose a document format and download the template.
  9. After it’s downloaded, print it and fill it out.

Save your time and effort with the service to find, download, and fill out the Form name. Join thousands of satisfied subscribers who’re already using US Legal Forms!

Proprietary Lease Print Trusted and secure by over 3 million people of the world’s leading companies

Proprietary Lease