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.
Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document used in the state of Utah for the sale and transfer of rights to a cooperative apartment. This agreement outlines the terms, conditions, and provisions involved in the sale transaction, ensuring a smooth transfer of ownership. Keywords: Utah, Agreement for Purchase and Sale, Rights, Cooperative Apartment, legal document, sale and transfer, terms and conditions, provisions, ownership. There are a few different types of Utah Agreements for Purchase and Sale of Rights to Cooperative Apartment that may exist, depending on specific circumstances and parties involved. Some variations include: 1. Standard Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement contains the basic terms and conditions applicable to the purchase and sale of a cooperative apartment in Utah. It includes provisions related to the purchase price, earnest money, closing date, inspection contingencies, and representations and warranties. 2. Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment with Financing: This agreement is similar to the standard version but includes additional provisions related to financing the purchase of a cooperative apartment. It may cover details regarding the buyer's loan application, mortgage contingency, and the seller's cooperation in providing necessary documents for the buyer's loan approval. 3. Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment with Co-op Board Approval: In cases where the cooperative apartment requires board approval before the sale can be finalized, this type of agreement would include provisions specific to obtaining such approval. It outlines the buyer's responsibility to submit necessary documentation, abide by board requirements, and the seller's cooperation in providing requested information to the co-op board. 4. Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment with Rent-Back: This agreement variation allows the seller to remain temporarily in the cooperative apartment after closing. It includes provisions related to the terms of the rent-back period, rental amount, security deposit, utilities, and any conditions that must be met for the rent-back to occur. These are just a few examples of the potential types of Utah Agreements for Purchase and Sale of Rights to Cooperative Apartment. It is important to consult with legal professionals or real estate experts to understand the specific requirements and nuances of each agreement.Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document used in the state of Utah for the sale and transfer of rights to a cooperative apartment. This agreement outlines the terms, conditions, and provisions involved in the sale transaction, ensuring a smooth transfer of ownership. Keywords: Utah, Agreement for Purchase and Sale, Rights, Cooperative Apartment, legal document, sale and transfer, terms and conditions, provisions, ownership. There are a few different types of Utah Agreements for Purchase and Sale of Rights to Cooperative Apartment that may exist, depending on specific circumstances and parties involved. Some variations include: 1. Standard Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement contains the basic terms and conditions applicable to the purchase and sale of a cooperative apartment in Utah. It includes provisions related to the purchase price, earnest money, closing date, inspection contingencies, and representations and warranties. 2. Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment with Financing: This agreement is similar to the standard version but includes additional provisions related to financing the purchase of a cooperative apartment. It may cover details regarding the buyer's loan application, mortgage contingency, and the seller's cooperation in providing necessary documents for the buyer's loan approval. 3. Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment with Co-op Board Approval: In cases where the cooperative apartment requires board approval before the sale can be finalized, this type of agreement would include provisions specific to obtaining such approval. It outlines the buyer's responsibility to submit necessary documentation, abide by board requirements, and the seller's cooperation in providing requested information to the co-op board. 4. Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment with Rent-Back: This agreement variation allows the seller to remain temporarily in the cooperative apartment after closing. It includes provisions related to the terms of the rent-back period, rental amount, security deposit, utilities, and any conditions that must be met for the rent-back to occur. These are just a few examples of the potential types of Utah Agreements for Purchase and Sale of Rights to Cooperative Apartment. It is important to consult with legal professionals or real estate experts to understand the specific requirements and nuances of each agreement.
