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.
The Washington Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document that outlines the terms and conditions of transferring ownership rights to a cooperative apartment in the state of Washington. This agreement serves as a binding contract between the seller and buyer, ensuring a smooth and transparent transaction. Keywords: Washington Agreement, purchase, sale, rights, cooperative apartment, terms and conditions, transferring ownership, seller, buyer, transaction. There are different types of Washington Agreement for Purchase and Sale of Rights to Cooperative Apartment, namely: 1. Standard Agreement: This is the most commonly used type of agreement, which covers all essential aspects of purchasing and selling the rights to a cooperative apartment. It typically includes clauses related to payment terms, deposit amounts, contingencies, inspection periods, closing date, and other relevant details. 2. All-Cash Agreement: This type of agreement is specific to transactions where the buyer intends to purchase the cooperative apartment using cash without any mortgage or loan. It might contain additional clauses related to proof of funds and the timeline for making the payment. 3. Contingency Agreement: In certain situations, the buyer may require certain contingencies to be met before closing the sale. These contingencies may include obtaining financing approval, satisfactory inspection results, or the resolution of any pending legal matters. The contingency agreement sets specific deadlines for meeting these conditions and allows the buyer to withdraw from the sale if the contingencies are not satisfied. 4. As-Is Agreement: When an apartment is sold in "as-is" condition, it means that the buyer accepts the property in its current state without any repairs or renovations. The as-is agreement highlights that the buyer acknowledges the condition of the apartment and cannot hold the seller responsible for any defects or issues discovered after the sale. It's important for both buyers and sellers to carefully review the Washington Agreement for Purchase and Sale of Rights to Cooperative Apartment and seek legal advice if needed. This comprehensive agreement protects the interests of both parties and ensures a smooth and lawful transfer of ownership rights.
