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 Wisconsin Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document that outlines the terms and conditions for the transfer of rights to a cooperative apartment in Wisconsin. This agreement is crucial in ensuring a smooth and well-regulated transaction between the buyer and seller of a cooperative apartment. Keywords: Wisconsin, Agreement for Purchase and Sale, Rights, Cooperative Apartment, terms and conditions, transfer, buyer, seller, transaction. In Wisconsin, there are typically two types of agreements for the purchase and sale of rights to cooperative apartments: 1. Wisconsin Agreement for Purchase and Sale of Rights to Cooperative Apartment — Individual Unit: This type of agreement is used when an individual buyer intends to purchase the rights to a specific unit within a cooperative apartment complex. It outlines the terms specific to the particular unit, including the purchase price, closing date, and any specific conditions or contingencies. 2. Wisconsin Agreement for Purchase and Sale of Rights to Cooperative Apartment — Multiple Units: This agreement is employed when the buyer wishes to acquire multiple units within the cooperative apartment complex. It may be useful for investors or buyers who are interested in purchasing more than one unit at the same time. This agreement covers the terms related to the purchase of multiple units, such as the total purchase price and the allocation of rights to each unit. Both types of agreements typically include the following components: 1. Parties: The agreement identifies the buyer(s) and seller(s) involved in the transaction. Full legal names and contact information are provided. 2. Description of the Cooperative Apartment: The agreement specifies the detailed description of the cooperative apartment, including the unit number, address, and any other pertinent details necessary for identification. 3. Purchase Price and Payment Terms: This section outlines the agreed-upon purchase price, including any down payment, earnest money, and financing arrangements. The terms of payment, such as the due date, method, and currency, are also included. 4. Closing and Possession: The agreement sets out the closing date when the transfer of rights will occur. Additionally, the terms for possession of the cooperative apartment, such as whether it will be vacant or subject to an existing lease, are specified. 5. Representations and Warranties: This section outlines the warranties provided by the seller related to the condition of the cooperative apartment, ensuring that it is free from any liens or encumbrances and complies with applicable laws and regulations. 6. Contingencies and Conditions: The agreement may contain contingencies, such as satisfactory completion of inspections or appraisals, financing approval, or specific repairs to be made before closing. Conditions for the termination or modification of the agreement may also be included. 7. Default and Remedies: The agreement stipulates the consequences and remedies in the event of a default by either party, including potential damages, specific performance, or termination of the agreement. It is important to consult with a real estate attorney or professional when drafting or executing a Wisconsin Agreement for Purchase and Sale of Rights to Cooperative Apartment to ensure compliance with state laws and ensure the protection of all parties involved in the transaction.The Wisconsin Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document that outlines the terms and conditions for the transfer of rights to a cooperative apartment in Wisconsin. This agreement is crucial in ensuring a smooth and well-regulated transaction between the buyer and seller of a cooperative apartment. Keywords: Wisconsin, Agreement for Purchase and Sale, Rights, Cooperative Apartment, terms and conditions, transfer, buyer, seller, transaction. In Wisconsin, there are typically two types of agreements for the purchase and sale of rights to cooperative apartments: 1. Wisconsin Agreement for Purchase and Sale of Rights to Cooperative Apartment — Individual Unit: This type of agreement is used when an individual buyer intends to purchase the rights to a specific unit within a cooperative apartment complex. It outlines the terms specific to the particular unit, including the purchase price, closing date, and any specific conditions or contingencies. 2. Wisconsin Agreement for Purchase and Sale of Rights to Cooperative Apartment — Multiple Units: This agreement is employed when the buyer wishes to acquire multiple units within the cooperative apartment complex. It may be useful for investors or buyers who are interested in purchasing more than one unit at the same time. This agreement covers the terms related to the purchase of multiple units, such as the total purchase price and the allocation of rights to each unit. Both types of agreements typically include the following components: 1. Parties: The agreement identifies the buyer(s) and seller(s) involved in the transaction. Full legal names and contact information are provided. 2. Description of the Cooperative Apartment: The agreement specifies the detailed description of the cooperative apartment, including the unit number, address, and any other pertinent details necessary for identification. 3. Purchase Price and Payment Terms: This section outlines the agreed-upon purchase price, including any down payment, earnest money, and financing arrangements. The terms of payment, such as the due date, method, and currency, are also included. 4. Closing and Possession: The agreement sets out the closing date when the transfer of rights will occur. Additionally, the terms for possession of the cooperative apartment, such as whether it will be vacant or subject to an existing lease, are specified. 5. Representations and Warranties: This section outlines the warranties provided by the seller related to the condition of the cooperative apartment, ensuring that it is free from any liens or encumbrances and complies with applicable laws and regulations. 6. Contingencies and Conditions: The agreement may contain contingencies, such as satisfactory completion of inspections or appraisals, financing approval, or specific repairs to be made before closing. Conditions for the termination or modification of the agreement may also be included. 7. Default and Remedies: The agreement stipulates the consequences and remedies in the event of a default by either party, including potential damages, specific performance, or termination of the agreement. It is important to consult with a real estate attorney or professional when drafting or executing a Wisconsin Agreement for Purchase and Sale of Rights to Cooperative Apartment to ensure compliance with state laws and ensure the protection of all parties involved in the transaction.
