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 West Virginia Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding contract that outlines the terms and conditions for the purchase and sale of rights to a cooperative apartment in West Virginia. This agreement is designed to protect the rights and interests of both the buyer and the seller involved in the transaction. Key elements typically included in the West Virginia Agreement for Purchase and Sale of Rights to Cooperative Apartment are: 1. Parties involved: The agreement will clearly identify the buyer and seller by their legal names and addresses. It is crucial to specify the correct details to ensure accurate documentation. 2. Property details: The agreement will include a detailed description of the cooperative apartment being sold, which may include the address, unit number, square footage, and any other relevant specifications. Precise information will help avoid any confusion regarding the property. 3. Purchase price and payment terms: This section will specify the agreed-upon purchase price for the cooperative apartment, along with the payment terms. It may outline any down payment required, the total amount to be paid, and the timeline for submitting payments. 4. Closing and possession: The agreement will define the closing process, including the date and location of the closing. It will also address possession of the cooperative apartment, clarifying when the buyer will officially take ownership. 5. Title and representation: This section will typically state that the seller has clear and marketable title to the cooperative apartment and that they have the authority to sell it. It may also include representations and warranties regarding the condition of the property and any included fixtures or appliances. 6. Inspection and due diligence: The agreement may grant the buyer the right to inspect the cooperative apartment before the closing date. It will outline the inspection procedure and specify if any repairs or modifications must be made before the sale is finalized. 7. Contingencies: The contract may include contingencies that need to be met for the purchase and sale to proceed. Common contingencies may include obtaining financing, obtaining a satisfactory appraisal, or satisfying any applicable regulatory requirements. 8. Governing law and dispute resolution: This section will specify that the agreement is governed by the laws of West Virginia. It will also outline how any disputes arising from the agreement will be resolved, typically through arbitration or mediation. Different types of West Virginia Agreements for Purchase and Sale of Rights to Cooperative Apartment may exist based on specific variations or requirements. For example, some agreements may cater to commercial cooperative apartments, while others may be tailored for residential properties. It is crucial to identify the specific type of agreement that applies to ensure all necessary provisions are included.The West Virginia Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding contract that outlines the terms and conditions for the purchase and sale of rights to a cooperative apartment in West Virginia. This agreement is designed to protect the rights and interests of both the buyer and the seller involved in the transaction. Key elements typically included in the West Virginia Agreement for Purchase and Sale of Rights to Cooperative Apartment are: 1. Parties involved: The agreement will clearly identify the buyer and seller by their legal names and addresses. It is crucial to specify the correct details to ensure accurate documentation. 2. Property details: The agreement will include a detailed description of the cooperative apartment being sold, which may include the address, unit number, square footage, and any other relevant specifications. Precise information will help avoid any confusion regarding the property. 3. Purchase price and payment terms: This section will specify the agreed-upon purchase price for the cooperative apartment, along with the payment terms. It may outline any down payment required, the total amount to be paid, and the timeline for submitting payments. 4. Closing and possession: The agreement will define the closing process, including the date and location of the closing. It will also address possession of the cooperative apartment, clarifying when the buyer will officially take ownership. 5. Title and representation: This section will typically state that the seller has clear and marketable title to the cooperative apartment and that they have the authority to sell it. It may also include representations and warranties regarding the condition of the property and any included fixtures or appliances. 6. Inspection and due diligence: The agreement may grant the buyer the right to inspect the cooperative apartment before the closing date. It will outline the inspection procedure and specify if any repairs or modifications must be made before the sale is finalized. 7. Contingencies: The contract may include contingencies that need to be met for the purchase and sale to proceed. Common contingencies may include obtaining financing, obtaining a satisfactory appraisal, or satisfying any applicable regulatory requirements. 8. Governing law and dispute resolution: This section will specify that the agreement is governed by the laws of West Virginia. It will also outline how any disputes arising from the agreement will be resolved, typically through arbitration or mediation. Different types of West Virginia Agreements for Purchase and Sale of Rights to Cooperative Apartment may exist based on specific variations or requirements. For example, some agreements may cater to commercial cooperative apartments, while others may be tailored for residential properties. It is crucial to identify the specific type of agreement that applies to ensure all necessary provisions are included.
