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 Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document that outlines the terms and conditions for the transfer of ownership rights to a cooperative apartment located in Contra Costa County, California. This agreement is essential for protecting the interests of both the buyer and the seller in a cooperative housing transaction. Keywords: Contra Costa California, Agreement for Purchase and Sale, Cooperative Apartment, transfer of ownership rights, cooperative housing transaction, buyer, seller, terms and conditions. There may be different types of Contra Costa California Agreements for Purchase and Sale of Rights to Cooperative Apartment based on specific circumstances. Here are a few possible variations: 1. Standard Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the basic and most commonly used version of the agreement, which follows the general guidelines and provisions applicable to cooperative apartment transactions in Contra Costa County. 2. Customized Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment: In certain cases, buyers and sellers may want to modify or add specific provisions to the agreement to suit their unique requirements. This variant includes customized terms and conditions agreed upon by both parties. 3. New Construction Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment: If the cooperative apartment being transferred is a newly constructed unit or part of a recently built development, this agreement variation addresses specific aspects like warranties, completion timelines, and any additional provisions related to construction. 4. Distressed Property Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment: In situations where the cooperative apartment is under distress, such as foreclosure or short sale, this variation of the agreement may include additional clauses to address the unique challenges and considerations associated with such properties. 5. Co-op Association Approved Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment: Some cooperative housing communities might have their specific requirements or restrictions for incoming buyers. This type of agreement variation ensures compliance with any additional conditions set forth by the cooperative association. It is important to consult with a qualified real estate attorney or agent familiar with Contra Costa County and cooperative housing transactions to understand the specific terms, conditions, and any additional variations of the Agreement for Purchase and Sale of Rights to Cooperative Apartment that might exist.The Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document that outlines the terms and conditions for the transfer of ownership rights to a cooperative apartment located in Contra Costa County, California. This agreement is essential for protecting the interests of both the buyer and the seller in a cooperative housing transaction. Keywords: Contra Costa California, Agreement for Purchase and Sale, Cooperative Apartment, transfer of ownership rights, cooperative housing transaction, buyer, seller, terms and conditions. There may be different types of Contra Costa California Agreements for Purchase and Sale of Rights to Cooperative Apartment based on specific circumstances. Here are a few possible variations: 1. Standard Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the basic and most commonly used version of the agreement, which follows the general guidelines and provisions applicable to cooperative apartment transactions in Contra Costa County. 2. Customized Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment: In certain cases, buyers and sellers may want to modify or add specific provisions to the agreement to suit their unique requirements. This variant includes customized terms and conditions agreed upon by both parties. 3. New Construction Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment: If the cooperative apartment being transferred is a newly constructed unit or part of a recently built development, this agreement variation addresses specific aspects like warranties, completion timelines, and any additional provisions related to construction. 4. Distressed Property Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment: In situations where the cooperative apartment is under distress, such as foreclosure or short sale, this variation of the agreement may include additional clauses to address the unique challenges and considerations associated with such properties. 5. Co-op Association Approved Contra Costa California Agreement for Purchase and Sale of Rights to Cooperative Apartment: Some cooperative housing communities might have their specific requirements or restrictions for incoming buyers. This type of agreement variation ensures compliance with any additional conditions set forth by the cooperative association. It is important to consult with a qualified real estate attorney or agent familiar with Contra Costa County and cooperative housing transactions to understand the specific terms, conditions, and any additional variations of the Agreement for Purchase and Sale of Rights to Cooperative Apartment that might exist.
