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 Franklin Ohio Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding contract that establishes the terms and conditions for the transfer of ownership rights in a cooperative apartment located in Franklin, Ohio. This agreement governs the sale of such rights and defines the responsibilities and obligations of both the seller and the buyer. In the Franklin Ohio Agreement for Purchase and Sale of Rights to Cooperative Apartment, important keywords that can be mentioned include: 1. Cooperative apartment: Refers to a type of housing where individuals own shares in a corporation that owns the building or property, giving them the right to occupy a specific unit. 2. Franklin, Ohio: Specifies the location of the cooperative apartment, indicating that the agreement is specific to properties within the city of Franklin, Ohio. 3. Purchase and sale: Outlines the transaction’s purpose, emphasizing the intention to transfer ownership rights from the seller to the buyer. 4. Rights: The agreement addresses the rights associated with the cooperative apartment, such as the right to occupy, use, and access common areas or amenities. 5. Seller: Refers to the current owner of the cooperative apartment who intends to sell their ownership rights to the buyer. 6. Buyer: Denotes the party interested in acquiring the ownership rights to the cooperative apartment. 7. Terms and conditions: Refers to the specific provisions and requirements of the agreement, including the purchase price, payment terms, closing procedures, and any contingencies. 8. Responsibilities and obligations: Outlines the duties and obligations of both the seller and the buyer, such as maintaining the property, paying fees, and adhering to cooperative rules and regulations. 9. Transfer of ownership: Specifies the process of transferring ownership rights from the seller to the buyer, typically involving the approval of the cooperative board or association. 10. Cooperative bylaws: Refers to the rules and regulations established by the cooperative board or association that govern the operation, maintenance, and use of the cooperative apartment building or property. While there might not be different types of the Franklin Ohio Agreement for Purchase and Sale of Rights to Cooperative Apartment, it is possible that there can be variations in the specific terms and conditions outlined within each agreement, tailored to the needs and preferences of the parties involved.The Franklin Ohio Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding contract that establishes the terms and conditions for the transfer of ownership rights in a cooperative apartment located in Franklin, Ohio. This agreement governs the sale of such rights and defines the responsibilities and obligations of both the seller and the buyer. In the Franklin Ohio Agreement for Purchase and Sale of Rights to Cooperative Apartment, important keywords that can be mentioned include: 1. Cooperative apartment: Refers to a type of housing where individuals own shares in a corporation that owns the building or property, giving them the right to occupy a specific unit. 2. Franklin, Ohio: Specifies the location of the cooperative apartment, indicating that the agreement is specific to properties within the city of Franklin, Ohio. 3. Purchase and sale: Outlines the transaction’s purpose, emphasizing the intention to transfer ownership rights from the seller to the buyer. 4. Rights: The agreement addresses the rights associated with the cooperative apartment, such as the right to occupy, use, and access common areas or amenities. 5. Seller: Refers to the current owner of the cooperative apartment who intends to sell their ownership rights to the buyer. 6. Buyer: Denotes the party interested in acquiring the ownership rights to the cooperative apartment. 7. Terms and conditions: Refers to the specific provisions and requirements of the agreement, including the purchase price, payment terms, closing procedures, and any contingencies. 8. Responsibilities and obligations: Outlines the duties and obligations of both the seller and the buyer, such as maintaining the property, paying fees, and adhering to cooperative rules and regulations. 9. Transfer of ownership: Specifies the process of transferring ownership rights from the seller to the buyer, typically involving the approval of the cooperative board or association. 10. Cooperative bylaws: Refers to the rules and regulations established by the cooperative board or association that govern the operation, maintenance, and use of the cooperative apartment building or property. While there might not be different types of the Franklin Ohio Agreement for Purchase and Sale of Rights to Cooperative Apartment, it is possible that there can be variations in the specific terms and conditions outlined within each agreement, tailored to the needs and preferences of the parties involved.
