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.
Houston, Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment The Houston, Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment outlines the terms and conditions involved in the purchase and sale of rights to a cooperative apartment located in Houston, Texas. This legally-binding agreement sheds light on the specifics of the transaction, protecting both the buyer and seller throughout the process. In this agreement, various crucial aspects are covered, including the identification of the cooperative apartment being sold, the purchase price, and the timeline of the transaction. It also encapsulates the rights and responsibilities of both parties, ensuring a smooth and fair transaction. Keywords: Houston, Texas, Agreement for Purchase, Sale of Rights, Cooperative Apartment, terms and conditions, purchase price, timeline, buyer, seller, transaction, rights and responsibilities, Different types of Houston, Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: 1. Standard Agreement: This is the most common type of agreement used for the purchase and sale of cooperative apartments in Houston, Texas. It includes all the necessary provisions and clauses to protect the interests of both parties involved. 2. As-Is Agreement: This type of agreement specifies that the cooperative apartment is being sold in its current condition, without any warranties or guarantees from the seller. It is essential for buyers to thoroughly inspect the property before signing this agreement. 3. Contingency Agreement: In certain cases, buyers may wish to include specific contingencies in the agreement, such as obtaining financing or selling their existing property before the transaction can be completed. This type of agreement provides flexibility for the buyer and seller to negotiate these contingencies. 4. Cooperative Apartment Association Agreement: This agreement may be required by the cooperative apartment association or board of directors, outlining additional rules and regulations specific to the cooperative living community. It supplements the standard agreement by addressing specific requirements unique to the cooperative apartment being purchased or sold. Keywords: Houston, Texas, Agreement for Purchase, Sale of Rights, Cooperative Apartment, Standard Agreement, As-Is Agreement, Contingency Agreement, Cooperative Apartment Association Agreement, provisions, clauses, warranties, guarantees, property, buyer, seller, transactions, financing, board of directors, rules and regulations, cooperative living community.Houston, Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment The Houston, Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment outlines the terms and conditions involved in the purchase and sale of rights to a cooperative apartment located in Houston, Texas. This legally-binding agreement sheds light on the specifics of the transaction, protecting both the buyer and seller throughout the process. In this agreement, various crucial aspects are covered, including the identification of the cooperative apartment being sold, the purchase price, and the timeline of the transaction. It also encapsulates the rights and responsibilities of both parties, ensuring a smooth and fair transaction. Keywords: Houston, Texas, Agreement for Purchase, Sale of Rights, Cooperative Apartment, terms and conditions, purchase price, timeline, buyer, seller, transaction, rights and responsibilities, Different types of Houston, Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: 1. Standard Agreement: This is the most common type of agreement used for the purchase and sale of cooperative apartments in Houston, Texas. It includes all the necessary provisions and clauses to protect the interests of both parties involved. 2. As-Is Agreement: This type of agreement specifies that the cooperative apartment is being sold in its current condition, without any warranties or guarantees from the seller. It is essential for buyers to thoroughly inspect the property before signing this agreement. 3. Contingency Agreement: In certain cases, buyers may wish to include specific contingencies in the agreement, such as obtaining financing or selling their existing property before the transaction can be completed. This type of agreement provides flexibility for the buyer and seller to negotiate these contingencies. 4. Cooperative Apartment Association Agreement: This agreement may be required by the cooperative apartment association or board of directors, outlining additional rules and regulations specific to the cooperative living community. It supplements the standard agreement by addressing specific requirements unique to the cooperative apartment being purchased or sold. Keywords: Houston, Texas, Agreement for Purchase, Sale of Rights, Cooperative Apartment, Standard Agreement, As-Is Agreement, Contingency Agreement, Cooperative Apartment Association Agreement, provisions, clauses, warranties, guarantees, property, buyer, seller, transactions, financing, board of directors, rules and regulations, cooperative living community.
