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.
Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document used in Middlesex County, Massachusetts, when buying or selling cooperative apartments. This agreement outlines the terms and conditions agreed upon by both the buyer and the seller, ensuring a smooth transaction. Keywords: Middlesex Massachusetts, Agreement for Purchase and Sale, Rights to Cooperative Apartment, Middlesex County, Massachusetts, cooperative apartments, terms and conditions, buyer, seller, transaction. Different types of Middlesex Massachusetts Agreements for Purchase and Sale of Rights to Cooperative Apartment may include: 1. Standard Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most common type of agreement used for buying and selling cooperative apartments in Middlesex County. It covers essential clauses and provisions applicable in typical transactions. 2. Customized Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement allows the parties involved to modify certain clauses according to their specific requirements and negotiations. It offers flexibility and tailors the terms of the transaction to meet unique needs. 3. Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment with Financing Contingency: In some cases, the buyer's ability to secure financing plays a crucial role. This agreement includes a contingency clause that allows the buyer to terminate the transaction if they fail to obtain financing within the specified timeline. 4. Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment with Inspection Contingency: This agreement incorporates an inspection contingency clause, granting the buyer the right to conduct a professional inspection of the cooperative apartment and renegotiate or terminate the agreement based on the findings. 5. Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment with Seller Financing: This type of agreement encompasses terms related to seller financing, where the seller acts as the lender and provides financing to the buyer instead of traditional bank financing. 6. Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment for Cash Sales: This agreement is suitable for transactions where the buyer is purchasing the cooperative apartment outright without any financial assistance, usually requiring a lump sum payment or certified funds. These various types of Middlesex Massachusetts Agreements for Purchase and Sale of Rights to Cooperative Apartment cater to different circumstances and requirements of both buyers and sellers, ensuring clarity and protection for all parties involved in the transaction.Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document used in Middlesex County, Massachusetts, when buying or selling cooperative apartments. This agreement outlines the terms and conditions agreed upon by both the buyer and the seller, ensuring a smooth transaction. Keywords: Middlesex Massachusetts, Agreement for Purchase and Sale, Rights to Cooperative Apartment, Middlesex County, Massachusetts, cooperative apartments, terms and conditions, buyer, seller, transaction. Different types of Middlesex Massachusetts Agreements for Purchase and Sale of Rights to Cooperative Apartment may include: 1. Standard Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most common type of agreement used for buying and selling cooperative apartments in Middlesex County. It covers essential clauses and provisions applicable in typical transactions. 2. Customized Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement allows the parties involved to modify certain clauses according to their specific requirements and negotiations. It offers flexibility and tailors the terms of the transaction to meet unique needs. 3. Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment with Financing Contingency: In some cases, the buyer's ability to secure financing plays a crucial role. This agreement includes a contingency clause that allows the buyer to terminate the transaction if they fail to obtain financing within the specified timeline. 4. Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment with Inspection Contingency: This agreement incorporates an inspection contingency clause, granting the buyer the right to conduct a professional inspection of the cooperative apartment and renegotiate or terminate the agreement based on the findings. 5. Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment with Seller Financing: This type of agreement encompasses terms related to seller financing, where the seller acts as the lender and provides financing to the buyer instead of traditional bank financing. 6. Middlesex Massachusetts Agreement for Purchase and Sale of Rights to Cooperative Apartment for Cash Sales: This agreement is suitable for transactions where the buyer is purchasing the cooperative apartment outright without any financial assistance, usually requiring a lump sum payment or certified funds. These various types of Middlesex Massachusetts Agreements for Purchase and Sale of Rights to Cooperative Apartment cater to different circumstances and requirements of both buyers and sellers, ensuring clarity and protection for all parties involved in the transaction.
