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 Bronx, located in New York City, offers various types of agreements related to the assignment of proprietary leases for cooperative apartments and memberships. These agreements are crucial legal documents that establish the rights and responsibilities of individuals when it comes to cooperative housing in the Bronx. Let's explore the different types of agreements available: 1. Bronx New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: This agreement pertains to the assignment of a proprietary lease and membership in a cooperative apartment located in the Bronx. It outlines the terms and conditions that both the assignor (the current leaseholder/member) and assignee (the new leaseholder/member) must adhere to during the assignment process. 2. Bronx New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership — Transfer Fee: This specific type of agreement includes provisions related to the payment of a transfer fee. The transfer fee is an amount charged by the cooperative housing association to cover administrative costs associated with processing the assignment of the proprietary lease and membership. 3. Bronx New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership — Subletting: Some cooperative housing associations in the Bronx allow subletting arrangements, where the leaseholder/member can temporarily lease their apartment to another party. In this type of agreement, provisions related to subletting are included, specifying the terms and conditions that both parties must follow during the subletting period. 4. Bronx New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership — Renovation Rights: Certain cooperative housing associations grant leaseholders/members the right to renovate their apartment. This agreement includes provisions related to renovation rights, outlining the conditions that must be met and any approvals required from the cooperative association before initiating renovation work. In conclusion, the Bronx offers various types of agreements to assign proprietary leases of cooperative apartments and memberships. These agreements address different aspects such as transfer fees, subletting, and renovation rights, providing a comprehensive framework for individuals involved in cooperative housing in the Bronx, New York.The Bronx, located in New York City, offers various types of agreements related to the assignment of proprietary leases for cooperative apartments and memberships. These agreements are crucial legal documents that establish the rights and responsibilities of individuals when it comes to cooperative housing in the Bronx. Let's explore the different types of agreements available: 1. Bronx New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: This agreement pertains to the assignment of a proprietary lease and membership in a cooperative apartment located in the Bronx. It outlines the terms and conditions that both the assignor (the current leaseholder/member) and assignee (the new leaseholder/member) must adhere to during the assignment process. 2. Bronx New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership — Transfer Fee: This specific type of agreement includes provisions related to the payment of a transfer fee. The transfer fee is an amount charged by the cooperative housing association to cover administrative costs associated with processing the assignment of the proprietary lease and membership. 3. Bronx New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership — Subletting: Some cooperative housing associations in the Bronx allow subletting arrangements, where the leaseholder/member can temporarily lease their apartment to another party. In this type of agreement, provisions related to subletting are included, specifying the terms and conditions that both parties must follow during the subletting period. 4. Bronx New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership — Renovation Rights: Certain cooperative housing associations grant leaseholders/members the right to renovate their apartment. This agreement includes provisions related to renovation rights, outlining the conditions that must be met and any approvals required from the cooperative association before initiating renovation work. In conclusion, the Bronx offers various types of agreements to assign proprietary leases of cooperative apartments and memberships. These agreements address different aspects such as transfer fees, subletting, and renovation rights, providing a comprehensive framework for individuals involved in cooperative housing in the Bronx, New York.
