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.
Collin Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that governs the transfer of rights and responsibilities in a cooperative apartment setting in Collin County, Texas. This agreement outlines the terms and conditions under which a cooperative apartment owner can assign their proprietary lease and membership rights to another party. Keywords: Collin Texas, Agreement to Assign, Proprietary Lease, Cooperative Apartment, Membership In Collin County, Texas, cooperative apartment buildings offer a unique form of homeownership where residents own shares in a corporation that owns the building. Each shareholder is granted a proprietary lease, which grants them the right to occupy a specific unit within the cooperative. The Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership serves as a legally binding contract between the assignor, who is the current owner of the cooperative apartment, and the assignee, who is seeking to become the new owner and leaseholder. This agreement must be carefully drafted and executed to ensure a smooth transfer of ownership and legal responsibilities. This agreement typically includes important details such as the names and contact information of the assignor and assignee, the specific cooperative apartment unit being assigned, the effective date of the assignment, and any restrictions or conditions associated with the assignment. It will also specify the rights and obligations of both parties, such as the assignee's responsibility for fulfilling the terms of the existing proprietary lease and complying with the cooperative's rules and regulations. Different types of Collin Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include variations based on the specific cooperative's bylaws or requirements. For example, there may be separate agreements for different types of cooperative apartments, such as those designated for residential use, commercial use, or mixed-use properties. Each agreement will outline the specific responsibilities and rights of the assignor and assignee based on the type of cooperative and its unique characteristics. It is crucial for both parties involved in the assignment of a proprietary lease and membership to fully understand the terms and conditions stated in the agreement. Seek legal counsel to ensure that all legal requirements are met and the agreement accurately reflects the intentions of both parties.Collin Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that governs the transfer of rights and responsibilities in a cooperative apartment setting in Collin County, Texas. This agreement outlines the terms and conditions under which a cooperative apartment owner can assign their proprietary lease and membership rights to another party. Keywords: Collin Texas, Agreement to Assign, Proprietary Lease, Cooperative Apartment, Membership In Collin County, Texas, cooperative apartment buildings offer a unique form of homeownership where residents own shares in a corporation that owns the building. Each shareholder is granted a proprietary lease, which grants them the right to occupy a specific unit within the cooperative. The Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership serves as a legally binding contract between the assignor, who is the current owner of the cooperative apartment, and the assignee, who is seeking to become the new owner and leaseholder. This agreement must be carefully drafted and executed to ensure a smooth transfer of ownership and legal responsibilities. This agreement typically includes important details such as the names and contact information of the assignor and assignee, the specific cooperative apartment unit being assigned, the effective date of the assignment, and any restrictions or conditions associated with the assignment. It will also specify the rights and obligations of both parties, such as the assignee's responsibility for fulfilling the terms of the existing proprietary lease and complying with the cooperative's rules and regulations. Different types of Collin Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include variations based on the specific cooperative's bylaws or requirements. For example, there may be separate agreements for different types of cooperative apartments, such as those designated for residential use, commercial use, or mixed-use properties. Each agreement will outline the specific responsibilities and rights of the assignor and assignee based on the type of cooperative and its unique characteristics. It is crucial for both parties involved in the assignment of a proprietary lease and membership to fully understand the terms and conditions stated in the agreement. Seek legal counsel to ensure that all legal requirements are met and the agreement accurately reflects the intentions of both parties.
