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.
Dallas Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that outlines the terms and conditions when assigning a proprietary lease and membership rights of a cooperative apartment located in Dallas, Texas. This agreement is commonly used in the real estate industry to establish the rights and responsibilities of both parties involved in the assignment process. It ensures that all parties understand their obligations and protects their interests. Keywords: Dallas Texas, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership Different types of Dallas Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Individual Assignment Agreement: This type of agreement is used when a single individual assigns their proprietary lease and membership rights to another party. It outlines the specific terms and conditions agreed upon by both parties. 2. Corporate Assignment Agreement: When a corporation or business entity assigns the proprietary lease and membership rights of a cooperative apartment, a corporate assignment agreement is employed. This agreement includes additional clauses to address the specific requirements and obligations of corporations. 3. Sublease Assignment Agreement: In cases where the original leaseholder wants to sublease their cooperative apartment while retaining their membership rights, a sublease assignment agreement is necessary. This agreement allows the sublease to occupy the apartment and enjoy the benefits of membership. 4. Partial Assignment Agreement: When only a portion of the proprietary lease and membership rights are being assigned, a partial assignment agreement is utilized. This agreement clearly defines the share of rights being transferred and any corresponding obligations. Note: It's important to consult with legal professionals or experts in real estate law to customize the agreement to meet individual circumstances and ensure compliance with local regulations.Dallas Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that outlines the terms and conditions when assigning a proprietary lease and membership rights of a cooperative apartment located in Dallas, Texas. This agreement is commonly used in the real estate industry to establish the rights and responsibilities of both parties involved in the assignment process. It ensures that all parties understand their obligations and protects their interests. Keywords: Dallas Texas, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership Different types of Dallas Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Individual Assignment Agreement: This type of agreement is used when a single individual assigns their proprietary lease and membership rights to another party. It outlines the specific terms and conditions agreed upon by both parties. 2. Corporate Assignment Agreement: When a corporation or business entity assigns the proprietary lease and membership rights of a cooperative apartment, a corporate assignment agreement is employed. This agreement includes additional clauses to address the specific requirements and obligations of corporations. 3. Sublease Assignment Agreement: In cases where the original leaseholder wants to sublease their cooperative apartment while retaining their membership rights, a sublease assignment agreement is necessary. This agreement allows the sublease to occupy the apartment and enjoy the benefits of membership. 4. Partial Assignment Agreement: When only a portion of the proprietary lease and membership rights are being assigned, a partial assignment agreement is utilized. This agreement clearly defines the share of rights being transferred and any corresponding obligations. Note: It's important to consult with legal professionals or experts in real estate law to customize the agreement to meet individual circumstances and ensure compliance with local regulations.
