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 Fulton Georgia Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the transfer of rights and responsibilities associated with a cooperative apartment and membership in Fulton, Georgia. Keywords: Fulton Georgia, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership This agreement is specifically designed for the Fulton, Georgia area and is commonly used in real estate transactions within the cooperative housing market. It serves as a legally binding contract between the assigning party (assignor) and the party receiving the assignment (assignee). In the document, the assignor agrees to transfer their proprietary lease rights and membership in the cooperative apartment to the assignee. This transfer includes all the rights, obligations, and interest associated with living in the cooperative apartment community and being a member of the cooperative. The agreement also includes comprehensive details regarding the specific terms and conditions of the assignment. It outlines the rights of both parties, the duration of the assignment, the responsibilities of the assignee in terms of payment of fees, maintenance of the apartment, and compliance with the rules and regulations set forth by the cooperative. Different types or variations of the Fulton Georgia Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may exist depending on the specific cooperative apartment community and its governing rules and regulations. Some potential named variations could be: 1. Fulton Georgia Agreement to Assign Proprietary Lease and Cooperative Membership — Standard Version 2. Fulton Georgia Agreement to Assign Proprietary Lease and Cooperative Membership — With Additional Financial Obligations 3. Fulton Georgia Agreement to Assign Proprietary Lease and Cooperative Membership — Transfer of Specific Amenities or Parking Spaces. These named variations would highlight any additional elements that may be unique to a particular cooperative housing community or the agreement being made. In summary, the Fulton Georgia Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a crucial legal document used to facilitate the transfer of cooperative apartment rights and membership in Fulton, Georgia. It ensures that both parties involved in the assignment are aware of their rights, responsibilities, and obligations, thereby providing a clear framework for the cooperative living arrangement.The Fulton Georgia Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the transfer of rights and responsibilities associated with a cooperative apartment and membership in Fulton, Georgia. Keywords: Fulton Georgia, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership This agreement is specifically designed for the Fulton, Georgia area and is commonly used in real estate transactions within the cooperative housing market. It serves as a legally binding contract between the assigning party (assignor) and the party receiving the assignment (assignee). In the document, the assignor agrees to transfer their proprietary lease rights and membership in the cooperative apartment to the assignee. This transfer includes all the rights, obligations, and interest associated with living in the cooperative apartment community and being a member of the cooperative. The agreement also includes comprehensive details regarding the specific terms and conditions of the assignment. It outlines the rights of both parties, the duration of the assignment, the responsibilities of the assignee in terms of payment of fees, maintenance of the apartment, and compliance with the rules and regulations set forth by the cooperative. Different types or variations of the Fulton Georgia Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may exist depending on the specific cooperative apartment community and its governing rules and regulations. Some potential named variations could be: 1. Fulton Georgia Agreement to Assign Proprietary Lease and Cooperative Membership — Standard Version 2. Fulton Georgia Agreement to Assign Proprietary Lease and Cooperative Membership — With Additional Financial Obligations 3. Fulton Georgia Agreement to Assign Proprietary Lease and Cooperative Membership — Transfer of Specific Amenities or Parking Spaces. These named variations would highlight any additional elements that may be unique to a particular cooperative housing community or the agreement being made. In summary, the Fulton Georgia Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a crucial legal document used to facilitate the transfer of cooperative apartment rights and membership in Fulton, Georgia. It ensures that both parties involved in the assignment are aware of their rights, responsibilities, and obligations, thereby providing a clear framework for the cooperative living arrangement.
