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.
Houston Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions associated with assigning the lease of a cooperative apartment and transferring the membership rights to another party. This agreement is crucial in facilitating the smooth transfer of ownership in a cooperative housing complex in Houston, Texas. The Houston Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership specifies the rights and responsibilities of both the assignor (original leaseholder) and assignee (new leaseholder) involved in the transaction. It encompasses various key elements, such as the identification of the cooperative apartment, membership details, and the terms of assignment. Keywords: — Houston, Texas: This refers to the location where the cooperative housing complex is situated and where the agreement is enforceable. — Agreement: Denotes the legally binding contract between the assignor and assignee, detailing the assignment of the proprietary lease and membership. — Assign: Highlighting the act of transferring rights and responsibilities from the assignor to the assignee. — Proprietary Lease: Refers to the lease agreement that grants the original leaseholder exclusive rights to occupy a specific cooperative apartment. — Cooperative Apartment: Indicates a dwelling unit within a cooperative housing complex. It is owned collectively by the members rather than individually. — Membership: Pertains to the ownership interest and entitlements associated with being a part of the cooperative housing complex. — Transfer/Assignment: The action of moving the lease and membership rights from one party to another. — Terms and Conditions: The specific rules, obligations, and privileges that govern the assignor and assignee's relationship regarding the lease and membership. — Ownership Transfer: The process of changing the ownership of the cooperative apartment and membership from the original leaseholder to the new leaseholder. Different types of Houston Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include variations specific to different cooperative housing complexes or customized agreements as per individual circumstances. It is essential to consult with legal professionals or co-op management to ensure compliance with the specific terms and conditions of a particular cooperative housing complex.Houston Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions associated with assigning the lease of a cooperative apartment and transferring the membership rights to another party. This agreement is crucial in facilitating the smooth transfer of ownership in a cooperative housing complex in Houston, Texas. The Houston Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership specifies the rights and responsibilities of both the assignor (original leaseholder) and assignee (new leaseholder) involved in the transaction. It encompasses various key elements, such as the identification of the cooperative apartment, membership details, and the terms of assignment. Keywords: — Houston, Texas: This refers to the location where the cooperative housing complex is situated and where the agreement is enforceable. — Agreement: Denotes the legally binding contract between the assignor and assignee, detailing the assignment of the proprietary lease and membership. — Assign: Highlighting the act of transferring rights and responsibilities from the assignor to the assignee. — Proprietary Lease: Refers to the lease agreement that grants the original leaseholder exclusive rights to occupy a specific cooperative apartment. — Cooperative Apartment: Indicates a dwelling unit within a cooperative housing complex. It is owned collectively by the members rather than individually. — Membership: Pertains to the ownership interest and entitlements associated with being a part of the cooperative housing complex. — Transfer/Assignment: The action of moving the lease and membership rights from one party to another. — Terms and Conditions: The specific rules, obligations, and privileges that govern the assignor and assignee's relationship regarding the lease and membership. — Ownership Transfer: The process of changing the ownership of the cooperative apartment and membership from the original leaseholder to the new leaseholder. Different types of Houston Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include variations specific to different cooperative housing complexes or customized agreements as per individual circumstances. It is essential to consult with legal professionals or co-op management to ensure compliance with the specific terms and conditions of a particular cooperative housing complex.
