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 Kings New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document used to transfer the ownership rights and responsibilities of a cooperative apartment in New York. This agreement is specific to the Kings County area of New York and is designed to protect the rights of the assignor and assignee during the transfer process. Keywords: Kings New York Agreement, assign proprietary lease, cooperative apartment, membership, transfer ownership rights, rights and responsibilities, Kings County. Types of Kings New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: 1. Standard Agreement: This is the most common type of Kings New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership. It outlines the terms and conditions of the assignment, including the transfer fees, assignment restrictions, and any additional requirements set forth by the cooperative board. 2. Sublease Agreement: In cases where the assignor wishes to sublease their cooperative apartment instead of assigning the lease fully, a Sublease Agreement is used. This agreement allows the assignor to retain some control over the apartment while still transferring some rights to the subtenant. 3. Assignment with Shareholder Agreement: This type of agreement is used when the assignor is also transferring their membership rights in the cooperative. In addition to assigning the lease, this agreement specifies the transfer of shares, voting rights, and other privileges associated with the cooperative membership. 4. Assignment with Alteration Agreement: When the assignee intends to make alterations or renovations to the cooperative apartment, an Assignment with Alteration Agreement may be used. This agreement ensures that both parties are aware of the proposed changes, any restrictions, and potential liability issues. 5. Assignment with Purchase Option Agreement: In certain cases, a cooperative apartment may be assigned with a purchase option agreement. This agreement allows the assignee to have the right to purchase the cooperative apartment at a specified price and within a designated timeframe. This option provides a level of flexibility for the assignee should they wish to eventually buy the apartment. Overall, the Kings New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership encompasses various types of agreements that accommodate different circumstances and needs. It serves as a legally binding documentation securing the transfer of ownership rights and responsibilities of a cooperative apartment within Kings County, New York.The Kings New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document used to transfer the ownership rights and responsibilities of a cooperative apartment in New York. This agreement is specific to the Kings County area of New York and is designed to protect the rights of the assignor and assignee during the transfer process. Keywords: Kings New York Agreement, assign proprietary lease, cooperative apartment, membership, transfer ownership rights, rights and responsibilities, Kings County. Types of Kings New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: 1. Standard Agreement: This is the most common type of Kings New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership. It outlines the terms and conditions of the assignment, including the transfer fees, assignment restrictions, and any additional requirements set forth by the cooperative board. 2. Sublease Agreement: In cases where the assignor wishes to sublease their cooperative apartment instead of assigning the lease fully, a Sublease Agreement is used. This agreement allows the assignor to retain some control over the apartment while still transferring some rights to the subtenant. 3. Assignment with Shareholder Agreement: This type of agreement is used when the assignor is also transferring their membership rights in the cooperative. In addition to assigning the lease, this agreement specifies the transfer of shares, voting rights, and other privileges associated with the cooperative membership. 4. Assignment with Alteration Agreement: When the assignee intends to make alterations or renovations to the cooperative apartment, an Assignment with Alteration Agreement may be used. This agreement ensures that both parties are aware of the proposed changes, any restrictions, and potential liability issues. 5. Assignment with Purchase Option Agreement: In certain cases, a cooperative apartment may be assigned with a purchase option agreement. This agreement allows the assignee to have the right to purchase the cooperative apartment at a specified price and within a designated timeframe. This option provides a level of flexibility for the assignee should they wish to eventually buy the apartment. Overall, the Kings New York Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership encompasses various types of agreements that accommodate different circumstances and needs. It serves as a legally binding documentation securing the transfer of ownership rights and responsibilities of a cooperative apartment within Kings County, New York.
