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.
Los Angeles California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for the transfer of ownership and occupancy rights of a cooperative apartment unit in Los Angeles, California. It serves as an agreement between the current shareholder of the cooperative apartment (assignor) and the prospective buyer or assignee (assignee). In this agreement, the assignor agrees to assign their proprietary lease rights, which include the exclusive right to occupy a specific unit within the cooperative housing complex, and the corresponding membership in the cooperative corporation that manages the complex. The assignee, in turn, agrees to accept the assignment and assume all the responsibilities and obligations that come with the cooperative apartment ownership. The Los Angeles California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership typically includes several key elements: 1. Parties: It identifies the assignor and assignee by their legal names and addresses, along with any other relevant contact information. 2. Property Details: It provides a detailed description of the cooperative apartment unit being assigned, including the unit number, floor plan, and any unique features or amenities. 3. Terms of Assignment: It specifies the effective date of the assignment, the duration of the lease agreement, and any renewal or termination clauses. 4. Purchase Price and Consideration: It outlines the financial terms of the assignment, including the purchase price, down payment, and any additional costs or fees involved in the transaction. 5. Rights and Obligations: It enumerates the rights and obligations of both the assignor and assignee, such as the assignor's duty to transfer a clear and marketable title and the assignee's duty to comply with all rules and regulations set forth by the cooperative corporation. 6. Approval Process: It may include provisions related to obtaining necessary approvals from the cooperative corporation and any other relevant governing body before the assignment can be completed. 7. Indemnification and Liability: It may include clauses that protect both parties from any potential damages, losses, or disputes arising from the assignment process. 8. Governing Law: It specifies that the agreement is governed by the laws of the state of California and any applicable local laws in Los Angeles. Types of Los Angeles California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include variations based on the specific terms, conditions, and requirements of different cooperative corporations or housing complexes in Los Angeles. These variations may depend on factors such as the type of cooperative (e.g., limited equity or market-rate), the location within Los Angeles, and any unique bylaws or regulations set by the cooperative corporation.Los Angeles California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for the transfer of ownership and occupancy rights of a cooperative apartment unit in Los Angeles, California. It serves as an agreement between the current shareholder of the cooperative apartment (assignor) and the prospective buyer or assignee (assignee). In this agreement, the assignor agrees to assign their proprietary lease rights, which include the exclusive right to occupy a specific unit within the cooperative housing complex, and the corresponding membership in the cooperative corporation that manages the complex. The assignee, in turn, agrees to accept the assignment and assume all the responsibilities and obligations that come with the cooperative apartment ownership. The Los Angeles California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership typically includes several key elements: 1. Parties: It identifies the assignor and assignee by their legal names and addresses, along with any other relevant contact information. 2. Property Details: It provides a detailed description of the cooperative apartment unit being assigned, including the unit number, floor plan, and any unique features or amenities. 3. Terms of Assignment: It specifies the effective date of the assignment, the duration of the lease agreement, and any renewal or termination clauses. 4. Purchase Price and Consideration: It outlines the financial terms of the assignment, including the purchase price, down payment, and any additional costs or fees involved in the transaction. 5. Rights and Obligations: It enumerates the rights and obligations of both the assignor and assignee, such as the assignor's duty to transfer a clear and marketable title and the assignee's duty to comply with all rules and regulations set forth by the cooperative corporation. 6. Approval Process: It may include provisions related to obtaining necessary approvals from the cooperative corporation and any other relevant governing body before the assignment can be completed. 7. Indemnification and Liability: It may include clauses that protect both parties from any potential damages, losses, or disputes arising from the assignment process. 8. Governing Law: It specifies that the agreement is governed by the laws of the state of California and any applicable local laws in Los Angeles. Types of Los Angeles California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include variations based on the specific terms, conditions, and requirements of different cooperative corporations or housing complexes in Los Angeles. These variations may depend on factors such as the type of cooperative (e.g., limited equity or market-rate), the location within Los Angeles, and any unique bylaws or regulations set by the cooperative corporation.
