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.
Miami-Dade Florida Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that outlines the terms and conditions for the assignment of a proprietary lease and membership in a cooperative apartment located in Miami-Dade County, Florida. This agreement is designed to protect the rights and interests of all parties involved in the assignment transaction. The Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership in Miami-Dade Florida includes several key elements such as the identification of the cooperative apartment and its location within the county. It specifies the parties involved, including the assignor (current leaseholder) and the assignee (prospective leaseholder), along with their contact details. Furthermore, this document highlights the responsibilities of each party, including the assignor's duty to transfer their proprietary lease and membership rights to the assignee. It also outlines the assignee's obligations, such as the payment of any applicable fees, charges, or assessments associated with the cooperative apartment. Additionally, the Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include clauses relating to consent and approval. For example, it may outline the requirement for the cooperative board's consent to the assignment and the assignor's obligation to provide necessary documentation for evaluation and approval. This agreement may also cover essential provisions such as the term and termination conditions of the assigned proprietary lease, the assignee's rights to utilize common areas or amenities, and the allocation of maintenance and repair responsibilities. Different types of Miami-Dade Florida Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include variations based on the specific cooperative society or building management. Some agreements may require additional provisions related to specific policies, rules, or regulations applicable to the cooperative apartment. Keywords: Miami-Dade Florida, Agreement to Assign, Proprietary Lease, Cooperative Apartment, Membership, assignment transaction, legally binding document, cooperative society, building management, responsibilities, consent, approval, terms and conditions, cooperative board.Miami-Dade Florida Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that outlines the terms and conditions for the assignment of a proprietary lease and membership in a cooperative apartment located in Miami-Dade County, Florida. This agreement is designed to protect the rights and interests of all parties involved in the assignment transaction. The Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership in Miami-Dade Florida includes several key elements such as the identification of the cooperative apartment and its location within the county. It specifies the parties involved, including the assignor (current leaseholder) and the assignee (prospective leaseholder), along with their contact details. Furthermore, this document highlights the responsibilities of each party, including the assignor's duty to transfer their proprietary lease and membership rights to the assignee. It also outlines the assignee's obligations, such as the payment of any applicable fees, charges, or assessments associated with the cooperative apartment. Additionally, the Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include clauses relating to consent and approval. For example, it may outline the requirement for the cooperative board's consent to the assignment and the assignor's obligation to provide necessary documentation for evaluation and approval. This agreement may also cover essential provisions such as the term and termination conditions of the assigned proprietary lease, the assignee's rights to utilize common areas or amenities, and the allocation of maintenance and repair responsibilities. Different types of Miami-Dade Florida Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include variations based on the specific cooperative society or building management. Some agreements may require additional provisions related to specific policies, rules, or regulations applicable to the cooperative apartment. Keywords: Miami-Dade Florida, Agreement to Assign, Proprietary Lease, Cooperative Apartment, Membership, assignment transaction, legally binding document, cooperative society, building management, responsibilities, consent, approval, terms and conditions, cooperative board.
