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 Montgomery Maryland Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for the assignment of the proprietary lease and membership in a cooperative apartment in Montgomery County, Maryland. This agreement serves as a binding contract between the parties involved, providing clarity and protection in the transfer of rights and responsibilities. Keywords: Montgomery Maryland, Agreement to Assign, Proprietary Lease, Cooperative Apartment, Membership, Legal Document, Terms and Conditions, Assignment, Transfer, Rights and Responsibilities. Montgomery Maryland Cooperative Apartment and Membership Agreement Types: 1. Individual Assignment Agreement: This type of agreement is used when an individual assigns or transfers their proprietary lease and membership in a cooperative apartment to another individual. It ensures that all rights, obligations, and privileges associated with the lease and membership are properly transferred. 2. Corporate Assignment Agreement: In some cases, a corporation may hold a proprietary lease and membership in a cooperative apartment. This type of agreement is used when the corporation wants to assign or transfer its lease and membership to another corporation or individual. The agreement outlines the terms and conditions of the assignment, including any corporate resolutions or approval required. 3. Family Assignment Agreement: A family assignment agreement is used when an individual wishes to transfer their proprietary lease and membership in a cooperative apartment to a family member, such as a spouse or child. This type of agreement may include specific provisions related to familial relations and obligations. 4. Sublease Agreement: In certain situations, a member of a cooperative apartment may want to sublease their rights to another individual. A sublease agreement allows the member to retain their proprietary lease and membership while granting the sublessee the right to occupy the apartment temporarily. Each of these agreement types ensures a smooth and legal transfer of rights and responsibilities related to the proprietary lease and membership in a cooperative apartment in Montgomery County, Maryland.The Montgomery Maryland Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for the assignment of the proprietary lease and membership in a cooperative apartment in Montgomery County, Maryland. This agreement serves as a binding contract between the parties involved, providing clarity and protection in the transfer of rights and responsibilities. Keywords: Montgomery Maryland, Agreement to Assign, Proprietary Lease, Cooperative Apartment, Membership, Legal Document, Terms and Conditions, Assignment, Transfer, Rights and Responsibilities. Montgomery Maryland Cooperative Apartment and Membership Agreement Types: 1. Individual Assignment Agreement: This type of agreement is used when an individual assigns or transfers their proprietary lease and membership in a cooperative apartment to another individual. It ensures that all rights, obligations, and privileges associated with the lease and membership are properly transferred. 2. Corporate Assignment Agreement: In some cases, a corporation may hold a proprietary lease and membership in a cooperative apartment. This type of agreement is used when the corporation wants to assign or transfer its lease and membership to another corporation or individual. The agreement outlines the terms and conditions of the assignment, including any corporate resolutions or approval required. 3. Family Assignment Agreement: A family assignment agreement is used when an individual wishes to transfer their proprietary lease and membership in a cooperative apartment to a family member, such as a spouse or child. This type of agreement may include specific provisions related to familial relations and obligations. 4. Sublease Agreement: In certain situations, a member of a cooperative apartment may want to sublease their rights to another individual. A sublease agreement allows the member to retain their proprietary lease and membership while granting the sublessee the right to occupy the apartment temporarily. Each of these agreement types ensures a smooth and legal transfer of rights and responsibilities related to the proprietary lease and membership in a cooperative apartment in Montgomery County, Maryland.
