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.
San Antonio, Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that allows the transfer of a proprietary lease and associated membership in a cooperative apartment located in San Antonio, Texas. This agreement is necessary when a current coop owner wishes to assign their rights and obligations to another individual or entity. Keywords: San Antonio, Texas, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership, Transfer, Rights, Obligations. Types of San Antonio, Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: 1. Individual Assignment Agreement: This type of agreement is used when an individual coop owner wishes to transfer their proprietary lease and membership to another individual. It outlines the terms and conditions of the assignment, including any necessary consents from the cooperative board or management. 2. Corporate Assignment Agreement: In cases where a cooperative apartment is owned by a corporation or other legal entity, a corporate assignment agreement is required. This document allows for the transfer of the proprietary lease and membership from one corporate entity to another, subject to the approval and requirements of the cooperative board. 3. Family Transfer Agreement: If the coop owner wishes to transfer their proprietary lease and membership to a family member, a family transfer agreement is typically used. This agreement outlines the familial relationship between the parties and any specific conditions or restrictions that may apply. 4. Tenant-to-Tenant Assignment Agreement: In some instances, a coop owner may assign their proprietary lease and membership to another tenant within the same cooperative apartment building. This type of agreement allows for the internal transfer of rights and responsibilities between current tenants, subject to the approval of the cooperative board. It's important to consult with legal professionals familiar with cooperative ownership and local regulations in San Antonio, Texas, to ensure the Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership complies with all applicable laws and is tailored to the specific circumstances of the assignment.San Antonio, Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that allows the transfer of a proprietary lease and associated membership in a cooperative apartment located in San Antonio, Texas. This agreement is necessary when a current coop owner wishes to assign their rights and obligations to another individual or entity. Keywords: San Antonio, Texas, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership, Transfer, Rights, Obligations. Types of San Antonio, Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: 1. Individual Assignment Agreement: This type of agreement is used when an individual coop owner wishes to transfer their proprietary lease and membership to another individual. It outlines the terms and conditions of the assignment, including any necessary consents from the cooperative board or management. 2. Corporate Assignment Agreement: In cases where a cooperative apartment is owned by a corporation or other legal entity, a corporate assignment agreement is required. This document allows for the transfer of the proprietary lease and membership from one corporate entity to another, subject to the approval and requirements of the cooperative board. 3. Family Transfer Agreement: If the coop owner wishes to transfer their proprietary lease and membership to a family member, a family transfer agreement is typically used. This agreement outlines the familial relationship between the parties and any specific conditions or restrictions that may apply. 4. Tenant-to-Tenant Assignment Agreement: In some instances, a coop owner may assign their proprietary lease and membership to another tenant within the same cooperative apartment building. This type of agreement allows for the internal transfer of rights and responsibilities between current tenants, subject to the approval of the cooperative board. It's important to consult with legal professionals familiar with cooperative ownership and local regulations in San Antonio, Texas, to ensure the Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership complies with all applicable laws and is tailored to the specific circumstances of the assignment.
