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.
Wake North Carolina Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal agreement that outlines the terms and conditions for transferring the ownership and rights of a cooperative apartment in Wake, North Carolina. This comprehensive document serves as a binding contract between the current owner (assignor) and the individual or entity acquiring the ownership (assignee). It encompasses important details regarding the assignment of the proprietary lease and membership in a cooperative housing corporation. This agreement helps solidify the legal process of transferring ownership and ensures that both parties involved are fully aware of their rights and responsibilities. It covers various aspects such as the assignment process, membership requirements, lease terms, and the obligations of the assignee after the ownership transfer. Keywords: Wake North Carolina, Agreement to Assign, Proprietary Lease, Cooperative Apartment, Membership, Assignor, Assignee, Cooperative Housing Corporation, Ownership Transfer, Legal Agreement, Rights, Responsibilities, Assignment Process, Membership Requirements, Lease Terms, Obligations. Different Types of Wake North Carolina Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: 1. Residential Cooperative Assignment Agreement: This type of agreement specifically caters to the transfer of ownership of cooperative apartments in residential buildings within Wake, North Carolina. 2. Commercial Cooperative Assignment Agreement: This agreement focuses on the assignment of ownership and proprietary lease for cooperative apartments located in commercial buildings, such as office spaces or retail complexes, in Wake, North Carolina. 3. Mixed-Use Cooperative Assignment Agreement: This type of agreement is applicable when the cooperative apartment being assigned is part of a mixed-use development, which includes both residential and commercial units. It covers the transfer of ownership rights for such versatile properties in Wake, North Carolina. 4. Limited Equity Cooperative Assignment Agreement: This specific agreement pertains to cooperative apartments with limited equity, where the price appreciation is controlled to maintain affordability. It outlines the terms and conditions of assigning ownership for such properties in Wake, North Carolina. 5. Age-Restricted Cooperative Assignment Agreement: This agreement is designed for cooperative apartments that have specific age restrictions, typically catering to senior citizens or retirees. It governs the transfer of ownership rights for age-restricted cooperative apartments in Wake, North Carolina.Wake North Carolina Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal agreement that outlines the terms and conditions for transferring the ownership and rights of a cooperative apartment in Wake, North Carolina. This comprehensive document serves as a binding contract between the current owner (assignor) and the individual or entity acquiring the ownership (assignee). It encompasses important details regarding the assignment of the proprietary lease and membership in a cooperative housing corporation. This agreement helps solidify the legal process of transferring ownership and ensures that both parties involved are fully aware of their rights and responsibilities. It covers various aspects such as the assignment process, membership requirements, lease terms, and the obligations of the assignee after the ownership transfer. Keywords: Wake North Carolina, Agreement to Assign, Proprietary Lease, Cooperative Apartment, Membership, Assignor, Assignee, Cooperative Housing Corporation, Ownership Transfer, Legal Agreement, Rights, Responsibilities, Assignment Process, Membership Requirements, Lease Terms, Obligations. Different Types of Wake North Carolina Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: 1. Residential Cooperative Assignment Agreement: This type of agreement specifically caters to the transfer of ownership of cooperative apartments in residential buildings within Wake, North Carolina. 2. Commercial Cooperative Assignment Agreement: This agreement focuses on the assignment of ownership and proprietary lease for cooperative apartments located in commercial buildings, such as office spaces or retail complexes, in Wake, North Carolina. 3. Mixed-Use Cooperative Assignment Agreement: This type of agreement is applicable when the cooperative apartment being assigned is part of a mixed-use development, which includes both residential and commercial units. It covers the transfer of ownership rights for such versatile properties in Wake, North Carolina. 4. Limited Equity Cooperative Assignment Agreement: This specific agreement pertains to cooperative apartments with limited equity, where the price appreciation is controlled to maintain affordability. It outlines the terms and conditions of assigning ownership for such properties in Wake, North Carolina. 5. Age-Restricted Cooperative Assignment Agreement: This agreement is designed for cooperative apartments that have specific age restrictions, typically catering to senior citizens or retirees. It governs the transfer of ownership rights for age-restricted cooperative apartments in Wake, North Carolina.
