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.
Broward County, located in the state of Florida, has a specific legal document known as the "Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership." This document is relevant in the realm of real estate transactions and often pertains to cooperative housing associations or corporations. A proprietary lease allows a shareholder of a cooperative or a member of a housing association to reside in a particular unit or property owned by the corporation. However, when a shareholder or member wishes to transfer their leasehold interest or membership to another party, they require the consent and approval of the corporation. The Broward Florida Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is the legal document that outlines the corporation's acknowledgment and consent for the transfer of the leasehold interest or membership. It ensures that all parties involved comply with the rules, regulations, and contractual obligations within the cooperative or housing association. Different types or variations of the Broward Florida Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership could exist depending on the specific cooperative or housing association involved. These variations may arise due to the unique bylaws, policies, or regulations set forth by the corporation. It is crucial to refer specifically to the corresponding cooperative or housing association's guidelines and forms to ensure compliance with the applicable rules. Some relevant keywords for this topic might include Broward County, Florida, Consent of Corporation, Assignment of Proprietary Lease, Consent to Membership, cooperative housing association, legal document, real estate transaction, transfer of leasehold interest, transfer of membership, rules and regulations, contractual obligations. It is important to consult with legal professionals or experts with experience in cooperative housing associations and real estate law to obtain accurate information and assistance in understanding and executing the Broward Florida Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, considering any specific variations that may exist for a particular corporation.Broward County, located in the state of Florida, has a specific legal document known as the "Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership." This document is relevant in the realm of real estate transactions and often pertains to cooperative housing associations or corporations. A proprietary lease allows a shareholder of a cooperative or a member of a housing association to reside in a particular unit or property owned by the corporation. However, when a shareholder or member wishes to transfer their leasehold interest or membership to another party, they require the consent and approval of the corporation. The Broward Florida Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is the legal document that outlines the corporation's acknowledgment and consent for the transfer of the leasehold interest or membership. It ensures that all parties involved comply with the rules, regulations, and contractual obligations within the cooperative or housing association. Different types or variations of the Broward Florida Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership could exist depending on the specific cooperative or housing association involved. These variations may arise due to the unique bylaws, policies, or regulations set forth by the corporation. It is crucial to refer specifically to the corresponding cooperative or housing association's guidelines and forms to ensure compliance with the applicable rules. Some relevant keywords for this topic might include Broward County, Florida, Consent of Corporation, Assignment of Proprietary Lease, Consent to Membership, cooperative housing association, legal document, real estate transaction, transfer of leasehold interest, transfer of membership, rules and regulations, contractual obligations. It is important to consult with legal professionals or experts with experience in cooperative housing associations and real estate law to obtain accurate information and assistance in understanding and executing the Broward Florida Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, considering any specific variations that may exist for a particular corporation.
