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.
Hennepin Minnesota Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is an essential legal document related to the transfer of ownership rights and membership in a corporation within the Hennepin County, Minnesota jurisdiction. This document plays a pivotal role when an individual or entity wishes to assign their proprietary lease of a property and transfer membership rights to another party. In Hennepin County, Minnesota, there are various types of Hennepin Minnesota Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership forms that may be used depending on specific circumstances. Some different types include: 1. Residential Property Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: This type of consent form is applicable when the assignment of a proprietary lease and membership rights involves a residential property under the jurisdiction of Hennepin County, Minnesota. It ensures that all necessary permissions and legal requirements are met during the assignment process. 2. Commercial Property Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: This variant of the consent form is specifically designed for commercial properties. It is required when the assignment of a proprietary lease and membership rights pertains to a commercial property situated within Hennepin County, Minnesota. 3. Industrial Property Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: This type of consent form is utilized when the property in question is an industrial property. It is necessary for the smooth transfer of ownership rights and membership within a corporation for industrial properties in Hennepin County, Minnesota. These different types of Hennepin Minnesota Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership forms ensure that all relevant legal obligations are fulfilled, protecting the rights of both parties involved in the assignment process. They also serve as a means to record the details of the transfer of ownership rights and membership, creating a legally binding agreement. When completing these consent forms, it is crucial to include specific keywords and phrases to outline the nature of the assignment, property details, parties involved, and any other pertinent information. Properly recording all necessary information provides clarity and a transparent record of the transaction, ensuring compliance with legal requirements in Hennepin County, Minnesota.Hennepin Minnesota Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is an essential legal document related to the transfer of ownership rights and membership in a corporation within the Hennepin County, Minnesota jurisdiction. This document plays a pivotal role when an individual or entity wishes to assign their proprietary lease of a property and transfer membership rights to another party. In Hennepin County, Minnesota, there are various types of Hennepin Minnesota Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership forms that may be used depending on specific circumstances. Some different types include: 1. Residential Property Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: This type of consent form is applicable when the assignment of a proprietary lease and membership rights involves a residential property under the jurisdiction of Hennepin County, Minnesota. It ensures that all necessary permissions and legal requirements are met during the assignment process. 2. Commercial Property Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: This variant of the consent form is specifically designed for commercial properties. It is required when the assignment of a proprietary lease and membership rights pertains to a commercial property situated within Hennepin County, Minnesota. 3. Industrial Property Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: This type of consent form is utilized when the property in question is an industrial property. It is necessary for the smooth transfer of ownership rights and membership within a corporation for industrial properties in Hennepin County, Minnesota. These different types of Hennepin Minnesota Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership forms ensure that all relevant legal obligations are fulfilled, protecting the rights of both parties involved in the assignment process. They also serve as a means to record the details of the transfer of ownership rights and membership, creating a legally binding agreement. When completing these consent forms, it is crucial to include specific keywords and phrases to outline the nature of the assignment, property details, parties involved, and any other pertinent information. Properly recording all necessary information provides clarity and a transparent record of the transaction, ensuring compliance with legal requirements in Hennepin County, Minnesota.
