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.
Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that pertains to the transfer of ownership and membership rights within a cooperative housing corporation. This consent form is crucial when an existing shareholder wishes to assign their proprietary lease and transfer their membership interest to a new individual or entity. Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership ensures that the cooperative corporation, represented by its Board of Directors and shareholders, approves the assignment and transfer, maintaining the integrity and continuity of the cooperative community. By obtaining consent from the corporation, both the assignor (original shareholder) and assignee (new shareholder) can proceed with the transaction legally and smoothly. This consent document may come in different types based on the specific circumstances or corporate policies. For example: 1. Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership — Individual to Individual: This type of consent is utilized when an individual shareholder wants to assign their proprietary lease and transfer their membership interest to another individual. It ensures that the corporation agrees to the transfer and acknowledges the new member. 2. Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership — Individual to Entity: In cases where a shareholder wishes to assign their proprietary lease and transfer their membership interest to a legal entity such as a corporation, limited liability company, or partnership, this type of consent document comes into play. It allows the corporation to confirm its consent to the assignment and recognize the entity as the new shareholder. 3. Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership — Entity to Individual: This type of consent is relevant when a legal entity, which holds a proprietary lease and membership interest, intends to assign this lease and transfer the membership to an individual. It ensures proper authorization and acknowledgment by the corporation. Overall, Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership serves as a crucial legal instrument, enabling the assignment and transfer of proprietary lease and membership rights within the cooperative housing community. It ensures the corporation's consent and allows for a seamless transition of ownership between shareholders, whether it be from individual to individual, individual to entity, or entity to individual.Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that pertains to the transfer of ownership and membership rights within a cooperative housing corporation. This consent form is crucial when an existing shareholder wishes to assign their proprietary lease and transfer their membership interest to a new individual or entity. Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership ensures that the cooperative corporation, represented by its Board of Directors and shareholders, approves the assignment and transfer, maintaining the integrity and continuity of the cooperative community. By obtaining consent from the corporation, both the assignor (original shareholder) and assignee (new shareholder) can proceed with the transaction legally and smoothly. This consent document may come in different types based on the specific circumstances or corporate policies. For example: 1. Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership — Individual to Individual: This type of consent is utilized when an individual shareholder wants to assign their proprietary lease and transfer their membership interest to another individual. It ensures that the corporation agrees to the transfer and acknowledges the new member. 2. Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership — Individual to Entity: In cases where a shareholder wishes to assign their proprietary lease and transfer their membership interest to a legal entity such as a corporation, limited liability company, or partnership, this type of consent document comes into play. It allows the corporation to confirm its consent to the assignment and recognize the entity as the new shareholder. 3. Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership — Entity to Individual: This type of consent is relevant when a legal entity, which holds a proprietary lease and membership interest, intends to assign this lease and transfer the membership to an individual. It ensures proper authorization and acknowledgment by the corporation. Overall, Kings New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership serves as a crucial legal instrument, enabling the assignment and transfer of proprietary lease and membership rights within the cooperative housing community. It ensures the corporation's consent and allows for a seamless transition of ownership between shareholders, whether it be from individual to individual, individual to entity, or entity to individual.
