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 Diego California Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that grants permission to transfer the proprietary lease rights and membership ownership in a corporation for a property located in San Diego, California. This document is typically used when a shareholder or member of a corporation wishes to assign or transfer their proprietary lease and membership rights to another party. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is an essential requirement to ensure that the transfer of the lease and membership is valid and legally binding. It serves as an acknowledgment from the corporation that they have reviewed and approved the proposed transfer, and that they consent to the new assignee becoming a member and enjoying the rights and privileges associated with the proprietary lease. Keywords: San Diego, California, Consent of Corporation, Assignment, Proprietary Lease, Membership, Transfer, Shareholder, Corporation, Assignee, Legal Document. There are generally no specific types or variations of the San Diego California Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership document. However, different corporations may have their own customized versions or additional requirements, so it is important to ensure compliance with the individual corporation's rules and regulations.San Diego California Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that grants permission to transfer the proprietary lease rights and membership ownership in a corporation for a property located in San Diego, California. This document is typically used when a shareholder or member of a corporation wishes to assign or transfer their proprietary lease and membership rights to another party. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is an essential requirement to ensure that the transfer of the lease and membership is valid and legally binding. It serves as an acknowledgment from the corporation that they have reviewed and approved the proposed transfer, and that they consent to the new assignee becoming a member and enjoying the rights and privileges associated with the proprietary lease. Keywords: San Diego, California, Consent of Corporation, Assignment, Proprietary Lease, Membership, Transfer, Shareholder, Corporation, Assignee, Legal Document. There are generally no specific types or variations of the San Diego California Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership document. However, different corporations may have their own customized versions or additional requirements, so it is important to ensure compliance with the individual corporation's rules and regulations.
