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 Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that grants permission and acknowledges the transfer of a proprietary lease and membership rights from one party to another within a corporation in Wake County, North Carolina. This consent ensures that the corporation agrees to the assignment of the proprietary lease and the associated membership privileges. In Wake North Carolina, there are two types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: 1. Individual Assignment: This type of consent applies when a specific individual wishes to assign their proprietary lease and membership rights to another individual. The consent of the corporation is necessary to validate this transfer and make it legally binding. 2. Corporate Assignment: In this case, a corporation or business entity holds the proprietary lease and membership rights and wishes to assign them to another corporation or business entity. Similar to the individual assignment, the consent of the corporation is required to complete the transfer. Keywords: Wake North Carolina, Consent of Corporation, Assignment of Proprietary Lease, Consent to Membership, legal document, transfer, proprietary lease, membership rights, corporation, Wake County, North Carolina, individual assignment, corporate assignment, business entity.Wake North Carolina Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that grants permission and acknowledges the transfer of a proprietary lease and membership rights from one party to another within a corporation in Wake County, North Carolina. This consent ensures that the corporation agrees to the assignment of the proprietary lease and the associated membership privileges. In Wake North Carolina, there are two types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: 1. Individual Assignment: This type of consent applies when a specific individual wishes to assign their proprietary lease and membership rights to another individual. The consent of the corporation is necessary to validate this transfer and make it legally binding. 2. Corporate Assignment: In this case, a corporation or business entity holds the proprietary lease and membership rights and wishes to assign them to another corporation or business entity. Similar to the individual assignment, the consent of the corporation is required to complete the transfer. Keywords: Wake North Carolina, Consent of Corporation, Assignment of Proprietary Lease, Consent to Membership, legal document, transfer, proprietary lease, membership rights, corporation, Wake County, North Carolina, individual assignment, corporate assignment, business entity.
