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.
Keywords: Kansas, Agreement to Assign, Proprietary Lease, Cooperative Apartment, Membership Description: The Kansas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document used to transfer the rights and responsibilities of a proprietary lease and membership in a cooperative apartment in the state of Kansas. This comprehensive agreement outlines the terms and conditions agreed upon by the assignor (current owner) and assignee (new owner) regarding the transfer of the cooperative apartment and associated membership. There are different types of Kansas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, differentiated by the specific cooperative housing association involved and the unique terms negotiated between the assignor and assignee. Some common variations include: 1. Standard Kansas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: This straightforward agreement is used when there are no additional or complex terms involved in the transfer of the cooperative apartment and membership rights. 2. Kansas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership with Purchase Option: In this type of agreement, the assignee has the option to purchase the cooperative apartment and membership within a specified time frame. The terms and conditions for exercising this option, such as the purchase price and payment schedule, will be clearly stated in the agreement. 3. Kansas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership with Shared Ownership: This agreement is used when multiple parties wish to jointly own and utilize the cooperative apartment and share the associated membership rights. The agreement will outline the respective ownership percentages and the agreement among the parties regarding responsibilities and financial obligations. Regardless of the specific type, a Kansas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership typically includes essential terms such as: — Identification of the cooperative apartment, its address, and any unit numbers involved. — Detailed information about the assignor and assignee, including their legal names, addresses, and contact information. — The effective date of the assignment and the duration for which the proprietary lease and membership is being transferred. — Terms related to any financial considerations involved, such as the assignment fee or any outstanding dues or liens on the cooperative apartment. — Confirmation that the assignee has met the eligibility requirements set by the cooperative housing association. — The assignee's acknowledgment and agreement to abide by the cooperative association's bylaws, rules, and regulations. — The assignor's representations and warranties about the cooperative apartment's condition and any known defects or issues. — Any specific rights, privileges, or limitations associated with the proprietary lease and membership. — Terms related to the assignment's termination, cancellation, or dispute resolution procedures. It is crucial for both the assignor and assignee to carefully review and understand all the terms outlined in the Kansas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership. Seeking legal counsel or guidance from a real estate professional is highly recommended ensuring a smooth transfer of rights and a clear understanding of the obligations and responsibilities associated with cooperative apartment ownership in Kansas.
