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.
Maine Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document used in the state of Maine to grant permission to transfer or assign a proprietary lease and membership. This consent is required when a member of a corporation wishes to assign their rights and obligations under a proprietary lease and transfer their membership to another individual or entity. The Maine Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership acts as an official acknowledgment and agreement from the corporation that they consent to the assignment and understand the terms and conditions associated with it. This document ensures that all parties involved in the assignment are aware of their rights, responsibilities, and obligations. Some keywords relevant to this topic include: 1. Proprietary lease: Refers to an agreement that grants a person the exclusive right to occupy a particular property within a cooperative or condominium corporation. 2. Membership: Refers to the ownership interest or shareholding in a cooperative or condominium corporation. 3. Assignment: The transfer of rights, responsibilities, and obligations from one party to another, specifically in the context of a proprietary lease and membership. 4. Consent: The approval or permission granted by the corporation, allowing the assignment of the proprietary lease and transfer of membership to take place. 5. Corporation: A legal entity formed under state laws, which may own, manage, and operate a cooperative or condominium property. 6. Legal document: A written agreement, executed according to the laws of the state of Maine, that outlines the terms and conditions of the assignment and obtains the necessary consent from the corporation. It is important to note that there may be different versions or types of the Maine Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, such as variations based on the specific corporation, property, or membership type. Each corporation may have its own unique requirements or conditions for granting consent, and these variations may be reflected in the document.
