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.
The Arizona Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document used in the state of Arizona to transfer the rights and responsibilities of a cooperative apartment and membership to a new owner. This agreement outlines the terms and conditions under which the assignment is made and ensures a smooth transition of ownership. Keywords: Arizona, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership 1. Overview of the Arizona Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: — Understand the purpose and importance of this agreement in transferring ownership. 2. Process of Assigning Proprietary Lease of Cooperative Apartment and Membership: — Step-by-step explanation of how the assignment process works, from initiating the agreement to completing the transfer. 3. Legal Requirements and Obligations: — Describe the legal aspects involved in the assignment process, such as compliance with relevant state laws and regulations. 4. Parties Involved: — Identify the key parties involved in the assignment, including the assignor (current owner), the assignee (new owner), and the cooperative housing corporation. 5. Terms and Conditions: — Detail the specific terms and conditions that both parties must adhere to, covering aspects such as rent, maintenance fees, insurance, and rights and responsibilities of the assignee. 6. Consent and Approval: — Discuss the required consent and approval from relevant parties, including the cooperative housing corporation, to ensure a valid assignment. 7. Transfer of Membership: — Explain how the membership of the cooperative housing corporation is transferred from the assignor to the assignee and the associated rights and privileges. 8. Assignment Agreement Forms: — If there are different types of Arizona Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, name and briefly describe them. For example, "Standard Assignment Agreement," "Assignment Agreement with Modifications." 9. Common Issues and Disputes: — Highlight potential conflicts that may arise during the assignment process, such as non-compliance with obligations or disagreements over financial matters. 10. Termination and Reversal: — Outline the circumstances under which the assignment can be terminated or reversed, either by mutual agreement or through legal means. 11. Importance of Legal Advice: — Emphasize the necessity of seeking legal advice when entering into an Arizona Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, to ensure clarity and protection of rights for all parties involved. Remember to consult with a legal professional or attorney for accurate and up-to-date information regarding Arizona's specific laws and regulations pertaining to the assignment of proprietary leases of cooperative apartments and memberships.
