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 District of Columbia Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document that sets out the terms and conditions between the buyer and seller of a cooperative apartment in the District of Columbia. It outlines the rights, responsibilities, and obligations of both parties involved in the transaction. The agreement aims to protect the interests of both the buyer and the seller and ensure a smooth and fair transfer of ownership. Keywords: District of Columbia, Agreement for Purchase and Sale, Rights, Cooperative Apartment. Types of District of Columbia Agreement for Purchase and Sale of Rights to Cooperative Apartment: 1. Standard Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most common type of agreement used in the District of Columbia for the purchase and sale of cooperative apartments. It includes all the essential clauses and provisions necessary to complete the transaction. 2. Conditional Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement is used when the transfer of ownership is subject to certain conditions or contingencies. These conditions could include obtaining financing, passing inspections, or obtaining necessary approvals. 3. As-Is Agreement for Purchase and Sale of Rights to Cooperative Apartment: This agreement is used when the buyer accepts the property in its current condition without any warranties or guarantees from the seller. The buyer assumes all risks associated with the property and agrees not to hold the seller liable for any defects or issues discovered after the sale. 4. Assignment Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement is used when the buyer wishes to assign their rights and obligations under the original agreement to another party. The assignment agreement outlines the terms and conditions of the assignment and ensures the consent of all parties involved. 5. Counteroffer Agreement for Purchase and Sale of Rights to Cooperative Apartment: When the seller receives an offer from the buyer but wishes to propose different terms, a counteroffer agreement is used. This agreement outlines the modified terms of the purchase and sale and gives the buyer an opportunity to accept or negotiate further. In conclusion, the District of Columbia Agreement for Purchase and Sale of Rights to Cooperative Apartment is a crucial legal document that facilitates the transfer of ownership of cooperative apartments within the district. By including relevant keywords such as District of Columbia, Agreement for Purchase and Sale, Rights, and Cooperative Apartment, individuals can effectively navigate through the various types of agreements used in such transactions.
