District of Columbia Agreement for Purchase and Sale of Rights to Cooperative Apartment

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Multi-State
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US-03488BG
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Description

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.

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  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment

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FAQ

The District Opportunity to Purchase Act (DOPA) is an affordable housing preservation tool that gives the Mayor the authority to purchase certain apartment buildings in order to: (1) maintain existing rental affordable units for tenants; and (2) increase the total number of affordable rental units within the District.

No. Rent increases cannot occur until after December 31, 2021. Landlords must provide a minimum of a 30-day notice before a rent increase can occur, so higher rent cannot be charged until February 2022.

A stock cooperative is a real property development in which title to the development is held by a corporation. Ownership of a share of that corporation entitles the shareholder to exclusively occupy a unit within the development.

Pros and Cons of Investing in Co-op Apartments The main advantage of buying a co-op is that they are more affordable and cheaper to buy than a condo. This is one reason this type of housing is popular in cities with a high cost of living. What's more is that you typically get better square footage for your money.

COOPERATIVE RULES FOR SELLING This entails presenting a transaction to the board and asking the board to authorize the sale to your buyer. There is usually an application that must be completed by the buyer once the contract of sale is signed.

The Tenant Opportunity to Purchase Act, or TOPA, affords tenants unique rights in the District of Columbia. Familiarize yourself with them whether you're a buyer or seller. The home owner and landlord must comply with all TOPA laws and provide tenants with appropriate disclosures when applicable.

The co-op version is called such a blanket or master mortgage. A portion is allocated to each unit, assumed by the purchaser, and deducted from the seller's proceeds at the time of settlement. Real estate taxes and interest on blanket mortgages are paid by the cooperative, then allocated to owners/members.

Stock cooperative means an apartment development in which an undivided interest in the land is coupled with the right of exclusive occupancy of an apartment in the development. For the purposes of these regu- lations, stock cooperatives will be subject to the same requirements as condominiums.

What is it? The Tenant Opportunity to Purchase Act (TOPA) requires that owners notify tenants before they sell. They also need to notify every single one of the Qualified Organizations, which are nonprofit housing developers, community land trust, or housing cooperatives.

District law states that tenants in buildings up for sale must be offered the first opportunity to buy the building (DC Law 3-86, the Rental Housing Conversion and Sale Act of 1980,under which falls the Tenant Opportunity to Purchase Act (TOPA))/ The District encourages tenants to exercise this rightit stabilizes

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District of Columbia Agreement for Purchase and Sale of Rights to Cooperative Apartment