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 Florida Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the transfer of ownership rights and responsibilities of a cooperative apartment and its associated membership in the state of Florida. This agreement is crucial when an individual wants to sell, transfer, or assign their cooperative apartment to another party. The Florida Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a comprehensive and legally binding contract that protects the rights and interests of all parties involved in the transaction. It includes detailed provisions that cover various aspects of the assignment, such as: 1. Parties involved: The agreement clearly identifies the assignor (the current owner of the cooperative apartment) and the assignee (the individual or entity to whom the apartment is being assigned). Both parties must provide their full names and contact information. 2. Apartment and membership details: The agreement includes a detailed description of the cooperative apartment, including its address, unit number, and any additional specifications. It also states the name of the cooperative association or corporation and the specific membership associated with the apartment. 3. Terms of assignment: This section outlines the conditions under which the assignment is being made. It includes the effective date of the assignment, the duration of the assignment (whether it is temporary or permanent), and any specific terms or conditions agreed upon by the parties. 4. Rights and responsibilities: The agreement clearly specifies the rights and responsibilities of the assignor and assignee. This may include obligations related to maintenance fees, assessment payments, insurance, and compliance with the cooperative association's rules and regulations. 5. Consideration and payment: The agreement states the total consideration, purchase price, or any other form of compensation to be paid by the assignee in exchange for the assignment of the cooperative apartment and membership. It also outlines the payment terms and conditions, including any deposit or installment plans. 6. Governing law and dispute resolution: This section identifies the state laws of Florida that will govern the agreement and provides details on how any potential disputes between the parties will be resolved, such as through mediation, arbitration, or litigation. In addition to the general Florida Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, there may be several variations of this agreement based on specific circumstances or additional clauses that may be added to meet the parties' needs. Some potential variations may include: 1. Assignment with a mortgage assumption: This type of agreement involves the assignment of a cooperative apartment along with the assumption of an existing mortgage. It includes provisions related to the transfer of the mortgage and the assignee's responsibilities for repayment. 2. Assignment with right of first refusal: In this agreement, the assignor grants the cooperative association or corporation the right of first refusal, allowing them to purchase the cooperative apartment before the assignment is made to a third party. 3. Assignment in the event of death or incapacity: This type of agreement addresses the assignment of a cooperative apartment and membership in cases of death or incapacity of the owner. It includes provisions on how the assignment should be handled by the assignor's estate or legal representative. It is crucial to consult with a legal professional or attorney specializing in real estate transactions and cooperative law to ensure that all the relevant legal requirements and considerations are addressed in the Florida Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership.
