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 Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that allows a corporation to give consent and acknowledge the assignment of a proprietary lease and membership interests pertaining to a property or real estate located in Florida. This document governs the transfer of rights and responsibilities associated with the lease and membership, ensuring compliance with the laws and regulations of the state. Keywords: Florida, consent of corporation, assignment, proprietary lease, membership, transfer, rights, responsibilities, property, real estate, document, legal, compliance. There are different types of Florida Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, which can be categorized based on the specific property or situation they pertain to. These may include: 1. Residential Property: This type of consent is used when a corporation owns residential properties such as apartments, condos, or townhouses, and allows the assignment of a proprietary lease and membership to an incoming tenant or buyer. 2. Commercial Property: If the corporation owns commercial properties like office spaces, retail stores, or industrial units, this consent is required when transferring the proprietary lease and membership rights to a new tenant or business entity. 3. Mixed-Use Property: Some properties in Florida may have a combination of residential and commercial units. Consent in such cases needs to address the specific allocation of rights and responsibilities related to each type of unit being assigned. 4. Limited Liability Company (LLC): In certain cases, the corporation may be an LLC rather than a traditional corporation. In such cases, a specific consent form tailored to LCS may be used to address the assignment of the proprietary lease and membership interests within the company. 5. Amendments or Modifications: If any changes or modifications need to be made to a previously granted consent, an amended or modified Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership form may be used to reflect the updated terms and conditions. It is crucial to consult with a legal professional or attorney to ensure the specific type of consent form used is appropriate for the property and situation at hand.
