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.
A Massachusetts Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that governs the transfer of membership and lease rights in a cooperative apartment in the state of Massachusetts. This agreement outlines the terms, conditions, and responsibilities of the assignor (current owner) and the assignee (new owner) for the assignment of the proprietary lease of a cooperative apartment unit. Keywords: Massachusetts, agreement, assign, proprietary lease, cooperative apartment, membership, transfer, terms, conditions, responsibilities, assignor, assignee, cooperative apartment unit. There can be different types of Massachusetts Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership that may vary based on specific language, clauses, or additional provisions. Some of these variations may include: 1. Massachusetts Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership with Sale Terms: This type of agreement specifies the terms of sale, including the purchase price, payment terms, and any conditions or contingencies related to the assignment of the proprietary lease and membership rights. 2. Massachusetts Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership with Lease Extension: In this variation, the agreement may include provisions for extending the existing lease term or modifying its terms and conditions upon the assignment of the proprietary lease and membership. 3. Massachusetts Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership with Approval Clause: This type of agreement may require the assignee to undergo a thorough review and approval process by the cooperative board or management before the assignment can be finalized. 4. Massachusetts Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership with Maintenance Responsibilities: In this variation, the agreement may outline the specific maintenance or repair responsibilities of the assignee, ensuring that they understand their obligations to upkeep the cooperative apartment unit after the assignment. It is important to consult an attorney or real estate professional when drafting or reviewing a Massachusetts Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, as the specific requirements and regulations may vary depending on the cooperative's bylaws and state laws.
