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.
New Mexico Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the transfer of rights and responsibilities between the current owner (assignor) and a new owner (assignee) of a cooperative apartment and membership in a cooperative housing association. This agreement is specific to New Mexico and is used to ensure a smooth and legally binding transfer of ownership. Keywords: New Mexico, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership. There are no known different types of New Mexico Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership. However, depending on the specifics of the cooperative housing association, variations may occur in terms and conditions that need to be outlined in the agreement. In this agreement, the assignor relinquishes all rights, title, and interest in the cooperative apartment and the membership to the assignee. It also clarifies the assignee's responsibilities in terms of complying with the association's rules and regulations, paying maintenance fees, and adhering to occupancy restrictions. The agreement should include important information such as the legal names and addresses of both parties, the cooperative apartment's specific details such as unit number and address, and the date of assignment. It should clearly state that the assignor has the authority to transfer the proprietary lease and membership rights to the assignee. Furthermore, the agreement should mention any applicable fees associated with the assignment and whether there are any restrictions on the transfer of membership, such as approval requirements from the cooperative housing association or the board of directors. It is essential to include a clause that holds both parties liable for any misrepresentation or non-compliance with the terms of the agreement. To make the New Mexico Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership legally valid, it should be signed and dated by both parties and preferably notarized to ensure authentication. It is crucial for individuals involved in such transactions to consult with legal professionals specific to New Mexico laws and regulations.
