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.
Nevada Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that authorizes the transfer of a proprietary lease and membership in a corporation. This document is commonly used in the state of Nevada when a shareholder or member of a corporation wishes to assign their lease and membership rights to another individual or entity. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is important to ensure the proper transfer of rights and responsibilities associated with the lease and membership. By obtaining this consent, the assigning party can legally transfer their rights to use and occupy a specific property and become a member of the corporation. Keywords: Nevada, Consent of Corporation, Assignment of Proprietary Lease, Consent to Membership, legal document, transfer, shareholder, member, lease, membership rights, individual, entity, rights and responsibilities, use, occupy, property. Different types of Nevada Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may include: 1. Standard Consent of Corporation to Assignment of Proprietary Lease: This document is used when a shareholder or member of a corporation wishes to transfer their proprietary lease and membership rights to another party. 2. Limited Consent of Corporation to Assignment of Proprietary Lease: This type of document is used when the assignment of a proprietary lease and membership rights is subject to certain limitations or conditions agreed upon by the corporation. 3. Corporate Consent to Assignment of Proprietary Lease and Consent to Membership: This document is specifically designed for corporations in Nevada, allowing them to consent to the assignment of proprietary lease and membership for one of their shareholders or members. 4. Mutual Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: This type of consent is used when both the assigning party and the corporation mutually agree to the transfer of the proprietary lease and membership rights. Keywords: Standard, Limited, Corporate, Mutual, assignment, proprietary lease, consent, membership rights, shareholder, member, corporation, transfer, limitations, conditions, Nevada.
