Oregon Agreement for Purchase and Sale of Rights to Cooperative Apartment

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Multi-State
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US-03488BG
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Description

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.

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  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment

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FAQ

The quality of goods and services increases when cooperation agreements are used, as the following contracts are used to create better contracts: cooperative sales contracts offer public bodies and other public and private bodies the opportunity to allocate more time and resources and thus maximize efficiency.

Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.

Why do I need a sale and purchase agreement? It is a legally binding contract that will provide certainty to the buyer and seller as it sets out in writing all the terms and conditions. Both parties are able to negotiate their terms, through the agent, until they both reach an agreement.

Review your co-op's bylaws.Draft a letter of intent to drop your membership and leave the co-op.Sign your letter of intent in front of a notary.Meet with co-op officials within a week of your move out date.Pack your belongings ahead of time.

Cooperative sale means a sale of real property that has been listed with one real estate broker and sold by another; Sample 1.

An Agreement of Purchase and Sale is a written contract between a seller and a buyer for the purchase and sale of a particular property. In the Agreement, the buyer agrees to purchase the property for a certain price, provided that a number of terms and conditions are satisfied.

The application typically requires the buyer to submit detailed financial information including pay stubs, bank statements, and income tax returns, as well as personal and business references. If you are getting a mortgage, the board will also want to see the loan commitment letter provided by your bank.

Cooperative contracts also known as cooperative procurements or cooperative agreements are agreements between the government and businesses, created in order to lower the costs of procuring goods or services that multiple entities commonly need.

What Should I Include in a Sales Contract?Identification of the Parties.Description of the Services and/or Goods.Payment Plan.Delivery.Inspection Period.Warranties.Miscellaneous Provisions.

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Oregon Agreement for Purchase and Sale of Rights to Cooperative Apartment