South Carolina Agreement for Purchase and Sale of Rights to Cooperative Apartment

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Multi-State
Control #:
US-03488BG
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Word; 
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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
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment

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FAQ

Section 40-57-135 in South Carolina pertains to the renewal and reinstatement of real estate licenses. This section details the requirements and processes real estate agents must follow to maintain their licenses. Understanding this requirement helps you navigate the real estate industry effectively, especially when dealing with agreements for cooperative apartments.

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.

Any purchase agreement should include at least the following information:The identity of the buyer and seller.A description of the property being purchased.The purchase price.The terms as to how and when payment is to be made.The terms as to how, when, and where the goods will be delivered to the purchaser.More items...?

The statute requires that the disclosure statement include information on: (1) the water supply and sanitary sewage disposal system; (2) the roof, chimneys, floors, foundation, basement, and other structural components; (3) the plumbing, electrical, heating, cooling, and other mechanical systems; (4) past or present,

What's Included In A Purchase And Sale Agreement?Purchase Price. One major purpose of the PSA is to establish an agreed-upon sale price in writing between the buyer and the seller.Earnest Money Details.Closing Date.Title Insurance Company Details.Title Condition.Escrow Company.Contingencies.Addendum.

These conditions will include the closing date, purchase price, financing terms, and expiration date by which both parties must agree to the conditions. Ownership of the property can only be transferred legally if both the seller and buyer agree to the prescribed terms and sign the contract.

FORM 310 PAGE 1 of 6. AGREEMENT TO BUY AND SELL REAL ESTATE. RESIDENTIAL. 1. PARTIES: This legally binding Agreement entered into on ,20 between, Buyer(s), ,(hereinafter called "BUYER"), and Seller(s), ,(hereinafter called SELLER).

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.

First and foremost, a purchase agreement must outline the property at stake. It should include the exact address of the property and a clear legal description. Additionally, the contract should include the identity of the seller and the buyer or buyers.

Yes, a South Carolina attorney will need to supervise the closing on the mortgage. For the same reasons stated above, a refinance of a home requires an attorney to oversee the closing. The mortgage will attach to the property and affect the title.

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South Carolina Agreement for Purchase and Sale of Rights to Cooperative Apartment