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 South Carolina Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for transferring the ownership and occupancy rights of a cooperative apartment in South Carolina. This agreement serves as a binding contract between the assignor (current owner) and the assignee (new owner), ensuring that the transaction is conducted in a lawful and efficient manner. Keywords: South Carolina, Agreement to Assign Proprietary Lease, Cooperative Apartment, Membership, legal document, terms and conditions, transferring ownership, occupancy rights, assignor, assignee, transaction, lawful, efficient. Different types of South Carolina Agreements to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Individual Assignment Agreement: This type of agreement is used when a single individual assigns their proprietary lease rights and membership in a cooperative apartment to another individual. 2. Joint Assignment Agreement: A joint assignment agreement is employed when two or more individuals jointly assign their proprietary lease rights and membership in a cooperative apartment to another individual or group. 3. Corporate Assignment Agreement: This agreement type is utilized when a corporation assigns its proprietary lease rights and membership in a cooperative apartment to another individual or corporation. 4. Trust Assignment Agreement: In cases where a trust owns a cooperative apartment, a trust assignment agreement is employed to transfer the proprietary lease rights and membership to a new trustee or beneficiary. 5. Assignment with Novation Agreement: This is a more comprehensive agreement used when the assignor wants to completely release themselves from any future obligations related to the cooperative apartment, transferring all rights and responsibilities to the assignee. These different types of South Carolina Agreements to Assign Proprietary Lease of Cooperative Apartment and Membership provide specific frameworks tailored to the unique circumstances of the assignor and assignee, ensuring a clear and legally valid transfer of ownership and occupancy rights within the cooperative apartment community. It is advisable to consult with a legal professional to draft or review such agreements to guarantee compliance with South Carolina laws and to protect the interests of all parties involved.
