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.
The Tennessee Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document that outlines the terms and conditions for the transfer of ownership rights to a cooperative apartment in the state of Tennessee. This agreement is essential for both buyers and sellers, as it provides a clear understanding of the rights, responsibilities, and obligations of each party involved in the transaction. Keywords: Tennessee, Agreement for Purchase and Sale, Rights, Cooperative Apartment, legal document, transfer of ownership, buyers, sellers, terms and conditions. There are various types of Tennessee Agreement for Purchase and Sale of Rights to Cooperative Apartment, including: 1. Standard Tennessee Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most common form of the agreement and is used for typical transactions involving the purchase and sale of cooperative apartments in Tennessee. 2. Buyer's Tennessee Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement is specific to buyers and includes additional clauses that protect the buyer's interests, such as inspection contingencies and financing conditions. 3. Seller's Tennessee Agreement for Purchase and Sale of Rights to Cooperative Apartment: This agreement focuses on protecting the seller's rights and includes clauses related to the buyer's obligations, such as a requirement to provide financial information or comply with the cooperative's rules and regulations. 4. As-Is Tennessee Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement is used when the buyer accepts the property in its current condition, without any warranties or guarantees from the seller regarding its condition or any repairs that may be needed. 5. Tennessee Agreement for Purchase and Sale of Rights to Cooperative Apartment with Financing Contingency: This agreement includes provisions that allow the buyer to cancel the contract if they are unable to secure financing for the purchase. 6. Non-Contingent Tennessee Agreement for Purchase and Sale of Rights to Cooperative Apartment: In this type of agreement, the buyer agrees to purchase the cooperative apartment without any contingencies, thereby ensuring a smoother and faster transaction. It is important for both buyers and sellers to carefully review and understand the specific terms and conditions outlined in the Tennessee Agreement for Purchase and Sale of Rights to Cooperative Apartment to protect their respective interests and ensure a successful transfer of ownership rights.
