Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership
What is this form?
The Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document used for transferring interest in a cooperative apartment. Unlike traditional real estate leases, this agreement involves not only the proprietary lease but also the membership rights associated with the cooperative. The assignment allows the assignor to transfer their rights and responsibilities under the lease to an assignee in a structured manner, ensuring compliance with the cooperative's rules.
What’s included in this form
- Items Assigned: Details the proprietary lease and membership rights being transferred.
- Payments Due: Outlines the total purchase price and payment schedule.
- Acceptance As Is: States the condition of the property at the time of transfer.
- Inspection of Corporate Documents: Ensures the assignee is aware of all governing documents of the cooperative.
- Assignor's Warranty: Confirms that the assignor has clear title to the lease and membership rights.
- Closing: Specifies the date and details regarding the transfer of ownership.
Jurisdiction-specific notes
This is a general form suitable for multiple states. Review and modify it as needed to reflect your jurisdiction’s rules.
Situations where this form applies
This form should be used when a member of a cooperative apartment community wishes to transfer their proprietary lease and associated membership interest to another party. Common scenarios include individuals relocating, financial difficulties necessitating the sale of their lease, or simply wishing to pass their apartment rights to a family member or friend.
Who this form is for
- Current members of a cooperative apartment seeking to sell or transfer their lease.
- Individuals interested in purchasing a proprietary lease in a cooperative apartment.
- Attorneys representing parties involved in the lease transfer.
Steps to complete this form
- Identify the parties: Enter the names and addresses of the assignor (current leaseholder) and assignee (buyer).
- Specify the property: Include details about the apartment, including the unit number and the name of the corporation.
- Outline payment details: Clearly state the total purchase price and the terms of payment.
- Review corporate documents: Ensure the assignee has examined all relevant documents such as the proprietary lease and bylaws.
- Sign and date the agreement: Both parties must sign and date the agreement in the presence of witnesses and, if required, a notary public.
Is notarization required?
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
Typical mistakes to avoid
- Failing to obtain the necessary consents from the cooperative corporation before transferring the lease.
- Leaving sections incomplete or improperly filled out, such as payment details.
- Not ensuring both parties sign the agreement in the presence of witnesses when required.
Benefits of completing this form online
- Convenience of downloading and completing the form at your own pace.
- Access to templates drafted by licensed attorneys to ensure legal compliance.
- Editability of the form allows you to customize it according to your specific needs.
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FAQ
A proprietary lease, also referred to as an occupancy agreement, gives a shareholder in a housing cooperative the right to occupy a particular dwelling unit. Homebuyers who join a co-op are purchasing shares in a corporation rather than acquiring real estate.
A co-op owner has an interest or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owner owns a unit, a co-op owner does not own the unit. Co-ops are collectively owned and managed by their residents, who own shares in a nonprofit corporation.
Co-Op, Defined A co-op (aka a housing cooperative) is a type of housing owned by a corporation made up of the owners within the co-op. The corporation owns the interior, exterior, and all common areas of the building.
The purpose of a cooperative is to realize the economic, cultural and social needs of the organization's members and its surrounding community. Cooperatives often have a strong commitment to their community and a focus on strengthening the community they exist in or serve.
Except when it's a co-op apartment, where a board can evict shareholders for annoying conduct and needn't even go to court to do it.Co-ops cannot avoid court altogether in such cases, because even after a Pullman-type termination of a shareholder's proprietary lease, the co-op still must sue to evict the shareholder.
1) Retail Cooperatives. Retail Cooperatives are a type of "consumer cooperative" which help create retail stores to benefit the consumers making the retail our store. 2) Worker Cooperatives. 3) Producer Cooperatives. 4) Service Cooperatives. 5) Housing Cooperatives.
Cooperative ownership is a concept which involves sharing ownership and combining capital with an emphasis on democratic governance, all with the goal of having a positive impact on the cooperative's members/owners.
When you buy into a co-op, you become a shareholder in a corporation that owns the property. As a shareholder, you're entitled to the exclusive use of one unit in that property.In a condo, you own your unit and the rest of the development is common property.
: a lease based upon joint ownership of livestock and joint sharing of receipts and expenses by landlord and tenant on a rented farm.
