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Sale of Unit by Co-operative Housing Corporation

Co Operative Corporation

Name: Sale of Unit by Co-operative Housing Corporation
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.78 (485 reviews)

Category:

Corporations - Cooperatives

State:

Multi-State

Control #:

US-1236BG

Format:

Instant download

Description Sale Corporation Form

A housing cooperative is a legal entity, usually a cooperative or a corporation, which owns real estate, consisting of one or more residential buildings.

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FAQ

Cooperative Unit means a residential dwelling space in a building owned by a corporation, the shareholders of which have organized on a cooperative basis for the purpose of leasing the dwelling space to themselves.

Buyers are subject to intense financial scrutiny when applying to buy into a co-op, making it more difficult to both buy and sell co-op shares, since a seller may invest time and resources to find a buyer, only to have the buyer rejected by the co-op board.

When you move, you sell your stock in the co-op. In some co-ops, you may have to sell it back to the corporation at the original purchase price, with all the stockholders sharing collectively in whatever profit is made when the shares (unit) are resold. In others, you get to keep the profits.

A cooperative sale happens when a buyer is introduced to the property and represented by a buyer's agent who works for a different company than the listing agent who is representing the seller. These two agents agree to work together on the sale.

Owners of a co-op own shares of the cooperative instead of owning their unit outright, which would be the case in a condominium. With some co-ops, owners are allowed to sell their co-op shares in the open market, depending on the market rate for co-ops in that location, subject to approval by the co-op board.

With a cooperative, or co-op, a buyer buys shares in a corporation that owns an apartment building. In exchange, the buyer receives the right to live in a specific unit. Co-ops are unlike condominiums in that the buyer does not acquire and own a specific unit. The buyer simply becomes a shareholder in the corporation.

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.

When you pay off the cooperative loan, the bank will return the original stock and lease to you and will also forward a UCC-3 Termination Statement that must be filed in order to terminate the bank's security interest in your cooperative shares.

Co Operative Corporation

Description Sale Corporation Form

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FAQ

What is cooperative unit?

Are coops hard to sell?

What happens when you sell a co-op?

What is a cooperative sale?

Can I sell my co-op?

What is a cooperative sale in real estate?

How do I get out of a co-op?

What happens when you pay off your co-op?

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