Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment

State:
Multi-State
Control #:
US-03488BG
Format:
Word; 
Rich Text
Instant download

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.

Free preview
  • 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
  • Preview Agreement for Purchase and Sale of Rights to Cooperative Apartment

How to fill out Agreement For Purchase And Sale Of Rights To Cooperative Apartment?

US Legal Forms - one of the largest collections of legal documents in the United States - offers a range of legal document templates that you can download or print.

By using the website, you can find thousands of forms for business and personal purposes, organized by categories, states, or keywords. You can locate the latest editions of documents like the Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment in just seconds.

If you already have a subscription, Log In and download the Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment from the US Legal Forms library. The Download button will appear on every form you view. You can access all previously downloaded forms in the My documents section of your account.

Choose the file format and download the form to your device.

Make modifications. Fill out, edit, print, and sign the downloaded Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment.

  1. If you're using US Legal Forms for the first time, here are some simple steps to get started.
  2. Ensure that you have selected the correct form for your state/region. Click on the Preview button to review the content of the form.
  3. Check the form description to confirm that you have chosen the right document.
  4. If the form does not meet your requirements, utilize the Search box at the top of the screen to find the one that does.
  5. If you are satisfied with the form, confirm your choice by clicking the Purchase now button. Then, select your preferred pricing plan and provide your credentials to register for an account.
  6. Complete the transaction. Use your Visa or Mastercard or PayPal account to process the purchase.

Form popularity

FAQ

In general, the best course of action is to communicate and come to a mutual agreement to cancel the contract. If the buyer wants out, the seller can agree to cancel and return or split the earnest money.

The purpose of Section 5 in the REPC is to: Reiterate relationship already established.

An Agreement of Purchase and Sale is a written contract between a seller and a buyer for the purchase and sale of a particular property. In the Agreement, the buyer agrees to purchase the property for a certain price, provided that a number of terms and conditions are satisfied.

The purchaser has paid a sum of Rs............... as earnest money on...................... (the receipt of which sum, the vendor hereby acknowledges) and the balance amount of consideration will be paid at the time of execution of conveyance deed. 3. The sale shall be completed within a period of.........

Yes, you must speak with your attorney immediately. If papers have been signed and money has exchanged hands, then it will be very difficult for the buyer to recoup his deposit. He would have to sue you, and that costs.

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.

Cooperative purchasing is an arrangement in which multiple businesses combine their buying requirements onto a single contract and aggregate volume to enhance their purchasing power.

Cooperative contracts are especially advantageous for small governments because they benefit from the market share leveraged by larger government consumers. Cooperative purchasing contracts provide higher quality products and services.

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.

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.

Trusted and secure by over 3 million people of the world’s leading companies

Utah Agreement for Purchase and Sale of Rights to Cooperative Apartment