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.
Wisconsin Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that grants permission for the transfer of a proprietary lease and membership in a corporation. This document is specifically required in the state of Wisconsin to ensure the smooth transfer of ownership rights within a housing cooperative. In Wisconsin, there are generally two types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership documents: 1. Standard Consent: This type of consent is used when a member of a housing cooperative wishes to sell or transfer their proprietary lease and membership. It ensures that the corporation acknowledges and approves of the assignment. The consent typically includes details such as the names of the parties involved, the terms and conditions of the assignment, and any necessary signatures. 2. Conditional Consent: In some cases, the corporation may grant a conditional consent, especially if certain criteria need to be met before the assignment can proceed. This could include conditions related to financial obligations, background checks, or other requirements set by the corporation's bylaws. The conditional consent aims to protect the corporation's interests and ensure that the new member is qualified to assume the lease and membership rights. Keywords: Wisconsin, Consent of Corporation, Assignment of Proprietary Lease, Consent to Membership, legal document, transfer of ownership rights, housing cooperative, standard consent, conditional consent, details, terms and conditions, signatures, financial obligations, background checks, bylaws, new member, qualified, ownership rights. Disclaimer: This content is generated by an AI assistant to assist with providing relevant information. It should not be used as a substitute for professional legal advice. It is advisable to consult with a qualified attorney or legal professional for specific legal concerns or questions regarding Wisconsin Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership.
