Q. This is a very common age-old question in a cooperative. What are my rights for inheriting a co-op apartment if the unit owner unfortunately dies? If a unit owner is deceased and the property is turned over to the estate, what are righ…
Tag: Stock
While essential to the successful operation of all cooperatives or condominiums, the contents of governing documents are often only glossed over by otherwise well-intentioned boards members and managing agents leading to potential pitf…
Q Our co-op board has begun a policy of forbidding individual members to communicate with other shareholders about any issues in the building, not just legal matters. Any queries are answered with a stock reply. This board did not run …
As a construction attorney I can say that it is rare that a change is made in the law which revolutionizes the design industry. Up until now, the laws in the State of New York only allowed architectural and engineering firms to be owned…
Q Recently shareholders have asked to have family names added to proprietary stock certificates (I was told to avoid estate “problems” in the future.) I balked (I'm on the board) stating the legal rights of ownership, and liabilities, t…
Q What is required to add my wife's name to my residential co-op stock certificate if I still have a mortgage on the unit in just my name? I am not trying to re-finance, but to just add my wife's name to the stock certificate. …
As the leaders of a private corporation in which shareholders own stock that entitles them to live in an apartment within the corporation’s building, residential co-op board members have a lot of responsibility. Along with this responsi…
Q “If a unit owner is deceased, what are the inheritance rights of a relative, for example, let's say, siblings, to moving in and taking possession of an apartment?” —Legal Legacy A “There are several iss…
Q I live in a 15-unit co-op in Queens. A single tenant owner lives in one of the apartments. She has requested, while still living here, to remove her name from the stock certificate, and replace it with her daughter’s name. Is this le…
Q Our co-op has not had an election for the board since 2004. Many shareholders rent their units and are concerned that the sponsor has two seats on the board and owns/runs the management company and rental office from here. The problem i…