Transfer of Shares for a Co-op (apartment, lease, condos)

[madisondj]

I am currently trying to refinance my mortgage on my co-op apartment. I have been the co-owner with my father for 8 years. He passed away in 2007, and his name is still on the shares. The shares do not state that we were joint tenancy with rights of surviorship, but again I do not know if it should say it on the shares or not, but nothing was written there.

My father had a will and has left everything to my mother in entirely. My mother wants to transfer the shares to me and my wife, and my lawyer has written up letters stating this.

However, the managing agent now wants us to probate the will, which will take longer to do.

So the question is: Do we have to probate the will since everything was left to my mother? And is the managing agent wrong here.

Secondly, can I ask the board to waive the probate and override the managing agent?

Thanks in advance.

[bluedog2]

A messy situation.

These are the kinds of sticky details that create imperfections or "clouds" on titles of ownership and it is best to deal with them as soon as possible because they tend to become more difficult to straighten out with time.The tendency to go for the most expedient solution is understandable but may not be in your best interests.

The managing agent is only doing what is probably best for the corporation( coop ) and your interests may actually be the same.Why are you resisting the opportunity to gain a clear and indisputable title of ownership?The issue will not go away if you sweep it under the rug now.It will probably reappear at an even more inopportune time,like when you or your heirs are trying to sell to someone outside your family.

Actually,I don't know how far you have gotten with the refinance but I would be surprised if your bank or any bank would close on the new loan without clearing this up anyway.And as I said, you may never be able to sell the apt without clearing it up.

Do yourself a favor and make it absolutely certain that you have a clear , indisputable title.It doesn't sound like you have that right now and a quitclaim deed or other such instrument from your mother may only make things messier.Banks hate quitclaim deeds.

Doubt the board will override the advice of their agent as that would put them on the hook down the line.

[rvglor31]

How do I find out with the city that my name is registered as the owner of my coop.

[pureistheword]

There is no title/deed with coop (as its not real property like a condo). What you have is a proprietary lease and stock certificate. You can ask to see a copy if you dont have it. The mgmt co may have a set, the bank that has the mortgage holds the originals.
That needs to be transfered over, most coops may require board approval for that.
The will part I am not sure. Chances are the property manager might be right

[borbon]

hi, we have a coop property and we want to know if i can quit claim deed ?

[jaarons]

How do I transfer my Co-op to my Daughter's name?

[loribell38]

Originally Posted by rvglor31

How do I find out with the city that my name is registered as the owner of my coop.

https://a836-acris.nyc.gov/DS/DocumentSearch/PartyName
Go here. Type in your name. Anything you own should come up.

Oooppps! I see this persons questions is 6 yrs old. Someone else bumped it to ask another just joined question LOL. Oh well C'est La Vie. There are links on this site that can probably help correctly answer the other posters questions.

[BBMW]

Just to keep the dead thread going...

I don't think coop ownership shows up in ACRIS. Condos will, because you get a "real" title with a condo that's recorded with a city. Coop ownership is a strange combination of stock ownership and a lease. As such it's not handled the same as condos and houses. I don't think there's any central registry of coop ownership.

[city living]

Originally Posted by BBMW

Just to keep the dead thread going...

I don't think coop ownership shows up in ACRIS. Condos will, because you get a "real" title with a condo that's recorded with a city. Coop ownership is a strange combination of stock ownership and a lease. As such it's not handled the same as condos and houses. I don't think there's any central registry of coop ownership.

I just typed my last name into that link the person provided from ACRIS and there I am! I have a coop.

[BBMW]

I just did the same. The information looks like the mortgage. So, yes, I guess they have some info. If there wasn't a mortgage, I wonder if they'd have anything else.