Can you leave a coop to someone in your will? (real estate, apartment)

[Dchristine00]

My grandmother passed and left my father her coop in her will. We were under the impression that the lawyer who executed the will would assist in the transfer of shares.

Recently we have been in communication with the coop board who asked us to file an application which we recently submitted.

Is there any way we could be denied? And what does that mean for the apartment it itself?

I’m sooo new to this so any advice is appreciated.

[dr.strangelove]

Originally Posted by Dchristine00

My grandmother passed and left my father her coop in her will. We were under the impression that the lawyer who executed the will would assist in the transfer of shares.

Recently we have been in communication with the coop board who asked us to file an application which we recently submitted.

Is there any way we could be denied? And what does that mean for the apartment it itself?

I’m sooo new to this so any advice is appreciated.

Yes you could be denied. A Co-op is not a deed to property, but shares in a cooperative housing ownership corporation. You get a proprietary lease for your unit from the board, but the board first must approve you. Your father owns the shares, not the else. the lease terminated at death. If he wants to get a lease, he has to apply like everyone else. If he is denied, he has to sell the shares.

[naicha]

You will still need a lawyer to track down the original stock certificate and add your name or Father's name to it. $$$ You may as well add both since you do not want to do this twice.

[rwch]

Yes you can bequeath a coop, but owning the coop does not necessarily mean you can live in the apartment. The particulars of this situation are going to depend on the coops bylaws but typically there are shares in the corporation and then a separate lease agreement which grants the ability to reside in the unit. The coop board could have wide latitude in deciding to grant or withhold a lease to your father and if they deny your father the lease you would probably need to sell the coop. Be nice, follow their process, and do your best to demonstrate you meet their requirements.

I would strongly consider getting your father a real estate attorney. You need to make sure the transfer of shares is made correctly on the books of the coop corporation. The executor and estate attorney may have responsibilities to other parties and there may be fees involved that would not be appropriate to pay out of the estate unless your father is the executor and sole beneficiary.

[Dchristine00]

So the board is now telling my father that he will be approved granted he’s the only one living there. I’m his daughter and caregiver and being told I can’t reside with him. Is that even legal?

[YorktownGal]

Originally Posted by Dchristine00

So the board is now telling my father that he will be approved granted he’s the only one living there. I’m his daughter and caregiver and being told I can’t reside with him. Is that even legal?

You need a real estate lawyer. There is no substitute on the internet for a lawyer.