Legal Question in Real Estate Law in New York
Transfer of 2 Co-op apartments
My dad owned two co-op apartments, 1 bedroom and a studio. He passed away in 2004. We are two brothers, a sister and my mom. All are over 18. We want to transfer both co-ops to my mother's name. Mom is paying the mortgage and maintenance for both. How do we go about transferring them to her name. Dad didn't leave a Will but we know Dad would have wanted it this way. What do we need to do?
3 Answers from Attorneys
Re: Transfer of 2 Co-op apartments
As long as will has been probated the executor of estate can trasnsfer.. I recommend hiring an attorney so everything is done correctly. You can call for a consultion 212\847\9595
Re: Transfer of 2 Co-op apartments
It would be highly reccomended to retain an experienced attorney to handle this situation for you. We have substantial experience handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
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Re: Transfer of 2 Co-op apartments
Since dad died without a will, he died "intestate".
Under the intestacy laws, mom would inherit $50,000 together with 1/2 estate, children would equally divide other 1/2 estate.
For mom to have the apartments, the following must occur:
1. You would have to file an administration proceeding with the Surrogate's Court. In other words, an individual (either mom, you, brother or sister) would petition the court to be the administrator for the estate.
2. Once an administrator is appointed by the Court, the administrator contacts the cooperative to transfer the shares and proprietary lease to the mom.
3. Finally, there is a "closing" where the shares and lease are transferred to mom. Furthermore, you and brother and sister must waive there right to the apartments since you would be entitled to half interest.
Mike.
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