Legal Question in Real Estate Law in New York

Re: Co-op apartment sale after divorce

A cooperative apartment is owned by having shares of the corporation together with a lease. Unlike a house or a condominium, transfer of the unit cannot be made with filing a deed. Instead, the transfer is through an assignment of the shares and lease. This must be done by the managing agent.

In your particular situation, a bank loaned you and your ex-husband money for the purchase of the cooperative. I assume that the bank retained the shares and the proprietary lease as collateral. Since the managing agent must have the original shares and proprietary lease to transfer the unit, you will not be able to remove your ex-husband from title without your bank being involved.

Mike.

Re: Co-op apartment sale after divorce

A quitclaim deed does not transfer co-op apartments. Unfortunately, the only way to transfer title into your name alone would require you to refinance. However, in similar cases, I have recommended that the ex-spouse give a limited Power of Attorney to the other enabling a sale at a future date without the need for the ex-spouse's further cooperation. For more details or assistance, call my office.