Legal Question in Real Estate Law in New York

Co-op ownership transfer questions

I actually have two questions related to a transfer of shares:

1. To make a co-op ownership transfer valid, does it require board approval or just the coop president?

2. Once the new property lease and stock certificate are issued, does it have to be recorded with the City, County or anywher else to valid?

Thanks.


Asked on 12/22/05, 10:06 am

1 Answer from Attorneys
Allen Kaplun Law Office of Allen Kaplun, P.C.

Re: Co-op ownership transfer questions

1. Board approval is contingent upon the co-op bylaws. Most likely, board approval is necessary and there may be fees in which you would have to pay the co-op board.

2. Recording of the stock certificate is not necessary but it is common practice to do a UCC filing.

Read more
Answered on 12/22/05, 10:15 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New York