Legal Question in Real Estate Law in New York
Hello,
I live in New York city and am executor of my mothers estate.
I am the only heir to inherit and the only asset in the estate
is her Brooklyn N.Y. oceanfront cooperative apartment.
It is prime real estate oceanfront property and very desirable.
I recently placed the co-op for sale thru a real estate broker
with the courts permission.
The co-op was paid for in cash with no current liens or mortgage.
The asking price is comparable to other real estate property being
sold in the area, but no buyer has made an offer yet probably
because of the holiday season.
There are no other cash assets and at this time I was seeking
advice as to whether or not it is possible for me to get a
loan for about $25,000.00 using the future sale of the co-op as
collateral, and the loan would be approved so it would go through.
The loan would be between myself and whoever offers the
loan. I also need to know if the co-op board must approve it.
There are some outstanding bills which I placed on my charge
cards relative to doing my mothers co-op renovation while
she was alive, and now need some extra cash to make all
those monthly payments, and not go to collections.
The co-operative is being listed for sale with an asking price of
$175,000.00, and market appraisal price is $210,000.00.
Any advice would be greatly appreciated as I do not want to
enter into collections or jeopardize the sale of the cooperative unit,
and all I need is a loan for about $25,000.00 against the future sale
and inheritance of the cooperative apartment.
any legal advisements would be greatly appreciated, and now time
is of the essence.
2 Answers from Attorneys
Most transactions need to be approved by the co-op Board, including the sale and, possibly, the giving of a mortgage or other ways using the apartment as collateral for the loan. I suggest checking with the Board on what you can do.
Mr. Levine is correct, probably best to check with the Board. We also have substantial experience handling all types of commercial and residential real estate transactions including many co-op sales. I f you are seeking representation there we can certainly help and have very reasonable fees. 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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