Legal Question in Real Estate Law in New York
What's the best way to transfer title in a co-op?
I own a co-op and wish to transfer title to my son. I'm aware that a few different methods of doing this exist i.e. gift, will etc. My question is what is the best way to transfer title in a co-op, so that my son would have full, sole ownership of the co-op with out any disturbances. As well as encountering the least amount of expenses on my part during the transfer.
Thank you
3 Answers from Attorneys
Re: What's the best way to transfer title in a co-op?
Your Coop Prospectus, Proprietary Lease, Bylaws and Operating Rules and Regulations containing information concerning transferring your Coop Shares, along with your financials should all, be carefully be reviewed with your attorney, before deciding what is the "best" way for you to transfer your Coop shares to your son.
Good luck,
Phroska L. McAlister,ESQ
Re: What's the best way to transfer title in a co-op?
Your first step is to determine what, if any, rules the coop board has with respect to the transfer of your shares.
If the coop rules present no serious impediments, then the next question is why do you want to transfer the property to your son. This is an important question because the "best way" to transfer your property depends upon your objectives.
I would recommend that you consult with an attorney. If you need my assistance, please feel free to contact me at (718) 491-3345.
Re: What's the best way to transfer title in a co-op?
Look into the Rules and Regs of the Co-op. They control everything in your co-op life. You may or may not need legal counsel.
Feel free to contact me with any questions.
Good Luck
RRG
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