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Our lease allows the apartment to pass - or be gifted to - a family mamber without any approval. I am wondering about just adding a name - ie if two parents own it and want to add an adult child to the lease and stock certificate. Anyone know about this? The lease does not restrict this but there may be another reason we do not yet know about. (and yes we asked a lawyer but the answer was vague.)
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They may take a position but I think it may be iambiguous. Family members do not have to be approved. Thoughts?
The mortgage is paid.
If family members don't need approval, and unless there is some other procedural obstacle involved, shouldn't your request be placed in a formal writing and submitted to your board?
Do you or your attorney anticipate a problem or potential problem with such a request?
In my coop, we vet the person as if they were looking to purchase. In the event the current shareholder should pass away or move out, we need to know that this person can carry the mortgage, maintenance, etc. in lieu of the current shareholder.
Hi,
I am a co-op president in Inwood, in Manhattan. I would NEVER just add a name to a lease. There are too many kooks out there. Let me turn this on the other foot - would you want to live in building where screening procedures were relaxed? Would you want to raise your family there? I would think most co-ops buyers would say no.
Just have them apply like everyone else does.
Steve
Hi Steve - the lease allows the apt to be passed to a family member without any vetting. Also a domestic partner. This question was soecifiically in regards to adding an immediate family member like and adult child - in this case the family member has been living in the apt a long time.
Hi Steve,
Our co-op charges $500.00 to change/add a name to the proprietary lease and stock certificate. I am told that this procedure has to done by the property manager. Since I do not get along with the PM., I would prefer to use my own attorney.
Do I have the option to use my own attorney or is it mandatory to use the the property manager?
If the parent(s) want to add their child to the stock certificate it would have go thru the buildings attorney, who would have to issue a new stock certificate with the names of all parties on the stock certificate. As for the lease if they are a shareholder their Proprietary lease only have the head of house hold on it. I don't think the board can do anything about who the shareholder puts on their stock certificate.
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I can empathize with your attorney for being vague. Much depends on what the cooperative documents say or don't say.
For example, if the cooperative documents are silent about adding a co-member, the cooperative may take the position of requiring any person applying to be added to an occupancy agreement (proprietary lease) and share to pass the same requirements as any other person making an application for membership.
On the other hand, we know one co-op that adopted a simple and expedited application process for adding a person to the occupancy agreement/share if that person lives violation-free with the current member's household in the respective unit for a year or more.
To obtain clarification on the issue, would discussing this matter with your board or management firm be appropriate?
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