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Hi - I wish to add my wife and kids (not adults) to my lease and/or stock certificate. (I bought the apt before marriage.) Our lease states apts may be transfered without any approval (financial or otherwise) to immediate family including adult children. Please note: this is not a full transfer (my name is to remain on the lease) - it is merely adding names to the above documents. Can some tell me how this might work? Thanks
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You should probably talk to your attorney to ensure that you are understanding the Proprietary Lease as it is written, completely, and that this is possible. The transaction of adding others to the stock and lease will result in fees from the management company and possibly the legal representative for the cooperative. In essence, a new closing will take place as the old stock and lease will need to be cancelled out and replaced. If you have a mortgage on this property, the recognition agreement requires that you notify the bank of your intentions and they must approve of the transfer as well.
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