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The owner of unsold shares of several apartments died without a will.
His brothers are attempting to get court permission to take over the apartments.
If they do so, are they the owners of unsold shares and do they therefore have the right to sell
to other investors as unsold shares?
Can the Coop force them to sell to owner-occupiers?
Thanks
What ever happened to the unsold shares?
We own co-ops throughout the City and would be interested buyers if they're available for sale. lf you would like to discuss email me @ stevenduck88@gmail.com
All the best!
I agree with Steven that consulting an attorney is *mandatory* here. Unsold Shares are one of the most complex and contentious areas of co-op law, with significant changes in interpretation over the years.
One point which I don't believe has ever changed (but confirm with your attorney): if the shareholder has lived in the apartment for even a day, then they are no longer a Holder of Unsold Shares and cannot regain that status.
- Carl Tait
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My best and only advice is that you not do anything except bring the matter to the attention of the co-op's attorney and be guided by what they tell you. The few dollars you may save by trying to do this yourself could mushroom by orders of magnitude if you don't proceed to the exact letter of the law. My wife was a Trust and Estates attorney and you would not believe the levels of detail and complexity in dealing with something like this.
Good luck
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