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Barrister
Barrister, Lawyer
Category: Family Law
Satisfied Customers: 33708
Experience:  Attorney with 15 years experience
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If i gave money parents to buy a co-op in full and they are

Customer Question

if i gave money for my parents to buy a co-op in full and they are getting divorce can i write a letter with their signatures and approval that assigns me ownership?
Submitted: 1 year ago.
Category: Family Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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It is typically a little more complicated than just having parents sign a letter assigning you ownership. There may be a formal process that the Board has put in place that requires you to file a formal application so you are approved for ownership of the co-op. This isn't typical for a family member transfer, but it all depends on the Bylaws and rules that the Board has in place that governs transfers.

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So your first step would be to check the co-op's lease or Bylaws to see what type of approval, if any, is required for an intrafamily transfer.

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Then you would need to contact the co-op's managing agent to obtain any application or other necessary forms and find out what fees would apply for this type of transfer..

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With all that said, the co-op's managing agent will be the person who would be best suited to give you the exact information regarding any transfer and what is necessary to get it done as each co-op sets their own rules and transfer policies...

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thanks

Barrister

Customer: replied 1 year ago.
i just want temporary ownweship during a divorce and they have agreed to that i need a letter for that though
Expert:  Barrister replied 1 year ago.
Ok, the problem is that any change in ownership through a co-op has to go through the managing agent to be legally effective. So a letter from them won't be enough to legally change ownership.
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Co-ops are all about their rules, so you have to follow them to the letter or any transfer would not be considered legally effective. The owners of a co-op actually own shares in the co-op, much like stock in a company, and any transfer has to be formally registered.
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So the managing agent would be the one to contact regarding any required paperwork necessary for a legal transfer..
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thanks
Barrister