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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 113385
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I bought shares in a place called Woodridge Co-operative

Customer Question

I bought shares in a place called Woodridge Co-operative homes. I lived there for 12 years. When I moved I signed my lease over to my son to keep a roof over him and my grandson. Woodridge is selling to another management company and has to give back the shares and all interest earned on them. It's a very large amount of money, my son paid no rent for the almost 2 years he lived there before being evicted due to criminal activities. Woodridge says that because I signed over my lease to my son that I signed over my shares as well. What are my legal rights , my son is selfish and feels it's his and intends to keep it. He is currently in jail and wants me to become power of attorney to obtain the money. I want to take the money back my son is a massive drug addict and dangerous. Can I get the money back so that I may legally use it as I see fit?
Submitted: 6 months ago.
Category: Legal
Expert:  Law Educator, Esq. replied 6 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, this is a common problem. What exactly did you sign when you signed the lease over, that is what is going to need to be reviewed. Not all co-op leases are tied to the shares of ownership, so if you did sign over the lease you need to read about the share transfer.
I am afraid though that if you did sign over the shares with the lease, legally there is nothing you can do to get that money for yourself unless he had an agreement to pay you rent and he failed to do so and in that case you can sue him only for the back rent, which would allow you to then seize some of the money. Other than suing him for back rent, I am afraid if you signing the lease over also signed over the shares, there is nothing legally you can do to get at the money because of that reason.