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WiseOwl58, Lawyer
Category: Real Estate Law
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Can the Board of a Coop Housing Association refuse to change

Customer Question

Can the Board of a Coop Housing Association refuse to change the name on the shareholder certificate or title if there is no mortgage on it? I would like to pay my mortgage balance cash to be able to transfer the certificate to my son solely. (Maryland
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 2 years ago.
They have the right to approve your son as a stockholder of the coop; however, they cannot deny him for any discriminatory reason, under Maryland law. Thus, if he is qualified on all other standards that the board uses to admit new members, then they must admit him as a stockholder of the cooperative.
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