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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 116743
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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When I purchased my co-op from Time Equities on November 10,

Customer Question

When I purchased my co-op from Time Equities on November 10, 1988, I also got my mortgage from Time Equities. The mortgage later was transferred first to Bellmarc Management and then to Brel Associates. When I paid off the mortgage in 2000, I received the stock certificate and the proprietary lease, but I focused primarily on the stock certificate. Today when I took a close look at the lease, I discovered that Time Equities, not me, was named as the lessee and it was dated May 4, 1988. One good thing is that the lease has a raised seal and was signed by two notary publics. Brel Associates no longer exists. How do I now obtain a proper lease?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 10 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.
You need to start by going to the Co-op board to ask for them to give you an updated lease removing your mortgage company upon proof to them that you have satisfied the mortgage, since that is who now manages the co-op. If they refuse to grant you an updated lease, then you would have to file suit to quiet title in court against the co-op to get the court to order them to issue the new lease document in your name and have your creditor removed.

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