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Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 5171
Experience:  Licensed to practice before state and federal court
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Presently living in lama coop along with daughter and have

Customer Question

Presently living in mitchell lama coop along with daughter and have made application for just myself to live in an affordable housing rental ....question ...is the equity in the cooperative considered my asset and would I be forced to terminate current lease even if my daughter will continue residing there?
Submitted: 2 months ago.
Category: Real Estate Law
Customer: replied 2 months ago.
affordable senior housing rental
Expert:  Legal Eagle replied 2 months ago.

Hello! I am a licensed attorney, eligible to practice in front of state and federal court, who is ready to help. I have a nearly 100% satisfaction rating (click here to see my ratings information) so all that means is that you can count on me to help today. the answer to your question is yes. Just like any kind of investment, your ownership stake in the Cooperative is going to be considered your asset. This means that you can sell or transfer this asset or you can give this asset away upon your death. Whether your lease is terminated may depend on the landlord in the cooperative. Usually, death is going to automatically terminate a lease. Therefore, your daughter would not have automatic rights to stay. However, you could enter something into your contract that says that your daughter will be able to stay at least through the end of your lease. After your death or you can put in that the landlord and your daughter may be able to enter into a separate contract upon your death for a brand-new these term. It really depends on what you want to do

Follow up questions are free, so please feel free to ask away. You can also click here in the future to request me individually. If you don’t have any additional questions, were you satisfied with my service today?

Customer: replied 2 months ago.
Daughter will have succession rights in a mitchell lama coop should I vacate the apt to reside in an affordable senior housing...so would I be exempt from yhe affordable housing that says you must terminate present lease....I think this would apply only if I lived alone in the mitchell lama cooperative..
Expert:  Legal Eagle replied 2 months ago.

Could you help me understand what you mean with your concern regarding terminating the present lease?