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