Q: My Mom recently passed and she owns a co-op in brooklyn that she is leaving to her 4 children.She has a will.
The co-op board says we have to purchase her co-op then be approved first before we can sell it. and there are fees involved of course and we need to hire a lawyer. Is this legal?
A: Part true and part not true. The co-op can be left as provided in the will -- i.e, titled in all four of you. The problem with this provision is that the co-op has the right to approve any transfer like a sale. In short, the transferee needs to be approved like any regular buyer. As some co-ops require that the occupants be the same as the owners, this will provision might be inconsistent with the co-op rules, which is a problem. Also, if you are really giving a co-op to four people, each of you will have to provide an application, with the back-up. You have to probate the will.
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A: There may be a way to avoid having to transfer the co-op into all four names before selling it. Assuming none of you wish to keep the co-op it would be necessary to review the Will and the co-op Offering Plan.
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A: If the will leaves the property to the four siblings, you do not have to "purchase" the coop but it may need to be transferred to your name before it can be transferred to a third-party purchaser. It is likely that you will need a New York attorney to probate your mother's will and sort out what the actual legal requirements for transferring the interest in the coop unit will entail in your specific situation.
Derek John Soltis agrees with this answer
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A: Welcome to New York Real Estate. Get a copy of the co-op's rules. Talk to a NY probate/real estate lawyer. You need someone to review the rules, and then possibly bully the coop to allow sale and transfer.
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