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Abandoning a Co-Op

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J_123789

Junior Member
What is the name of your state? NY

I was wondering if someone could offer their advice on what I can do in my current situation.

I currently reside in a Co-op apartment which is under the name of my father. He passed away about 9 years ago when i had just graduated college. I have been living in the co-op since then and have always paid the maintenance each month. There is no current mortgage on the apt. since it was paid off in full earlier this year. The problem is that the apartment is very old and in extremely poor condition. I have never transferred the title form my father's name to my own since at the time of his passig I was very young. Over the years, the apartment has continued to deteriorate and at the current time i have felt the need to move on and out of the apartment. I can not afford to renovate and feel burdened by the place.

My question is what are my options and what are the ramifications for each option? I feel confined to the following options:
1) Is it possible to just get up and leave the apartment and never come back? There is no mortgage as mentioned and what would be the ramifications from this? Does the ownership revert back to the lessor? Would there be any legal / financial impact to me?

2) Maybe this is a foolish statement but is it possible to ever give back the title of the apt to the lessor? I do not even want anything for it - i just want to be rid of the place.

I hope my concerns are not viewed as childish or irresponsible and I appreciate any opinions / advice.
 


HomeGuru

Senior Member
J_123789 said:
What is the name of your state? NY

I was wondering if someone could offer their advice on what I can do in my current situation.

I currently reside in a Co-op apartment which is under the name of my father. He passed away about 9 years ago when i had just graduated college. I have been living in the co-op since then and have always paid the maintenance each month. There is no current mortgage on the apt. since it was paid off in full earlier this year. The problem is that the apartment is very old and in extremely poor condition. I have never transferred the title form my father's name to my own since at the time of his passig I was very young. Over the years, the apartment has continued to deteriorate and at the current time i have felt the need to move on and out of the apartment. I can not afford to renovate and feel burdened by the place.

My question is what are my options and what are the ramifications for each option? I feel confined to the following options:
1) Is it possible to just get up and leave the apartment and never come back? There is no mortgage as mentioned and what would be the ramifications from this? Does the ownership revert back to the lessor? Would there be any legal / financial impact to me?

2) Maybe this is a foolish statement but is it possible to ever give back the title of the apt to the lessor? I do not even want anything for it - i just want to be rid of the place.

I hope my concerns are not viewed as childish or irresponsible and I appreciate any opinions / advice.

**A: first off there is no lessor as this is a coop. Secondly, the property needed to go through probate.
 

J_123789

Junior Member
Abandoning a Co-op reply

Can i just get up and leave the place?
Would i incur any ramifications i guess is my question...
 

HomeGuru

Senior Member
J_123789 said:
Can i just get up and leave the place?
Would i incur any ramifications i guess is my question...

**A: I don't know. You need to consult with a local attorney.
 
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You Are Guilty

Senior Member
Unless you live in a 5th floor walk up studio in the South Bronx, your apartment, as bad shape as it may be in, is almost certainly worth six figures, or at least close to it. That you appear willing to give that up is rather odd.

That aside, you do not legally "own" the co-op to be able to sell it or give it away. Depending on whether your father left a will and how many other relatives you have, it may not be all that complicated a process to obtain legal ownership, so you really ought to speak to a local real estate attorney.

"Just leaving" is never a good idea.
 

HomeGuru

Senior Member
You Are Guilty said:
Unless you live in a 5th floor walk up studio in the South Bronx, your apartment, as bad shape as it may be in, is almost certainly worth six figures, or at least close to it. That you appear willing to give that up is rather odd.

That aside, you do not legally "own" the co-op to be able to sell it or give it away. Depending on whether your father left a will and how many other relatives you have, it may not be all that complicated a process to obtain legal ownership, so you really ought to speak to a local real estate attorney.

"Just leaving" is never a good idea.

**A: very good response. The writer needs to see a probate attorney.
 
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You Are Guilty

Senior Member
Frankly, given local real estate (over)prices, I am willing to bet there's more to this story. People come here looking for ways out of $5 tickets, and this guy wants to throw away a hundred grand? (My guess? There are some dead hookers in his closet he needs to disassociate himself with, and quickly.)
 

HomeGuru

Senior Member
You Are Guilty said:
Frankly, given local real estate (over)prices, I am willing to bet there's more to this story.

**A: yes, there is way more to this story.
*************
People come here looking for ways out of $5 tickets, and this guy wants to throw away a hundred grand? (My guess? There are some dead hookers in his closet he needs to disassociate himself with, and quickly.)

**A: and no one has the skeleton key.
 

gman310

Junior Member
The earlier respones that "first off there is no lessor as this is a coop." is incorrect. THe Coop corporation is the "Lessor", and you, as the occupant of the apartment are the "Lessee".

You need to first ask either someone on the the Board or the Corporate attorney for a copy of the Proprietary Lease, which explaings your rights as an occupant.

Second, as the child of the shareholder, you almost certainly have the right to assume the shares. You may need to go through probate, but in most coops, transfer to a child or sibling is unrestricted (but you need to check the Proprietary Lease)

Thirdly, as the building is currently occupied, and is therefore a going enterprise, you can almost certainly sell your shares (and your right to occupy), and move out. You need to find a real estate lawyer for this, but it should not be that difficult.

GMan

P.S. I was on the Board of a Co-op in NYC
 
Frankly, given local real estate (over)prices, I am willing to bet there's more to this story. People come here looking for ways out of $5 tickets, and this guy wants to throw away a hundred grand? (My guess? There are some dead hookers in his closet he needs to disassociate himself with, and quickly.)


***Good One. You never know, maybe Jimmy Hoffa is up there too.
 

You Are Guilty

Senior Member
gman310 said:
You need to first ask either someone on the the Board or the Corporate attorney for a copy of the Proprietary Lease, which explaings your rights as an occupant.
Not that the OP is ever actually coming back and reading any of this, but, as merely the "occupant" (at least until probate closes), the corporation has no duty to provide him with anything. They may if he explains the reason why, but a better bet would be to find the original proprietary lease and stock certificate in his father's papers.

Second, as the child of the shareholder, you almost certainly have the right to assume the shares. You may need to go through probate, but in most coops, transfer to a child or sibling is unrestricted (but you need to check the Proprietary Lease)
Better hope that this isn't a "55+" co-op community then!

Thirdly, as the building is currently occupied, and is therefore a going enterprise, you can almost certainly sell your shares (and your right to occupy), and move out. You need to find a real estate lawyer for this, but it should not be that difficult.

GMan
Once they are "his" shares, then he can sell them, throw them out, eat them, whatever. Point we were trying to make was that they're not his yet.
P.S. I was on the Board of a Co-op in NYC
As are/were most of the people answering. Yay for us.
 

HomeGuru

Senior Member
gman310 said:
The earlier respones that "first off there is no lessor as this is a coop." is incorrect. THe Coop corporation is the "Lessor", and you, as the occupant of the apartment are the "Lessee".

**A: please post the coop legal docs that support your statement.
 

Ciarraine

Member
HomeGuru said:
**A: first off there is no lessor as this is a coop. Secondly, the property needed to go through probate.
By Lessor i'm sure he means the Cooperative corporation, which is in fact the lessor of his proprietor's lease.
 

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