Adding a person to the stock certificate

[Kathleen Robert]

What is the name of your state? New York

I purchased a co-op several years ago where my son and I live. Now I would like to put him on the stock certificate with me. The Bd recently decided that since he interviewed with me at time of purchase that there is no reason why he should not be able to go on the certificate. Now I am having problems with the President of the Bd. I am waiting for this procedure to start and questioned when can I expect to hear from the Board. I was told by the President of the Bd that if I was to ask nicely and if I did not, she would make him go for another interview and application process. Is this allowed? If the Board O.K.'d this procedure how can she intimidate me on this? Someone mentioned to me lookinto "trust would this work in this matter. Pls advise me what is this "trust"?

 

[seniorjudge]

What is the name of your state? New York

I purchased a co-op several years ago where my son and I live. Now I would like to put him on the stock certificate with me. The Bd recently decided that since he interviewed with me at time of purchase that there is no reason why he should not be able to go on the certificate. Now I am having problems with the President of the Bd. I am waiting for this procedure to start and questioned when can I expect to hear from the Board. I was told by the President of the Bd that if I was to ask nicely and if I did not, she would make him go for another interview and application process. Is this allowed? If the Board O.K.'d this procedure how can she intimidate me on this? Someone mentioned to me lookinto "trust would this work in this matter. Pls advise me what is this "trust"?

Q: Is this allowed?

A: What do the CCRs say about this?

 

[JETX]

Is this allowed?

Yep... so ask nicely.

If the Board O.K.'d this procedure how can she intimidate me on this?

Simple.... because she can. You are asking them for a COURTESY.. they have NO obligation to extend that COURTESY to you.
Quit being a New Yukker...... and wait in line.

 

[Kathleen Robert]

Adding a person to the stock I purchased a co-op several years ago where my son and I

What do you mean by CCR's.

 

[seniorjudge]

What do you mean by CCR's.

Do you have covenants and restrictions governing this co-op?

(They may be called something else, but there is some kind of agreement there.)

 

[Kathleen Robert]

adding a person to the stock certificate

Would this be in my properity lease ? ?

 

[JETX]

Would this be in my properity lease ? ?

LEASE??? Your earlier post said that you "purchased a co-op several years"!!!

So, which is it... a lease or a purchase???

BTW, 'CCR' stands for "Covenants, Conditions, and Restrictions"

 

[You Are Guilty]

Would this be in my properity lease ? ?

Yes and maybe your House Rules as well.

The other posters' prior answers were correct, however. (They are not from NY and co-ops apparently don't exist much in other states, so they are using terminology for condos.)

 

[seniorjudge]

Yes and maybe your House Rules as well.

The other posters' prior answers were correct, however. (They are not from NY and co-ops apparently don't exist much in other states, so they are using terminology for condos.)

YAG, how can you "lease" something you buy? (You're right...I don't know the terminology.)

 

[You Are Guilty]

YAG, how can you "lease" something you buy? (You're right...I don't know the terminology.)

A cooperative apartment (of which there are two kinds in NY, but for purposes of this explanation, they are the same), is a rather unique statutory creation and for whatever reason, is rarely seen outside NYC and the counties that border it.

Essentially what you have is an apartment building and underlying land that is owned by a corporation (sometimes a LLC), which then sells you shares in it that give you the right to occupy certain space within the building. Those shares are offered under a Proprietary Lease, which governs the operation of the corporation and various subrules (akin to some CC&Rs. The remainder are addressed in a separate document called, appropriately enough, the House Rules). Thus technically, you do not "own" the apartment you live in.

The voting of the shares can be on a shares-owned basis (bigger apartments have more shares) or by one-vote-per-resident. (Sometimes both methods are used depending on what is voted on.) In any event, the stockholders then elect a "Board of Directors" for the corporation/building, who manage the day-to-day operation, from the budget/finances to the decorating at holidays. They have a broad range of power, not the least of which is interviewing prospective purchasers and approving or denying their purchase applications. Snooty Manhattan buildings have been known to reject rather wealthy and famous people just because they can. (see, http://www.signonsandiego.com/uniontrib/20050213/news_1h13nyapts.html)

One has a property interest to the extent that they own the stock in the corporation granting the right to reside there (and in fact, you mortgage the stock and proprietary lease), but you are subject to the terms and conditions of the lease, not the least of which is monthy "maintenance" payments, (the counterpart to HOA dues) and the main method of generating income for the corporation.

Now you see why only idiot NY'ers live in these things?

 

[seniorjudge]

Now you see why only idiot NY'ers live in these things?

I'm glad you answered and sorry I asked! Thank you.