What is the name of your state? NY
I currently own a co-op with my girlfriend as a joint tenant on the stock certificate. The mortgage on the co-op is under my name, and neither my girlfriend or any other relatives have co-signed the loan. Although her name is on the stock certificate & the lease, she is not living with me in the co-op at the moment. There are a few scenarios that I am concerned about:
1. Without her name on the mortgage, does ownership of the stock certificate affect my girlfriend's credit? And will it affect a potential lender's consideration to lend her money?
2. If my girlfriend & I marry, will she be legally liable for the mortgage?
3. If I pass away before we're married, will my girlfriend assume the mortgage automatically, or would the mortgage company likely require the sale of the co-op in order to settle the loan?
4. If I do pass away, I will likely have an insurance policy with my brother as the beneficiary (for the time being, I want to keep the co-op & insurance proceeds separate from each other). What will be the tax implications of the insurance proceeds, specifically if I instruct that the proceeds should be used to pay the remaining mortgage balance?
5. Can I name someone in my will to have joint tenant ownership of the co-op without changing the stock certificate now? If that occurs, can one party opt out of the ownership? And what will be the mortgage & tax implications?
6. Can I specify in a will my intentions regarding the co-op's ownership including a monetary amount can change hands?
I currently own a co-op with my girlfriend as a joint tenant on the stock certificate. The mortgage on the co-op is under my name, and neither my girlfriend or any other relatives have co-signed the loan. Although her name is on the stock certificate & the lease, she is not living with me in the co-op at the moment. There are a few scenarios that I am concerned about:
1. Without her name on the mortgage, does ownership of the stock certificate affect my girlfriend's credit? And will it affect a potential lender's consideration to lend her money?
2. If my girlfriend & I marry, will she be legally liable for the mortgage?
3. If I pass away before we're married, will my girlfriend assume the mortgage automatically, or would the mortgage company likely require the sale of the co-op in order to settle the loan?
4. If I do pass away, I will likely have an insurance policy with my brother as the beneficiary (for the time being, I want to keep the co-op & insurance proceeds separate from each other). What will be the tax implications of the insurance proceeds, specifically if I instruct that the proceeds should be used to pay the remaining mortgage balance?
5. Can I name someone in my will to have joint tenant ownership of the co-op without changing the stock certificate now? If that occurs, can one party opt out of the ownership? And what will be the mortgage & tax implications?
6. Can I specify in a will my intentions regarding the co-op's ownership including a monetary amount can change hands?