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.
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.