What is the name of your state (only U.S. law)? new york
hello,
a co-op owner friend just died unexpectedly while having his co-op listed for sale with a realtor and signed a 3 month sales contract of which has about 1 1/2 months left on the contract.
he also left a will, but co-op unit was solely in his name as shareholder, so i assume it will go to probate, but i heard if a co-op seller dies that the probate court instructs the cooperative board to show and try to sell the apartment at the seller/realtor asking price, and if it does not sell for that asking price, then the co-operative will buy back the unit at the seller's asking price and the check will be given to the sellers beneficiary son.
is this true, and thanks for any replies.
hello,
a co-op owner friend just died unexpectedly while having his co-op listed for sale with a realtor and signed a 3 month sales contract of which has about 1 1/2 months left on the contract.
he also left a will, but co-op unit was solely in his name as shareholder, so i assume it will go to probate, but i heard if a co-op seller dies that the probate court instructs the cooperative board to show and try to sell the apartment at the seller/realtor asking price, and if it does not sell for that asking price, then the co-operative will buy back the unit at the seller's asking price and the check will be given to the sellers beneficiary son.
is this true, and thanks for any replies.