Coop apartment, NYC - transfer (parent - child) Quit Claim Deed?

Asked about 1 year ago - New York, NY

What is the best way considering taxes and future medicaid eligibility to transfer a coop apartment in NYC from a parent to a child?
Quit Claim Deed (transfer or just add as a second owner)?

Thank you very much in advance.

Attorney answers (4)

  1. Vincent J. Gallo

    Contributor Level 14

    4

    Lawyers agree

    Answered . Co-op Units are not transferred by Deed.

  2. Steven Warren Smollens

    Contributor Level 20

    1

    Lawyer agrees

    Answered . Dear New York Cooperator:

    Cooperative apartments are not considered as real estate, as the apartment is a leasehold appurtenant to the owning of shares in the cooperative corporation. The ownership of shares in the corporation is the sole method to gain a lease in a cooperative. The shares are treated as personal property.

    All proprietary leases provide for the lawful methods allowed for transferring or assigning the shares owned by a shareholder. So the rules of the lease must be followed to transfer the shares to another person and thus transfer the lease, as well.

    This type of transaction customarily calls for an attorney, as the cooperative may have a say in the assignment and may not necessarily be obliged to accept a transfer of the shares and assignment of the lease (and the right to occupy the apartment as well) from parent to child.

    Good luck.

    The answer provided to you is in the nature of general information. The general proposition being that you should... more
  3. Noah D. Cohen

    Contributor Level 11

    1

    Lawyer agrees

    Answered . You might consider a intrafamilial transfer with a retained life estate interest.

    Note: This response is for general informational purposes only. No attorney-client relationship is created. No... more
  4. Yevgeny Levin

    Contributor Level 7

    1

    Lawyer agrees

    Answered . There is no deed. Ownership is evidenced by a stock certificate and lease. If there is a mortgage, both are held by the bank as collateral. If there is no mortgage, you should have the original stock and lease somewhere. Contact the coop management to arrange a transfer.

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