I can't pay off mortgage, would this prevent sale?
Real Estate Attorney
You inherit the coop at its current market value so there are no capital gains. You pay the mortgage on it from the proceeds of the sale and keep the balance.
This e-mail may contain confidential or privileged information. If you are not the intended recipient, please notify the sender immediately by return e-mail and delete this e-mail and all copies and attachments. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. IRS Circular 230 Notice: Unless specifically stated otherwise, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Unless specifically stated otherwise, this communication shall not be deemed to be legal or tax advice, and no attorney-client relationship shall be deemed to have been created.
Debt Collection Attorney
Inheriting a co-op is no different than inheriting shares in any other corporation. The lease is subject to co-op board approval. There is no "mortgage" but the shares are secured by a lien in accordance with the lien. If the lien is not satisfied then the shares will not be released in any attempt to sell, as your ownership interests are subject to the lien.
I do NOT know you. I am NOT your lawyer. This answer is provided for the general public who may have similar queries. The answer provided is NOT definitive. I do NOT know all of the facts of your case and NO attorney-client relationship is established. Please do not use my answer to tell your lawyer what to do. Free advise is worth exactly what you are paying. Trust the lawyer who is charging you for his/her time and expertise. If you can no longer trust your lawyer, then hire someone else. I am always interested in new clients and business opportunities and would welcome your call or email to discuss matters further. For more information, please feel free to visit my website or schedule an appointment.
Real Estate Attorney
Mr. Chertock & Mr. Nathonson are both correct, but I'd like to point out that your question confuses me.
You asked, "What about probate?" Did you or did you not already inherit a coop? If you inherited something, that assumes probate has already occurred. If probate has not yet occurred, you cannot have inherited anything.
I may be guessing or not licensed in your state. No atty/client relationship exists.