Tenancy by the Entirety as it applies to name change on co-op stock certificate

Asked about 1 year ago - Jamaica, NY

I purchased my co-op when I was single. I have since married and wanted to change my name on the proprietary Lease and Stock Certificate as well as add my husband’s name.
My co-op is charging a large fee for this process.
I came upon an article about “Tenancy by the Entirety” and wanted to know if this applies to my situation and if so what do I have to do.

Attorney answers (2)

  1. Peter J Weinman

    Pro

    Contributor Level 18

    1

    Best Answer
    chosen by asker

    Answered . Only recently could married people take shares to a coop as "tenants by the entirety" - a term that only used to apply to real property. However, the only way for your husband and you to take real property or coop shares as such, you need to have been married at the time you took the shares (or title to real property). Since you married later, you cannot convert your interest to "by the entirety" any way other than to pay the fee and have a new lease and stock certificate issued.

    Next concern will be if you have financing on the unit (sometimes erroneously called a mortgage). If so, your lender holds the stock and lease as collateral - and you will also need their approval (and probably pay another fee) to get them to work with you towards adding your husband's name.

    I may be guessing or not licensed in your state. No atty/client relationship exists.
  2. Richard J. Chertock

    Pro

    Contributor Level 17

    1

    Lawyer agrees

    1

    Answered . You would have to post the article for anyone to answer whether it applies to you or not. That being said, it is probably best if you simply pay the coop their fee and the stock certificate and proproetary lease changed to read husband and wife. That way ownership would automatically pass from once spouse to the next in the event of death of one of the spouses.

    This e-mail may contain confidential or privileged information. If you are not the intended recipient, please... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

28,400 answers this week

3,069 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

28,400 answers this week

3,069 attorneys answering