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Co-Op Lease Married / One shareholderFeb 16, 2017

Hello,

My spouse purchased our coop in NYC back in ''85. I moved in sometime in '91, and we married years later. He is the shareholder -- my name was not added to the lease. We set up a Will in the early 90's which leaves me the entire estate.

Should we have my name added to the lease regardless? I've been reading it could cost above 2,000 to do so. Should my spouse, predecease me, will I need approval from the board to remain in our coop. Will they need to see my financials as if I were a new owner? Our mortgage is paid, so it would be just maintenance? Thank you in advance - I'm so lost so I thought I'd start here.

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Co-Op Lease Married/One shareholder - JG in NYC Feb 17, 2017

As a board member, we permit the unit owner to add a spouse to the lease, after being provided with financial data as if the second party were a buyer. We're looking to see that if the current owner were to pass, there is sufficient ongoing income (or financial reserves) available to continue with maintenance payments. We charge an application fee and the management co. charges a fee for share transfer. You should also speak to an attorney for guidance, since it can expose your property to claims made against your spouse, etc.. And check with your coop for their policy and fees.

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