New York's Cooperative and Condominium Community

HABITAT

Subscribe for Daily Updates!
transferring coop at death to sibling Feb 26, 2020

There does not seem to be any clear policy mentioned about this in the bylaws.
Is it possible for a shareholder who has been living in the coop for a long time with a disabled adult son , to transfer it in his will to his sibling who lives out of state but visits and stays in the cop periodically , and allowing him to let this disabled adult child continue to stay in the apt? The relative has excellent financials , so there would be no problem paying the maintenance . The cop does not allow the apt to be placed in a trust which is what the shareholder would have preferred to do . Do coops allow exceptions in cases involving a disabled person , re rules limiting sublease , if that is wht this would be considered? Thank you .

Join the Conversation Comments (2)
Transferring co-op at death - Marty Feb 27, 2020

Look in the Occupancy Agreement if there's nothing in your by laws. I'm sure it's mentioned because it's such a common question.

Look for something that might begin with "If, upon the death of the Member..."

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
transferring coop at death to sibling - Steven424 Feb 27, 2020

The verbiage regarding transferring shares is usually in the Proprietary Lease and not the Bylaws. In my PL there is this:

16 (b) If the Lessee shall die, consent shall not be unreasonably withheld or delayed to an assign ment of the lease and shares to a financially responsible member of the Lessee's family (other than the Lessee's spouse as to whom no consent is required).

I think this covers the financially responsible sibling.

As for subletting, the Board usually reviews the proposed sublet tenant to make sure they are a good fit for the building. The answer to your question might turn on the nature of adult son's disability.

You have a number of potentially conflicting rules and regulations in play when dealing with disability, tenancy and residency, and I would suggest you contact the co-op's attorney for a definitive answer.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (2)
Transferring co-op at death - Marty Feb 29, 2020

Steven makes a good point about checking with the co-op's attorney. I think that the co-op would be satisfied with a relative who can be relied upon to pay the monthly maintenance with no issues. I think the adult child is on safe ground morally and legally to stay in the apartment.

First off, it generally isn't good publicity for a co-op to kick out a disabled child of the shareholder.

Legally, I think it's okay. My Occupancy Agreement states that upon the death of the Member, the shares shall transfer to:

1) The spouse who resided with the s/h at the time of death, or

2) A natural or adoptive child of the Member who resided with the s/h at the time of death, and who has resided in the apartment as the child's primary residence from the later of:

1) The date of birth or adoption of the child

2) The date on which the deceased Member purchased their shares

Of course, this is what my Occupancy Agreement (OA) states, but I think that most OA's are probably written in a very similar manner. Sounds like the son should be able to stay.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
transferring coop at death to sibling - Steven424 Mar 01, 2020

Marty - Did you have to sign a separate Occupancy Agreement in addition to your Proprietary Lease? I didn't because our PL spells out occupancy requirements. If you had to sign a separate document I'm curious as to why.

My concerns about the Adult Disabled Child taking ownership of the apartment and/or living there by himself, turn on the nature of the disability. If it's a physical disability, then I can't see there being any problems.

But if the disability is emotional or psychological, and the now-deceased parent was caring for and participated in the treatment of the disability, the question becomes, can the child live by himself? Will they become a nuisance or a danger to other shareholders, the building, and possibly himself?

IMHO this is where the issues of succession and sub-tenancy become dicey. The board will need to weigh the rights of the child vs. the rights of the other shareholders. The co-op attorney is the best resource for guiding the decisions of the board.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)
Transferring co-op at death - Marty Mar 02, 2020

I did not have to sign the Occupancy Agreement. It was a package deal with the By-laws.

I agree with you about weighing the rights of the child vs. the rights of the other shareholders. You know that this type of balancing act is a common dilemma facing many boards and can concern many different issues.

I would see a potentially very difficult road for an emotionally disabled adult who could pose a danger to himself and/or other shareholders.

Get the attorney involved.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation

Introduce yourself to other members of Board Talk! Log in below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Introduce yourself to other members of Board Talk! Login below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Ask the Experts

learn more

Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments

Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise

Source Guide

see the guide

Looking for a vendor?