Home Buying in New York>Question Details

Dealshopper, Home Buyer in New York, NY

After I buy my coop can I then put someone else as co owner?

Asked by Dealshopper, New York, NY Sat Jun 9, 2012

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11
Dealshopper,
No, you cannot put someone else down as a co-owner of a co-op after you move in. If they have not been included in the board application process, they are not approved by the board. In order to have the other person as a co-owner, you should include them in the application from the start. If you wanted to ammend your shares in the corporation and proprietary lease to include the other person, you would have to go through the board to do that.

Also, to ammend some misinformation below, a co-owner does not have to be on the mortgage as well. I know this for a fact through experience, where not all parties were on the mortgage. There is no obligation for that. The reverse, however, is true. If they are on the mortgage, they must then be an owner.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
1 vote Thank Flag Link Sat Jun 9, 2012
Not only would you need board approval, but the bank assuming you have a mortgage would have to either add the 2nd person too, or you may have to get a new mortgage
1 vote Thank Flag Link Sat Jun 9, 2012
Check Board rules first and see if allowed; an accurate can't be given as each co-op building is different....
1 vote Thank Flag Link Sat Jun 9, 2012
The board must approve anyone that is to be listed on the stock and lease (the ownership documents) of the co-op apartment. This may be more or less difficuly depending on the building and board. If you buy having gotten approval for the docs to be in just your name, you'd have to request permission from the board to add another name. The mortgage lender may also need you to have that person appear on the loan but not always (I have done co-op transactions where not all owners listed were actually on the loan).
Charlie Summers, VP Bellmarc Downtown 917-376-1648
1 vote Thank Flag Link Sat Jun 9, 2012
Typically, anybody that is on the title of the property has to be on the mortgage as well. You will most likely have to check with your board. Nobody can accurately answer this without knowing the board and their restrictions.

Chris
1 vote Thank Flag Link Sat Jun 9, 2012
If you get board approval you can put anyone you want on the shares. Everyone on the shares does not have to be on the mortgage. I am not on the mortgage on my co-op in Forest Hills, only my husband, per the request of our lender Wells Fargo (they didn't like my profession). As long as the person on the mortgage is still an owner of the shares, the mortgage does not become due.
0 votes Thank Flag Link Thu Jun 14, 2012
The question itself is vague. Let's look at it this way if you close in June of 2012 and want to add someone in August of 2012 then the answer would 95% be no. However if you wanted to add someone to the stock and lease and let's say they're your wife or as you get on in years and adult child (assuming it's a 2 bedroom or more) the boards generally will not have a problem with that, as I've seen it done one several co-ops in Queens and Brooklyn.

Regards,
Marco Gomez
NY State Licensed Associate Broker
Keller Williams Landmark II
Mobile: (917) 734-2012
marco.gomez@gmail.com
0 votes Thank Flag Link Wed Jun 13, 2012
Check the mortgage form used by the lender, the ones I use all contain a due on sale clause that any change of title would trigger. That clause is in any mortgage that is sold on the secondary market.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon Jun 11, 2012
This is a legle question, you should speak to a lawyer who specializes in real estate.
0 votes Thank Flag Link Mon Jun 11, 2012
Charlie has got it exactly right. How difficult this will be depends on who it is (e.g. a new spouse?, an adult child?) and any restrictions on your loan.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
kharby@crrnyc.com
212-688-1000x146
0 votes Thank Flag Link Sun Jun 10, 2012
Dear Dealshopper,

When you buy a co-op, you own shares of stock in the cooperative corporation and you also have a lease to your particular apartment. Therefore, the co-op board must approve all changes in ownership of the share of the cooperative corporation. They have control over who can live in the building. This means submitting to an extensive examination by the board. If you have a mortgage, you will also need to check with your mortgage lender.

Ross Ellis
Licensed Salesperson
Halstead Property
Member of the Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes Thank Flag Link Sat Jun 9, 2012
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