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Propga, Other/Just Looking in East Rockaway, NY

If a person purchases a co-op for a disabled sibling, how can the sibling claim property rights and avoid it from being sold out from under her?

Asked by Propga, East Rockaway, NY Mon Dec 17, 2012

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William Rugen’s answer
Only the person who owns the unit/shares can control whether it gets sold or not unless maintenance charges and/or mortgage goes unpaid. I recommend consulting an attorney regarding the establishment of a special needs trust, as well. There might be a way to transfer rights to co-op shares to your sibling and an attorney will be able to guide you through this.
0 votes Thank Flag Link Mon Dec 17, 2012
Without much information, consult with your attorney especially if the property is being sold/purchased....
0 votes Thank Flag Link Mon Dec 17, 2012
Once the co-op is purchased, it should not be sold out from under her as long as the maintenance, mortgage and all other payments are made in a timely manner. There are no "property rights" in a co-op as there are only shares of a corporation that are being purchased. As to who pays these fees would be between you and your sibling.

If you have any further questions, please feel free to contact me.

Good luck to both of you.

Regards,
Arlynn

Arlynn B. Palmer, ESQ, CBR,SRES, CMS,CNS
Daniel Gale Sotheby's International Realty
Cell #: 516-410-3594
0 votes Thank Flag Link Mon Dec 17, 2012
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