Home Selling in Yonkers>Question Details

Alex, Home Buyer in 10453


Asked by Alex, 10453 Mon Aug 20, 2012

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You can take her off the deed using an attorney. You both have to agree to this and both have to sign off on the deed.
0 votes Thank Flag Link Tue Sep 18, 2012
An attorney who specializes in real estate can better advise, therefore it's in your best interest to consider a consultation....
0 votes Thank Flag Link Tue Aug 21, 2012
If you are only on the stock and lease, but not the loan then you have to reach out to the co-op's attorney (also called the "transfer agent"), and ask for the co-op's procedure to do a transfer in shares. You will have to get the co-op's approval as your joint income was probably reviewed in order to get approved to buy into the co-op and if one shareholder is being removed then then can the existing shareholder afford to pay the mortgage and maintenance charges alone? (Assuming you two bought the co-op apartment together and one of you didn't own the apartment first and added the other later on). AND if there is no loan then you have to have the original stock certificate and proprietary lease for the apartment.
If you two are still on good terms this should be fairly easy once you get passed the board approval and follow the co-op's procedures for transfer co-op through the co-op's attorneys.
If there is a loan, then yes she would have to try and refinance just under her name but that's assuming that she can qualify for the loan amount alone (and the bank would have to surrender the original stock and proprietary lease that they are holding as collateral for the loan in order for the transfer agent (co-op's attorney) to cancel those to instruments of ownership and issue a new stock and proprietary lease in just your girlfriend's name. Either way, you still would need the board's approval for the transfer and would still have to follow the co-op's procedures for doing a transfer. Remember board approval is always required at a co-op as a co-op is always in first position in the hierarchy of priority.
0 votes Thank Flag Link Mon Aug 20, 2012
If you are on the loan you might have to refinance to get your name off. If you are only on the Stock and Lease, but not on the Note (loan) you might be able to get a new stock and lease reissued. You should contact an attorney and also contact the Co-Op attorney's office as well .
0 votes Thank Flag Link Mon Aug 20, 2012
The only way I can think of is for her to buy out your share.

If you are giving her your share, there are documents that can be filed to remove your name.

If you are on the mortgage, she would have to refinance in her own name and buy you out.

Other than that, I know a good real estate attorney to who I could refer you.

0 votes Thank Flag Link Mon Aug 20, 2012
Speak to your Financial Institution, Do you have a mortgage, you will most likely have to refinace it. All Co-ops need Board Approval!

Best of Luck!

Millie V.
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
0 votes Thank Flag Link Mon Aug 20, 2012
Hi, You will most likely have to re finance in just her name...hopefully it will be eligible to.

0 votes Thank Flag Link Mon Aug 20, 2012
That's a complicated question Alex, and there are a couple of possibilities, but you should consult an attorney and find out what you are entitled to. If you would like me to refer a Coop attorney to speak with, call me.

Debby Frank
Keller Williams Realty
(914) 498-5443
0 votes Thank Flag Link Mon Aug 20, 2012
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