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Lweng, Both Buyer and Seller in New York, NY

How do I remove my name from the co-op, leaving my sister as the sole owner? Thanks

Asked by Lweng, New York, NY Wed Sep 30, 2009

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Dianne’s answer
Sorry, but the answer above is incorrect. In a co op you don't have a deed but rather shares in a corporation. Removing the name from the shares is done through the attorney for the co op. Consult the managing agent if you don't know the name of the attorney. In some buildings the management company will start the ball rolling for you. They will also know the criteria necessary for making the change. There may be some financial restrictions in the by laws for not being able to remove a co owner. You probably won't need your own attorney, but, it is always better to have your own legal advice. It is correct regarding the mortgage loan.

I hope this is helpful.
Dianne Stromfeld
Education Director, Realty Institute, 718 275 0003
1 vote Thank Flag Link Wed Sep 30, 2009
Dear Lweng,

Please consult a Real Estate Attorney for the answer to this legal question. Removing your name from the Deed, will not however, remove your name from any loan you both are on. That would require your sister getting a new loan in her name alone. That would then remove your name when the new Deed is recorded.
Hope this will be helpful. Do feel free to call me at 757-474-0040 here in Virginia Beach, Va.
Sincerely,
Betty Stern, CRS,GRI
Associate Broker
0 votes Thank Flag Link Wed Sep 30, 2009
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