Can i sell my co-op to my son?

Asked by Annie Lu, Queens, NY Mon Jun 24, 2013

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5
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Tue Jun 25, 2013
BEST ANSWER
Annie, you can sell your co-op to your son. The only way you couldn't sell your co-op to your son is if you're currently in foreclosure, that would be considered a foreclosure bailout and neither the bank who currently services your mortgage or the bank lending to your son would approve of that. Other than this scenario, you should be ok!

I will say that you wouldn't need a Realtor for this, but you might need an attorney and a Loan Officer. I'm always available to help if you need someone to walk you through the process.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
1 vote
Belal Mohd, Agent, Rego Park, NY
Tue Jun 25, 2013
It is not quite that simple. Consider these:
1. If you have mortgage with no assignment provisions your son will need mortgage.
2. Some Co-ops allow family transfers, for other Co-ops he will have to pass the board.
3. If you are "selling" indicating value, you will be subject to 1% NYC, 0.4% NYS transfer taxes.
4. Co-ops have transfer fees regardless of price.
5. Your Co-op may have flip tax based on price, profit or shares.
1 vote
Martina Ryan, Agent, Flushing, NY
Tue Jun 25, 2013
Yes if he agrees to buy it.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Jun 25, 2013
Generally yes, if he can meet all board requirements, however it may be a good idea to discuss with your attorney and review the co-op rules...
0 votes
, ,
Mon Jun 24, 2013
Why couldn't you sell your co-op to your son?
0 votes
what is other way to transfer my co-op to my son ? Will or power of attorney ?
Flag Mon Jun 24, 2013
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