Can i sell my co-op to my son?

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

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Tue Jun 25, 2013
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.

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Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(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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