Have a co-op question. need help

[bkny77]

What is the name of your state (only U.S. law)? US

My wife and I own a co-op. can we add my mother-in-law to the stock certificate so it shows that she lives here? secondly, can we ( my wife and I ) move to a different house, leaving mom-in-law as the only occupant?

 

[You Are Guilty]

What is the name of your state (only U.S. law)? US

My wife and I own a co-op. can we add my mother-in-law to the stock certificate so it shows that she lives here? secondly, can we ( my wife and I ) move to a different house, leaving mom-in-law as the only occupant?

With board approval, absolutely.

 

[bkny77]

so as long as my name is on the stock certif, then I always have to live here?

 

[You Are Guilty]

so as long as my name is on the stock certif, then I always have to live here?

How in the world did you take that from my answer? If you own it (i.e. you area named shareholder), that gives you a number of rights - you can live there; you can sell it; if your proprietary lease permits it, you can sublease; and, you can let it sit empty. Generally, you need Board approval for the first three options, but it depends on your specific building.

 

[bkny77]

i think the way i stated my last comment was wrong. I know that I can sell and move. My co-op doesn't sub-lease. I'm trying to figure out a plan of having mom-in-law live in my apt. and my wife and I get a house and move on. Mom-in-law has no steady income that would pass a board approval, but she can swing the bills to live in the co-op. So, we had thought that if we somehow got her name on the stock, she could just remain here and we could go, avoiding a closing and all that stuff. I don't know how the co-op would react if someone had eventually noticed us not being there.

 

[You Are Guilty]

So you want to know how to bypass the Board? Ocassionally, a building's proprietary lease will contain a loophole due to failing to update it, but generally speaking, there usually isn't a way. You'd have to take all your ownership documents to a NYC real estate lawyer to have them reviewed in detail to see if there is any way to do what you want. (My guess is there won't be, but you never know.)

Good luck.