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Are there any future implications if a stock certificate for a co-op apt gets shared in a 60/40% ownership?
Anonymous4 views3 answers
Like one owner owns 60% (Husband) and the other one owns 40% (wife) of the apt. By future, I mean if one of us decides to buy a house on our own...etc..
Dear New York Coop Owner:
How did you do that? Did you not take title to the share certificate as a married couple? If you did do so that form of ownership creates a tenancy by the entirety with each spouse owning 100% of the share certificate so that the surviving spouse in event of death of the other takes full ownership. See: http://cooperator.com/article/tenancy-by-the-entirety
Does the co-op have to be sold if one of you by a house?
I don't think it makes any difference-you both would have to agree to sell
even if it was 90/10.
You can have a property settlement drafted that makes an agreement on what happens of one wants to sell etc.
The implication is that when one dies, his estate will own the specified percentage of the coop. Depending on the Will provisions or intestacy act rules, the coop will then be owned by different people.
