Can I Pass My Co-op Unit to My Partner if We’re Not Married?
Herrick Real Estate partner, Andrew B. Freedland, was quoted in The New York Times "Ask Real Estate" column addressing a reader's question regarding if they are able to pass a cooperative unit to their partner if they are not married.
The article notes that the apartment owner should look at the co-op’s proprietary lease. There will be details about how shares can be passed on. Many leases allow for graduated levels of board approval for heirs who want to live in the building. For some family members, the lease could state that board consent is "not unreasonably withheld."
Passing down shares with the intent that they be sold upon the owner's death does not require such approval. If you confirm that the lease allows transfers to spouses without board consent, getting married will accomplish your goal.
Andrew adds, "if your lease doesn’t confer these rights to your partner and getting married isn’t something you’re inclined to do, it’s still possible that your board would look more favorably upon your partner than another applicant, because they know him."
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