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Inheriting a Co-op or Condo: What’s Involved?

February 8, 2018

The Cooperator
By A.J. Sidransky

There Are Issues When It Comes to Transferring Property

Picture this: at some point, your parents would like to move out of their multifamily apartment in the city that they’ve owned for decades and now want to live out their remaining years at their Columbia County single-family home in upstate New York. They want to give the apartment to you as their heir. The question is can you inherit that unit from your folks in the same way you could for the upstate home?  The answer is yes, but it’s complicated. Then again, anything involving real estate in New York City usually is.

Is It Real Estate?

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“Inheritance of a condominium unit is like a private home, and not subject to the right of first refusal,” says Phyllis Weisberg, a co-op and condo attorney with Montgomery McCracken Walker Rhoads, which has offices in New York, New Jersey, Pennsylvania, and Delaware.

And Then There Are Co-ops…

As with just about everything, co-op apartments are different.  First of all, they’re not real estate.  The cooperator owns shares in a corporation that owns the property. “Co-op shares are personal property,” says Weisberg.

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