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Navigate Co-op Ownership Transfers Without Legal Drama
Manage episode 490426568 series 3534646
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It’s too easy for the complex world of co-op ownership transfers to become a costly headache. Attorney Aaron Shmulewitz, partner at the law firm, Belkin Burden and Goldman, breaks down the three main types of co-op ownership and explains why shareholders increasingly want to transfer apartments into trusts and LLCs for estate planning benefits. In this interview, you'll discover how to handle messy divorce situations where spouses try to lock each other out, when building staff must enforce court orders, and how some transfer requests can lead to discrimination lawsuits.
Most importantly, learn about conditional consent agreements that can protect your co-op financially while still accommodating shareholders' estate-planning needs. Shmulewitz explains how boards can avoid legal pitfalls, which can help boards make informed decisions that protect both individual owners and the cooperative as a whole. Habitat's Carol Ott conducts the interview.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!
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