Page 14 - CooperatorNews NY April 2021

14 COOPERATORNEWS — APRIL 2021 COOPERATORNEWS.COM ATTORNEYS Abrams Garfi nkel Margolis Bergson, LLP 1430 Broadway, 17th Floor, New York, NY 10018 212-201-1170 • www.agmblaw.com Barry G. Margolis, Esq. • Robert J. Bergson, Esq. Himmelfarb & Sher, LLP • (914) 682-0040 Cooperative and Condominium Law—Real Estate Closings One North Broadway, Suite 800, White Plains, NY 10601 Contact: Ronald A. Sher, Esq. • Norman D. Himmelfarb, Esq. Law@himmelfarb-sher.com • Direct Dial: 914-461-0220 Belkin Burden Wenig & Goldman, LLP Specializing in all aspects of Cooperative and Condominium Law including Landlord/tenant proceedings. Copy of Monthly Newsletter available upon request. (212) 867-4466 contact: Aaron Shmulewitz/Daniel Altman ashmulewitz@bbwg.com/daltman@bbwg.com www.bbwg.com ACCOUNTANTS ARCHITECTS architecture interior design engineering project management forensic investigations 307 7th Avenue, Suite 1001, New York, NY 10001 Tel. 212.645.3775 Fax. 212.645.4099 Form Space Image ARCHITECTURE PC SERVICE DIRECTORY  Over 30 years of coop & condo experience  Hands on Personal Attention Timely Service  Contact: Gary Adler, CPA Sarah Haar CPA   www.bassandlemer.com 516-485-9600 adler@basslemer.com building manager a check for the then-fee of $350 to add a name to the lease, but it got “lost.” It’s only recently that I decided to redouble my eff orts to have my wife’s name added to the lease. And now he’s say- ing that I must pay $600 to have my wife’s name added. Am I getting ripped off ? By the way, if something should hap- pen to me, does my wife automatically take ownership of my co-op (with or without her name on the lease)? Does the board have the right to ask for my wife’s fi nan- cials? —Feels Like I’m Getting the Runaround A “For any transfer of shares,” says attorney Cathleen Hung with the Manhattan fi rm Anderson Kill, “the co-op’s transfer agent (usually its managing agent) must prepare the paperwork and conduct a closing to issue a new stock certifi cate and proprietary lease. Th e transfer agent charges a set fee for this work, and may add on more fees depending on how com- plex your particular transaction is. “For example, if you are unable to pro- vide the original stock and lease for cancel- lation, the transfer agent will tack on an ad- ditional charge for its loss and replacement. Here, it is not only a question of locating your original stock certifi cate, but also a question of identifying whether your docu- ment is the original. “It is true that if you took out a loan against your cooperative apartment, your lender will hold on to the original stock and lease as collateral until your loan is paid off . So if your loan is still outstand- ing, you should look to your lender to lo- cate the original stock and lease. A trans- fer agent will also make sure to affi x the corporate seal to the original stock and lease in order to mark it as the original document, rather than just a color copy. “So whether it is you or your lender who was supposed to be holding on to the original, if you cannot produce the stock certifi cate with the raised corporate seal, you will have to pay the fee for an affi davit of lost stock certifi cate. Closing fees may vary depending on the management com- pany, but the amount charged by your co- op’s transfer agent falls within the scope of what is typical for a title transfer of shares. And it is not uncommon for transfer agents to raise their rates as the years go by. Shareholders are oft en surprised by the amount of fees associated with a closing, but at the end of the day they pay up in order to close on the transaction. “In most proprietary leases, the co-op carves out an exception that allows for transfer to a spouse without board ap- proval. Th erefore, the board does not have a right to require a copy of your spouse’s fi nancials. Should you decide to keep the stock and lease in your name only, upon your passing, the co-op shares would not automatically go to your spouse, but would go into your estate. Th e co-op shares would be distributed in accordance with your will, which would require board approval if you left your co-op apartment to some- one other than your spouse; or distributed through the laws of intestacy if you left no will, which would divide your estate be- tween your surviving spouse and any chil- dren. Either way, your spouse would have to go to Surrogate’s Court to be appointed as the executor or administrator of your estate before you can transfer the stock and lease. “If, however, you put the stock and lease in the name of both you and your spouse, and you are still married at the time of your passing, the co-op shares would au- tomatically go to your surviving spouse by operation of law. Your spouse would own the co-op shares as if only her name were on the stock and lease and there would be no need to go to Surrogate’s Court to ob- tain the authority to transfer the stock and lease. “Although it may seem like a taxing process now to have a new stock and lease issued in the name of you and your spouse, it does alleviate worries as to ownership of the co-op apartment down the road.” n Q&A continued from page 5 Disclaimer: Th e answers provided in this Q&A column are of a general nature and cannot substitute for professional advice regarding your specifi c circumstances. Always seek the advice of competent legal counsel or other qualifi ed profes- sionals with any questions you may have regard- ing technical or legal issues. PULSE... continued from page 13 Please submit Pulse items to Darcey Gerstein at darcey@cooperatornews.com Do you have an issue with your board? Are you wondering how to solve a dispute with a neighbor? Can’t fi nd informa- tion you need about a build- ing’s fi nances? Our attorney advisors have the answers to all of your legal questions. Write to CooperatorNews and we’ll publish your question, along with a response from one of our attorney advisors. Questions may be edited for taste, length and clarity. Send your questions to: darcey@cooperatornews.com. Q&A include partial tax lots in its declared zoning lot ruling. In this Matter of Committee for Environ- mentally Sound Development et al., against Amsterdam Avenue Redevelopment Associ- ates LLC, et al., the Appellate Court also found that since the building is substantially completed, the petitioners failed to exercise continued due diligence to halt the project by not seeking injunctive relief at every stage of litigation. Michael Zetlin, senior partner at Zetlin & De Chiara, led the fi ling of an amicus brief on behalf of the New York Building Congress in the case. He says, “We are very pleased that the Appellate Court has upheld the rights of developers and the government. Th e developer met all of the requirements in getting the city’s approval. Th e court’s ruling will give peace of mind to developers who follow the rules and were concerned of hav- ing a project derailed due to objections fi led aft er the approval. Th is is a big win for devel- opment in New York.” n