Trust Transfers for Shareholders in Co-ops

Shareholders, Directors and building managers often have inquiries as to their options when it comes transferring shares to family members.

First and foremost, when considering transferring one’s shares in the Corporation, shareholders should always seek professional counsel since individual circumstances vary considerably; the process may be an intricate one involving much legal preparation and review; and in almost all cases the Corporation’s consent is required and the Corporation’s attorney will be asked to review the application in order to protect the Corporation’s interests. Further, attorneys categorically remind us that issues of transfer to family members are not simple and do not lend themselves to short summaries. That said, we can attempt to provide some basic information and reminders, which should only serve as groundwork for beginning the personal research that remains every individual’s responsibility:

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