Trusts

Below are the rules from the by-laws for placing an apartment in trust. Please reach out to Wagner and Kelly if you wish to place your apartment in trust. 

1. A transfer of ownership into a trust shall be permitted subject to approval by the board and review of our attorney.

2. The shareholder/transferor shall guarantee all obligations of the trust.

3. The trust shall have no greater rights than the shareholder/transferor had prior to the transfer into the trust including but not limited to issues relating to occupancy, subletting and transfer.

4.  All fees charged by management and the co-op’s attorney shall be borne by the shareholder/transferor.

 

5.  There shall be no limit on the co-op or its attorney in requiring documentation and otherwise setting terms for approval.  The co-op reserves the right to refuse a transfer to a trust in its discretion.