Lost our proprietary lease in Sandy
Started by Flutistic
over 11 years ago
Posts: 516
Member since: Apr 2007
Discussion about
We lost the original proprietary lease for our co-op pied-a-terre during super storm Sandy, although the stock certificate survived intact (I found it floating in its bag in the basement). We do have a photocopy of the proprietary lease, though. I don't understand why a copy of the lease isn't good enough to transfer our apartment to the buyers. We also assume the management company is going to charge us an arm and a leg for a replacement.
Sue the bank that allowed flooding of your safe deposit box.
The stock certificate is the most important document in a coop closing. As for the lease, you can usually sign an affidavit.. If they do charge you, it really shouldn't be more than a couple hundred bucks, maybe $400 (but that is a stretch). I've worked with a number of clients who had lost theirs and it's not really a big deal. The buyer's bank attorney could bring it up but a lost lease affidavit is typically sufficient.
Flutistic:
1. if a bank had custody of the lease in a safe deposit box then a lost document
affidavit should be sufficient to enable transfer of your apartment