• Most mortgages have a "DUE ON SALE" clause so that if the transfer is made, the mortgagee could call the lien immediately. In addition, owning a co-op is not like owning other real estate. When buying a co-op, which is short for co-operative housing project, you become a shareholder in a corporation that owns the building and you carry a leasehold interest in your unit. You would need to talk to the co-op board to see if this transfer can be made.
  • I'm not 100%, but look into a Quit Claim deed. This may accomplish your needs.
  • The mortgage will still need to be refinanced if there is a change in ownership and if the balance is relatively small, say under $50K, few lenders will even want to bother, figuring you might pay it off quickly and they would not make any profit on the loan. You might want to look into having her retitle the unit as joint ownership with you, though I doubt it will solve this or the other problems posted here. Remember that co-op shares (usually) increase over time, and the Board is not going to be happy seeing you just assume a share from years ago without them getting their cut.

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