So you are selling your Coop and are scheduled to close on the sale in one week. In searching your files you are unable to locate the stock certificate and proprietary lease for your unit. These documents together signify your ownership of your Coop. It is crucial to notify your attorney as soon as you become aware of this. Most Coops will permit the closing to proceed provided you sign a lost stock affidavit and lost proprietary lease affidavit. These documents are prepared by the Coop’s attorney or management company. You will be charged a fee for the preparation, which is usually around $250 per affidavit. Do not wait until the day of closing to notify the Coop attorney of this development. They will very likely adjourn the closing in view of this last minute issue.
If you presently have a Coop loan with a bank, you will not have the stock certificate or proprietary lease. These documents are on file with your lender. Your attorney must notify your lender when scheduling the closing to make sure that they send a representative to the closing with the original documents. These will be surrendered to the Coop upon the receipt of a check for the payoff of the balance due on the loan.
So don’t panic if faced with this issue. Just make sure you contact your attorney. Stay focused on the goal of keeping the closing on schedule. With reasonable parties and sufficient notice when problems arise, you will be closing on your transaction.