I have a special inyerest in inheritan e rights now that my husband has predeceased me. I want to leave it to a friend, if living, who could not afford to live in NY otherwise. or if she is not living, to my sister-in-law. Both are in their eighties and if their husbands are no longer living, will have a hard time supporting themselves. After the battle over my husband’s right to live here, I don’t know what to expect. I am seeing a lawyer about this. The Black Book wawsa never clear. Has anything been clarified? Katy would only say I could leave it to whomever I wanted, but that did not mean they would be approved to live there. If not, could the apt lie vacant (if I am not here) til the 12 years are up, to be sold at market price? Is it m ore likely they would approve a relative than a friend.?? I have never had a clear answer!!!
Hi Doris, We posted your comments on the front page and in the “questions for the board” section to see if we could find someone to answer your question.
I think the person has to be approved by the board and that the approval is based upon their financial
ability to pay the maintenance and to assume the mortgage etc. For new buyers, the board looks at tax records and credit scores. While I was on the board, we approved several heirs -the board was sympathetic to their circumstances. The problem is that each new board can make a new policy. In theory, the board could deny children the right to live in the apartment if they couldn’t show sufficient income. They would then have to sell and would profit from the inheritance but not gain a living space.
I have a question about rights: I am confused, do we not have the right to pass on or apartments to the person(s) of our choosing after the 12 years are up, and these apartments effectively go to market rates?
Some say yes, some say no, I can’t find my BlackBook.
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