Last week’s blog post discussed legal issues relating to a foreclosure as it applies to cooperative apartments in New York State. To summarize, because cooperatives are considered shares in a corporation, and not real property, different legal procedures are necessary when an owner of a co-op defaults on her share loan or maintenance payments.
This blog post relates what happens when two or more co-owners of a property are unable to agree on the disposition of a jointly-owned cooperative, or “co-op” apartment. A recent article in the New York Post describes a situation where a Manhattan woman purchased a co-op apartment on the Upper East Side with her fiancé in 2005, shortly after they got engaged.
Unfortunately, in 2007 the couple became estranged and the engagement was called off. One of the parties occupied the apartment, and the other moved out. The parties agreed that the woman who was actually living at the apartment would pay her ex-fiance 50% of the value of the apartment. However, in the 11 years subsequent, she has failed to do so, continues to live at the apartment, refusing to give access to her ex-fiance. What is the legal remedy for this situation?