Closings glossary
Stock certificate (co-op)
The certificate evidencing the shares allocated to a co-op apartment. Shares and the proprietary lease travel together and cannot be sold separately from each other.
What is a co-op stock certificate?
Quick Answer
The full definition
The certificate evidencing the shares allocated to a co-op apartment. Shares and the proprietary lease travel together and cannot be sold separately from each other.
Which related terms should you know?
These are the terms that come up alongside stock certificate (co-op) in the same file.
- Proprietary lease
- The occupancy lease a co-op corporation grants a shareholder for a specific unit. It is assigned at closing together with the stock certificate for the allocated shares, and its amendments, rather than the original text, carry the building's current rules.
- Aztech recognition agreement
- The agreement in which a co-op corporation acknowledges a lender's security interest in a shareholder's shares and proprietary lease. The Aztech form is the version most New York co-ops accept.
- Co-op lien search
- The search performed on a co-op purchase covering UCC filings, judgments, liens and unpaid building charges tied to the shares and to the selling shareholder. It supports no policy of insurance, so the protection comes from clearing what it reports before the closing rather than from insuring around it.
- UCC search
- A search of UCC filings for security interests in personal property, run against the seller and, on entity deals, against the entity itself.
- Maintenance (co-op)
- The monthly charge a co-op levies on each shareholder, covering building operations plus that shareholder's share of real estate taxes and the underlying mortgage.
Where does stock certificate (co-op) come up in a New York City closing?
A lost stock certificate on an Inwood co-op sale is replaced by an affidavit of loss and an indemnity accepted by the managing agent before closing.
What else should you read before closing?
Questions this raises
- What documents do I sign at closing?Note, mortgage, title affidavit, settlement statement and transfer tax returns for buyers; deed and releases for sellers. What each document actual...
- What do I need to bring to a closing in NYC?Photo ID, funds in the form the agent instructed, a checkbook for adjustments, and every signer. The New York City closing checklist for buyers and...
Building types
- Standard co-opThe ordinary New York City cooperative: you buy shares in a corporation and receive a proprietary lease to occupy a specific apartment.
- HDFC co-opAn affordable cooperative formed under Article XI of the Private Housing Finance Law, with an income cap on purchasers and a flip tax that runs to ...
- Sponsor co-op unitAn unsold share allocation still held by the building’s original sponsor, sold under the offering plan rather than through the ordinary board process.
- Mitchell-Lama co-opA limited-equity cooperative in the State and City Mitchell-Lama program, sold from a waiting list at a formula price rather than on the open market.
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