Losing your co-op documents can really suck if you’re trying to refi or sell your apartment. Unlike home and condos, there is no filing of deeds with the municipal clerk. So what happens when you lose your co-op stock certificate and proprietary lease papers?

It depends on who loses them, reports NYT.

Lender loses:

Co-op requires the lending institution to provide an affidavit stating the loss. Additionally, the co-op will make the lender indemnify the co-op in case someone clams the shares.
Lender will pay the $500-$1000 for submitted the affidavit and indemnification.

Shareholder loses:

Co-op will insist the shareholder, or their estate, pay for a bond or insurance from before transferring share ownership. Bonds will cost 1-3% of the total price, title insurance can cost up to 1.25%

So avoid the fees and keep more organized records. Consider digitizing your important documents and putting them on a CD or DVD. — BEN POPKEN

If You Misplace Co-op Documents [NYT]

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