Escrow & Title
In a New York cooperative (co-op) transaction, which document typically replaces the deed?
AA bill of sale and stock certificate✓ Correct
BA proprietary lease only
CA bargain and sale deed
DA warranty deed
Explanation
Because co-op buyers purchase shares (personal property) rather than real property, the transaction involves a stock certificate (representing the shares) and a proprietary lease (granting the right to occupy the unit) rather than a deed.
Related New York Escrow & Title Questions
- In New York, a 'tax title' (also called a tax deed) is issued when:
- In New York real estate closings, the 'HUD-1 Settlement Statement' has been replaced for most residential transactions by the:
- An 'encroachment' discovered during a survey means:
- In New York, which type of deed is most commonly used in arm's-length residential sales?
- Recording a deed in New York provides:
- In New York, a 'survey exception' in a title insurance policy means:
- In New York foreclosure proceedings, RPAPL Article 13 governs which type of foreclosure?
- A lender's title insurance policy in New York protects:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →