In NYC Cooperative buildings (or in all locations, really) adding someone to a stock certificate may seem like something that should be easily approved, but it is often a lengthy process.

The Cooperative Board of Directors is charged with protecting the interests of all of the Shareholders in the buildings, so when someone is being attached to the shares of a particular apartment, it is their fiduciary responsibility to ensure that this person will be able to financially afford to pay for the monthly maintenance, along with all other debts in their lives.

Even if this person has been living with the Shareholder for a lengthy period of time, most Boards will consider this transaction similar to a new purchase of an apartment and will ask for detailed reports on the financial activity of the new person applying.

These processes can also be costly. There are costs for application processing, Board review and then ultimately, the closing of a new stock certificate and proprietary lease.