The answer is “Yes.” They will need to update their paperwork with the membership committee. The co-op difference is that the membership committee is committed to the needs of the residents. Every effort will be made to ensure the designated heirs will remain in your home according to your designation and wishes, without any penalties. The co-op difference is everyone must be treated fairly, equally, and respectfully without regard to whether outside interests could make money on the space by demolishing the home and reselling it at market rate.
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