Asked and AnsweredI'm selling my co-op, which I own with my mother and father. Is it okay to have the closing checks made out to the three of us?
In almost all cases, no. Unless you have a bank account naming the three of you, a three-party check may be difficult to negotiate, unless the three of you are present when the check is presented. Particularly if one or more of the parties are located in a different city (which often happens when parents are in title), depositing the check into an account that only names one or two of the three parties, will require jumping through a number of bank hoops before the bank is comfortable that all parties are, in fact, endorsing the check into an account that does not name all of the parties. No one wants to hold a closing check that can't be deposited. If there is any doubt that the check can be deposited if made out to the three parties (which should be investigated in advance of closing), make sure that the checks are payable to the parties who can deposit the check, like mom and dad.