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As part of my application for consent of the Board of Directors to purchase an apartment in xxxx House, I do hereby agree as follows:
1.I will not harbor a dog in my apartment.
2.I will not sublet my apartment, except in accordance with the Application rules.
3.I will not have a washing machine or dryer in my apartment.
4.I will provide 1266 Apartment Corporation a set of keys to
Apt. ________________ in building ___________________ for entry in case of emergency repairs.
5.All structural changes will be subject to the approval of 1266 Apartment Corporation.
6.I have read and will abide by the "Horizon House Terrace Guidelines for Buildings 5 and 6".
I understand that if I violate any of the forgoing, I will be subject to loss of my Proprietary Lease and Share of Stock in Apartment Corporation and any subtenant will be subject to eviction.
These terms are illegal. I can call the NJ watchdog about it.
Landlords have no such rights even if tenants break lease terms. It is like the landlord was keeping all prepaid rent and deposit for free. They take away shares and sell them for profit.
Are you looking to buy or rent a unit in this co-op building? Either way, those terms are legal. You should probably talk to a lawyer before proceeding.
Landlords have no such rights even if tenants break lease terms. It is like the landlord was keeping all prepaid rent and deposit for free. They take away shares and sell them for profit.
What do landlords and leases have to do with buying in a coop?
those terms are legal. You should probably talk to a lawyer before proceeding.
+1, but I think that he definitely needs to talk to a lawyer.
Quote:
Originally Posted by pcity
What do landlords and leases have to do with buying in a coop?
Nothing, as far as I know, but perhaps an attorney can tell him whether one situation has anything to do with the other.
But, just to return to the OP's query...
What if one of the forum members (an anonymous individual with unknown legal credentials and an unknown agenda) was to tell us that you were right and the Co-op board was wrong. How would our opinion(s) actually help you?
Due to this term, I have asked my attorney to cancel the contract to buy this coop. If not for low price , who will buy coop?
People don't buy a coop just because the purchase price is lower. Did you compare the monthly maintenance to the condo fee for a comparable condo?
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