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you don't need board approval but other perks that go against house rules like subletting depend on what is in the offering plan as far as i know .
if you move in you lose all sponsor rights you do get
IIRC only true benefit of purchasing a sponsor unit is bypassing the board approval process. Once you own shares said tenant would be subject to the same rules/regs as anyone else spelled out by the proprietary lease.
depends . we have retained full sponsor rights for our partnership and can sell to others with no board approval . we have retained all rights the original sponsor has .
it was quite common for investors to snatch up large blocks of apartments from the sponsor and negotiate carrying over all the perks of being a sponsor and to be an agent or partner of the sponsor . that is what our deal was .
Last edited by mathjak107; 04-23-2016 at 04:43 AM..
I am looking to buy a Apt. condo but realized most apt. are co-cops owned by greedy developers/corporations.
downside is that you can't sublet or leave it to your family.
Any benefits of owning a co-cop? Why is this allowed. why not have all condos.
I am looking to be living long term.
"Co-ops make up about 75 percent of New York’s real estate market, and they are generally in buildings built before the 1980s. The combination of older buildings and units, fewer amenities and the hassle of board approval mean they tend to be cheaper than condos. However, you’ll usually have to pony up 20 percent or more for a co-op down payment, while with condos you can sometimes get away with less."
Your information is a little off. If I die, I can leave my coop to my family. And I can sublet after two years of living here. Very few coops in my area are 100% owner occupied but they are out there---I just chose not to seriously consider them when I was looking. Coops can have very different rules to play by.
Coops are substantially cheaper in my neighborhood than condos. Though, I am very surprised how much the prices have been shooting up, even in my own building. Good for me, because I got mine at a good price since it needed some work, but if I sell and have to buy another place, I won't really be ahead anymore.
you can always leave a co-op to heirs but subject to the proprietary lease is whether they can move in with no approval . some times if not approved they have to sell to someone who is approved
I loved co-ops when I lived in one. The good ones...pain to get in...once you are in, everything is kept under control...and keep the riff raff out. The bad ones...as in the poorly run ones, its a zoo gone wild.
I have a coop that I will rent out regardless of what is said in the offering plan. These units can be very difficult to sell and maintenance constantly goes up, some people don't pay and all sorts of issues. I don't know how anyone can prove that I don't live there anymore. You have to be extremely careful when buying into a coop. I wouldn't recommend them to anyone.
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