Questions to Ask the Coop: Am I permitted to rent or sublet my apartment? If yes, how long may I sublet my apartment? Are there conditions that I must satisfy to be permitted to sublet my apartment?

What kind of questions does a co-op apartment Board ask?

What types of questions will you be asked in a co-op board interview? Your life story and professional history, and then some. “They can ask anything they want,” says Stein. “It’s like the Wild West.” That said, there are some typical ones you can prepare for.

Why are co ops bad?

Co-op fees tend to be higher than condo fees because co-ops roll all the monthly expenses into one bill, including gas, water and property tax. Condo owners pay their utilities and tax bills on their own, so those costs are not reflected in the monthly fees.

What you need to know before buying a coop?

Generally, your lender will want to see how the co-op operates and take a look at the underlying mortgage. It will also examine how the board is run, checking for any major planned expenses and ensuring there are sufficient financial reserves to handle the unexpected.

What does it mean to buy a co-op in NYC?

Co-ops, also known as cooperatives, are owned by a corporation and are not considered real property. When buying a co-op apartment in NYC you are actually buying shares in the corporation that are allocated to that apartment and this entitles you to a proprietary lease.

Is it possible to never buy a co-op again?

The following story is an example of the latter scenario. It’s the story of a a first-time co-op buyer in Prospect Heights, who after her experience, says she will never purchase property again.

How much down payment do you need for co-op in NYC?

Every co-op is different. Many NYC co-ops allow for 20% or 25% down, while others expect 30% down. In the extremely exclusive co-ops you may find on Fifth Avenue or Park Avenue, we have even seen expectations that co-op buyers put down 40% or greater amount of money as a down payment.

How long do you have to live in a co-op before subleting?

Many co-ops require you to live in the apartment for two years before being allowed to sublet.