Sublets can be outright forbidden or have no restrictions whatsoever. Subletting (a co-op’s term for renting) tends to be more restrictive in co-ops as you need to follow the building’s sublet policy and get board approval for each sublet. We’ll address some common components of a board application later but for now, suffice it to say, co-op applications are more complex and take longer than a condo application. The board can ask for pretty much anything and your options are to comply or take your business elsewhere - there is no negotiating. When you're buying a co-op, prepare for a particularly invasive approval process. Let’s explore some of the clear and widely known negatives when it comes to co-ops: So while there are general guidelines, make sure to get specifics for any building you’re considering. There are super laid back co-ops and others that weigh in on everything. ![]() But it’s important to note that every co-op sets its own rules. ![]() Just search for "co-op horror stories" and you'll find plenty of entertaining stories. Most people in NYC are quick to hate on co-ops. Unless you're specifically focused on condos, you'll certainly consider co-ops as they are about 75% of NYC apartment buildings. Think of the proprietary lease and shares as a package deal - you get shares in the overall building plus the right to live in the apartment you "bought." This is called the “proprietary lease” for that apartment. In legal terms, both condos and houses are "real property." Co-ops, on the other hand, are "personal property" because you're buying shares, not real estate.ĭon’t worry - if you buy a co-op, your fellow shareholders won’t have a key to your apartment.Įach owner is granted the right to occupy a specific apartment. This compares to condos where you’re buying the specific unit or a house where you're obviously buying the entire house. Just like you can buy 100 shares of Apple, you can buy 100 shares of 123 Main Street Corporation. ![]() That might sound strange given a co-op listing advertises a specific apartment but technically, the buyer is purchasing shares. Should I use a real estate agent to purchase a co-op? What is a co-op in New York City?Ĭo-op is short for “cooperative.” When you buy a co-op apartment, you are actually buying shares in a corporation that owns the building. What is the co-op board approval process? What does a co-op’s maintenance fee cover? Yoreevo has you covered with everything you need to know before buying a co-op in NYC! Sure, they know it’s some sort of apartment but the details are often hazy at best. A lot of people, especially those who live outside New York City, have only a vague notion what a co-op building is.
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