I recently bought a co op unit and I am going to sublet the unit. The co op requires the tenants to go through an interview with the co op board. i can understand why co op boards may require the PURCHASER to go through this process (to make sure they have the financials to be able to pay the maintenance etc. ) but why do some co ops require the TENANTS to go through this process?
thanks
2007-11-23 12:40:51 · 3 answers · asked by tom 1 in Business & Finance ➔ Renting & Real Estate
Because they don't want you renting the place to someone of whom they do not approve, in order to retain the quality of life to which they are accustomed. Since you are a co-op owner, the board has the right to ask for approval of anyone whom you intend to let live there.
2007-11-23 12:44:22 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
I'll answer your question with a very famous example:
Madonna, back in the 80's wanted to purchase a co-op in the same building where Jaqueline Kennedy Onassis lived in New York City.
Madonna's request was denied.
Do you think it had anything to do with her ability to pay the bills? Nope, it had to do with her lifestyle choices and they didn't want her for a neighbor.
2007-11-23 20:52:30 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
The first answer is correct. To make it more simple, would you like if your neighbor rented his place to somebody, who'd make your life miserable?
2007-11-23 20:48:01 · answer #3 · answered by REALTOR 3 · 0⤊ 0⤋