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SRS4444, Home Buyer in San Diego, CA

I am in contract to buy a coop in NYC and the coop board wants me to have a guarantor (which is fine) but they are restricting it that I cannot remove

Asked by SRS4444, San Diego, CA Fri Mar 8, 2013

that I cannot have the guaranty end unless I sell my other property. This doesn't sound fair or right. Can they really force me to sell other property? I can understand if they don't feel I make sufficient income now to cover both properties (while the bank seems to be perfectly fine with me owning both) - but can they really require me to sell my property as a condition to terminating the guarantor agreement? - My lawyer has tried to get them to agree to other terms like putting up money in escrow, or terminating the guaranty if I can show (in the future) that my income is a certain ratio compared to my debt. What else can I do and can the coop really do this???

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Answers

1
Ask your attorney. Coops have a lot of leeway. It is like you are buying into a family.
0 votes Thank Flag Link Fri Mar 8, 2013
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