Home Buying in New York>Question Details

Da31400, Home Buyer in New York, NY

I'm purhasing a co-op in NYC and they don't allow subletting. If I do purchase can't I have my son live there as he is family?

Asked by Da31400, New York, NY Mon Jan 7, 2013

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Da31400,
When you purchase a co-op, you must state exactly who will be living there in the co-op application. When you say they don't allow subletting, but you want to know if your son can live there, I get the impression you are talking about an adult son, and are wondering if you can move on and let him then live there. If you are purchasing it, your name will be on the proprietary lease, and whomever is on the proprietary lease is who has board permission to live there. I would be very cautious about being tricky about bending the rules, particularly since a board that allows no subletting is a very strict board compared to most.
I certainly hope you have a great agent working with you as well as a skilled real estate attorney. They should review bylaws, house rules and also get clear answers from the managing agent on whether what you are proposing is permissible.
2 votes Thank Flag Link Mon Jan 7, 2013
You are very perceptive. Thanks for your most valuable input and time
Flag Mon Jan 7, 2013
Review all the co-op rules with your attorney beforehand, then make the determination....
1 vote Thank Flag Link Mon Jan 7, 2013
I am not sure at what stage of the purchase you are at the moment. Your attorney and a broker should be able to advise you in more details and I am just adding my 5 cents:
depending on your and your son's particular circumstances, you can either own apartment jointly with your son, i.e. have both of your names on the stock certificate and on the proprietary lease or can just add him to the proprietary lease. It should be specified in your board application who will be living with you in the apartment and at the closing, your attorney has to make sure the lease includes your son's name.

Some coops may want to run a credit check on him, as well (not sure what age he is) and will ask him for an interview...some coops will even want to have a full board application with his pay stubs, taxes and bank statements (again if he is an adult).

You should discuss all possible options and this coop's requirements with your attorney and a broker, if you have one. I would be happy to assist.
Elena Ravich
Rakita Realty
646 593 7207
elena@rakitarealty.com
1 vote Thank Flag Link Mon Jan 7, 2013
I do believe Jenet nailed it. As it has been already established, the coop application requires you to specifically state who will be living there. They would be required to be at the board interview as well. If you're trying to slip one past the board, you may be buying trouble down the road. Here's a thought, have you considered buying a Condo or a Coop that allows a parent buying for an Adult child? You do have other options. Good luck.
0 votes Thank Flag Link Mon Jan 7, 2013
I would think that if you are both living there together that you are not establishing a sublet condition. If he lives there alone you are probably in a sublet condition even if no $$ change hands. Best to have your lawyer review the docs - some places have the strangest rules.
0 votes Thank Flag Link Mon Jan 7, 2013
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