When buying a coop in NY and there is no board approval you are buying a sponsored owned unit. After buying the unit from the sponsor you are obligated to have any secondary buyers of the unit follow all board rules including board approval. Buyers are typically not compatible with board meeting but too much hype is created about this. Board normally want to meet and inform you of the rules of the coop and if you are meeting the board you have passed the financial requirements.
If you have any more questions please do not hesitateâ€¦
NYS Real Estate Sales Agent
Charles Rutenberg Realty
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