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Sasha Arens, Real Estate Pro in Westchester County, NY

sponsor unit vs "no board approval"

Asked by Sasha Arens, Westchester County, NY Tue Dec 9, 2008

I understand what a sponsor unit is and that once the owner has taken possession you must follow all normal board approval procedures.

However is there a difference, when the unit just is advertised as "no board approval" (vs sponsor unit). Meaning that you would not have to comply w board regulations and the next occupant will not have to go through a bpard approval?

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In my experience units requiring "no Board approval" are Sponsor units. When the Sponsor develops the coop rules, he/she exempts Sponsor units from the approval process so that they can be sold more quickly and easily. This exemption extends only to the first time the unit is sold.........by the Sponsor to Buyer #1. From that point on, every subsequent buyer must receive Board approval. The exemption extends only to the entrance requirements, not the House Rules, which everyone must adhere to. To be clear..........the only units requiring "no Board approval" are Sponsor units. This is just another way of expressing it.
3 votes Thank Flag Link Tue Dec 9, 2008
There is not enough information here to answer your question properly. Also, never ASSUME about anything. Do you have a broker? if so, have your broker get the answers to your questions. If it is a listed property, call the listing broker to explain. If it is a an ad in the paper by the sponsor or developer, call and ask!
0 votes Thank Flag Link Tue Dec 9, 2008
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