i have to pass co-op board approval AFTER i signed my lease

Asked by Kadmspb, Thu Nov 14, 2013

I signed the lease 2 months ago, paid one month rent to broker, security deposit and one month rent to the landlord. the landlord did not notify me that i need to get board's approval. Two months after I get application that I need to fill out - credit check, so the board can approve me. This is my primary residence and I lived here and paid rent WITHOUT any notice that I will need to be approved at any time. The lease does not mention that I might be subjected to any approval at any time. What should I do? I am willing to provide all information to the board but what happens if I do not get approved?

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Michael Rich…, Agent, NY,
Fri Nov 15, 2013

Board approval is a normal part of the process for buying or renting a coop apartment. I am surprised that you were allowed to move in without going through the approval process. This situation sounds ad if there was no broker involved and the coop shareholder you are renting from is unaware of the rules and regulations. To answer your questions, provide the information in the form it was requested. If you are not approved, you will unfortunately need to find another place to live.

Michael Richman
Associate Broker
Kian Realty
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