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My husband and I are in the process of purchasing a Coop. The Managing agent requires a $450 application fee per applicant. We have paid the application fee, however since my daughter will be occupying the apartment, they require an application and the $450 fee from her as well. This does not seem appropriate, we are the applicants, and our names will be on the coop shares. Is it standard practice to charge an application fee to an occupant as well as the buyers?
Wow, I've never heard of that. We had to pay a $450 application fee but it was the total for the two of us. I guess they can charge whatever they want, but ask your attorney to look into it.
I think this is the way it works. My application had a fee for each occupant. Did not differentiate based on age. This makes sense if your child is an older (quality of life issues), but agree that it doesn't make sense for younger children. Perhaps just another way to make more money from incoming owners/tenants.
A significant part of our application fee (and we are a condo) goes to paying a third party service for a background check. Haven't run into your situation, but we probably would need to charge for each individual.
Can someone tell us with conviction if a condo can refuse a lease based on the mgmt company's "application" process?
Real legal opinion ppls
Understand nyc_sport that background checks cost money but do you need to run a background check on a young child? Is it even legal to do background checks on juveniles? Juvenile justice records are sealed.
I agree that it doesn't make sense. The realtor made us fill out an application for my daughter, she is 25 years old, she will be residing in the unit. They referred to her as a co-applicant, with is incorrect. She is an occupant, and she is entitled to be an occupant since she is a family member of the purchasers. I think calling her a co-applicant is erroneous, that makes it seem like she is involved in the purchasing of the unit, which she is not.
The attorney said he deferrs to the realtor, I think the realtor is mistaken.
BCMom. I believe that all occupants need to be vetted. An adult child could have a criminal record (say drug dealing) and this would be clearly problematic. Financial vetting is a different story. You should find out specifically what the managing agent will be looking at.