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If a building does not allow guarantors, can one assume that parents buying for a child all cash would not be permissible as well?
No. Why would you assume that? Buying and renting.. two completely different things.
Not necessarily. But you should ask. Guarantors are used to guarantee payment of monthly maintenance, which is actually different from the actual purchase.
I agree with Saiyar. I would think the main concern will be if the child can afford to make the monthly maintenance payments.
Would you be able to go on the lease as well, so it is not a guarantor, just a co purchase?
Most co-ops will not allow a guarantor who won't be living in the unit.
that makes no sense.
What makes no sense?
Just because a co-op's policies do not allow a guarantor does not mean that they will also not allow a co-purchase or a parent purchasing for a child outright. It all depends on the board. If the owner or selling broker is unaware of the policy, have your broker send an email or place a call to the building's managing agent to clarify. In these cases, much also depends on the child as well - type of job, salary, length of employment, etc...
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"What makes no sense?"
If they live in the unit, then they're a fellow tenant, not a guarantor.
Each coop is different, some will allow gifts to children to make the purchase but once this is done, there's tax liability on the transfer. Especially if the coop is rather large amt. Must read the coop bylaws.