Printed from at 06:54 PM, Apr 19 2015
Talk » Sales » Discussing 'Sponsors/Unsold shares'

Sponsors/Unsold shares


I tried to post this question a few days ago but it doesn't seem to have made it onto the board. Here goes again:

What are a co-op sponsor's obligations with regards to selling unsold shares? When a rent-controlled sponsor unit becomes vacant is the sponsor obligated to sell the apartment or can he decide to retain it to occupy himself or to allow a family member to occupy it? Is there a general rule here or does it depend on the specific co-op's offering plan?

Thanks for any insight.

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Thanks for the responses. What about the sponsor deciding to occupy the units himself or move his family in as they become available?

You are asking for pretty specific legal advice on an internet discussion board. Why don't you hire a lawyer that specializes in this?

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