buying a co op with a guarantor

If the coop allows it, someone else (usually a parent) buys the property with/for you. This is not strictly a guarantor, which is in a rental deal where someone signs on to be responsible for the rent if you don't pay.

The guarantor (if permitted) must submit the same information to the co-op as the buyer (all financial info, references, etc.). The guarantor might be asked to attend the co-op interview. They are financially responsible whether they buy for you or with you.

There will be a legal contract with the coop that they will be responsible for the maint. It is not just a verbal. They are on the hook for all future payments.

manhattanfox---I think most co-ops want the guarantor to have to the ability to pay the mortgage also.

not necessarily -- coopsinterested in the payment of maint. if mortgage co gives a mortgage the funds transfer...

Thanks all for your responses. Just to be clear, let's say i have the cash to put down and 1-2 years of maint, but my monthly income is not 4 times the total monthly payments (no debt, excellent credit). I can still buy into an appropriate building using my parents, who do have the necessary income, as guarantors?
I would still own the apartment or they would co-own it with me? I realize these are all questions for my broker, but I am not officially looking yet, so don't have one. Thanks so much!

each coop may have different requirements.in at least some coops you can own the coop and your parents guaranty your obligations to the coop without being co owners. your parents don't have to be on the mortgage or guaranty the mortgage unless required by bank.