What if ?

Yes, its done all the time.

Asking for trouble, IMHO. This is what your scenario could end up like: the coop board gets a bee in their bonnet, evicts you, and your parents have to sell.

"Your parents buy coop,get mortgage on their name,pass board aprroval, and then you move in with your wife,and they continue to live in their house in LI.Is this posibile scenario,and if not why? "

Most co-op contracts specifically require that the shareholder live in the apartment. If the shareholder is not living in the apartment and someone else is, then it's a sublet situation (regardless of whether any money is changing hands).

The ONLY way this works is : your parents buy a CONDO. Then you tell the co-op board to enjoy donkey punching some other poor schmuck.

Your parents would also probably be committing mortgage fraud by falsely claiming intent to occupy the apartment as a primary residence. Raddoc is right: forget coops.

The coop could also start imposing monthly fines and causing other headaches. Not good to lie to coops. Not nice. Buy a condo.

Thank you all forr your comennts,just for the end,what if all your names are on deed or title,does that change anything?

You don't get a deed or title for a coop. You get a certificate of your shares in the corporation. The coop isn't likely to issue the shares to people it did not approve to live there. Did you mean something else?

You'll get an idea on overall building policies.
Is it a building that allows pied a terres, pets, sublets,etc.? Then you'll have an easier time.
If it's a building of NOs, expect many of the negative aspects outlined by other posters

What if they actually followed thru and prosecuted the millions of mortgages that were complete frauds. Ie like no doc income mortgages? Oh never mind it was in fact a policy by Fannie/Freddie.

Dude channel costanza. If it ain't a lie it ain't a lie.

Oh and ask your parents to change your diapers. It's starting to get ripe.

"You'll get an idea on overall building policies.
Is it a building that allows pied a terres, pets, sublets,etc.? Then you'll have an easier time. "

Not so.

Just because a co-op allows "pied a terres" doesn't mean that that it allows the shareholders to use the apartment as a hotel share for their kids, their in-laws, or their friends from Fresno. It means it allows the shareholders to use it as a SECONDARY residence for themselves.

forget it, co-ops, could be and usually are a pain in the ass, try condo's, or tell them the truth at interview and see what they say, this means of course that you first have to do a contract and spend a fair amount of money for attornies as well as board package, not a good deal, NYC co-ops are the most controlling irrational institution this city has..................to hell with them !!!

"forget it, co-ops, could be and usually are a pain in the ass"

Until, of course, your NEIGHBOR decides he wants to use his "pied a terre" as a hotel.

It's amazing how much people "hate" co-ops until the shoe is on the other foot.

Why not just buy it with your parents as guarantors? (assuming that the coop allows co-purchase/parent guarantees) You won't be the first adult in NYC to have your parents help out on housing costs.

My first coop was co-bought with my parents. I lived there alone for years - paid maintaince on time, etc. When I got married, board was perfectly happy to welcome my spouse.

Most coops are reasonable if you are reasonable and honest with them.

"Most coops are reasonable if you are reasonable and honest with them."

Most co-ops also don't permit guarantors. Yours was an apparent exception.

"Your parents would also probably be committing mortgage fraud by falsely claiming intent to occupy the apartment as a primary residence."

Buyers hardly ever get proseucted for mortgage fraud. According to the govt., only big bad evil capitalist banks can commit mortgage fraud.

"Until, of course, your NEIGHBOR decides he wants to use his "pied a terre" as a hotel.'

You don't need an oppressive co-op board to stop your neighbor from turning their apt. into a hotel That is what zoning laws are for.

The_President: I'm not sure what you mean. NYC is not really going to get involved if a couple of different people are staying at your condo. And if there are problems with the tenants, they stomp around at 2am every night, they have children using the public hall as a tricycle race track, they lend the place to different "friends" every other week, in a condo you have virtually no recourse. In a coop you do.

If you intend to live in an apartment, the control coops have that is criticized by some people is actually viewed by most coop owners as a kind of insurance to increase the odds that the building will run smoothly and neighbors will treat one another respectfully and behave.

The great thing about NYC is that no one MUST live in a coop. But to say that form of ownership is wrong for everyone is kind of presumptuous. I get your point, but I think you overstate it.

"You don't need an oppressive co-op board to stop your neighbor from turning their apt. into a hotel That is what zoning laws are for."

Don't be absurd.

"Zoning laws" are flouted all the time in this manner, with little or no consequence.

And zoning laws don't do jack shit for those "pied a terre" idiots who turn the apartment over to their kids to use as a dorm.

Depending upon the co-op, they may allow parents to buy with or for children. If the bldg does allow it and your parents buy with you and are listed as non-resident shareholders on the application, then you shouldn't have a problem.

My parents bought apts when we got out of college - my sister and I lived in them - coop - no problem. Depends on the coop I suppose.

Does anyone have any examples of a coop board actually getting involved in a quality of life issue? Gratefully I haven't needed my board/past boards to - but what happens when push comes to shove? Do they really provide the protection we think or are they reticient to actually get involved?

"Does anyone have any examples of a coop board actually getting involved in a quality of life issue? Gratefully I haven't needed my board/past boards to - but what happens when push comes to shove? Do they really provide the protection we think or are they reticient to actually get involved?"

Yes.

If the offending shareholder (or his tenant) doesn't cease and desist, we levy stiff monthly fines. We have not had an instance where this did not lead to a resolution.

Thanks Matt. What did someone do to warrant this? I have a friend who, in the process of renovating her bathroom, discovered that her neighbor had renovated his bathroom illegally and it somehow infringed on her ability to complete her bathroom. The coop refused to get involved and my friend had to eventually have a lawyer send threatening letters. What would you have done in that instance? My friend incurred legal fees just to get her neighbor to unwind something that should have been the coop's problem.

"What would you have done in that instance? "

We would have imposed a fine on the shareholder who did the illegal work, and an additional fine for every month that the work wasn't "corrected" back to spec.