Co-op Sublet Rules: Make it Part of the Listing

Are you new at this?
Sublet policies are the least of their worries.
Coops are allowed to operate behind an unreasonable cloak of secrecy.
Even if current policies are publicly listed the landlord, uhm... I mean sponsor, can change those kind of policies whenever they want and without notice.

Do your clients a favor, show them some condos.
There are still some inherent rights for condo owners. At least for the time being.

Sublet policies aren't written in stone .. the rules change over time as the board adapts to the building's changing needs. So it's impossible to tell any buyer today what the policies will be as far as six years out with any degree of accuracy whatsoever.

ali r.
DG Neary Realty

>>Even if current policies are publicly listed the landlord, uhm... I mean sponsor, can change those kind of policies whenever they want and without notice.<<

No. The sponsor has absolutely nothing to do with sublet policies. That is for the board to decide. Are YOU new at this? If not, you would understand the difference between co-op sponsor and board of directors.

Some sublet policies are also extremely complicated and would require a great level of detail. Minimum residence requirements, mininum and maximum sublet terms, number of sublets allowed, even number of simultaneous sublets allowed in the building. Not sure it's that important to most buyers to put an entire paragraph about subletting in the listing, which is what it would take to accurately describe some situations.

Chances are that if the building has a liberal sublet policy, it will be noted in the listing, and that everything else will range from restrictive to extremely restrictive.

" they are looking to live in the apartment for a period of 2-6 years, but want to have an ability to rent after."

Then right off the bat, co-ops are inappropriate for those buyers.

Next.

You really have 4 clients who should be looking at condos. Unless a coop listing includes "liberal sublet policy", the default precludes what your clients are trying to do.

What size apts and what locations. I have something that might work
for one of your buyers.