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How strict are co-op boards about rules like 'rent 2 out of 5 years'?

Started by Manhattanite_buyer
almost 18 years ago
Posts: 4
Member since: Nov 2007
Discussion about
I'm considering buying a co-op to live in for a couple of years, and then to use as an investment property for several years thereafter. Every co-op I see has a board rule like 'you can only sublet for 2 out of every 5 years'. How serious is this? What happens if you breach these rules?
Response by Mel
almost 18 years ago
Posts: 126
Member since: Jan 2008

If you're dumb enough to post the same question thrice, you just might be dumb enough to intentionally violate your co-op's House Rules.

How serious is this? The co-op can commence a proceeding to evict your sublessee, and to terminate your shares in the cooperative and evict you, and make YOU pay all of the co-op's attorneys' fees, depending on what the co-op's governing documents provide.

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