Leasing my co-op apartment

Hi LB - you have to disclose everything in the listing and you probably will not be able to rent for the full market value.

Answers:

1. You can write whatever you want in a lease, but that doesn't mean it would stand up in court. Leases are special contracts that are governed by additional laws. With any rental, you run the risk of a holdover tenant who does not move out on time. There is no way to avoid that risk completely, that I know of anyway.

2. Yes you can lease for whatever term you want---IF YOUR CO OP BOARD ALLOWS! And that is the big big thing here. Read you governing documents and/or talk to a board member. BTW you do not need a written lease for a term less than 1 year, hardly anybody knows this but it is true. Obviously a written lease is a good idea!

3. It's not your primary residence/domicile if you have a tenant in there. It's not even your place of abode. It is the tenant's home, it is your real estate.

4. Yes it is a sublease. You are a renter. In fact, your governing documents might even use the term "rent" instead of "maintenance." Your landlord is the co-op board.

5. I am not a lawyer, I'm a landlord, you should speak with a lawyer. For item #1 above, you might be able to write in that you are owed a big fee, or some other disincentive, if the tenant holds over. I don't know the legality of doing that.

Im interested in renting a co-op apartment in the uptown area as well as bronx area without having to pay a brokers fee. Not sure where your condo is located

Perhaps consider just selling your place and getting a condo next time (you can rent however you like)? Keep in mind your co-op board will get to decide to approve your potential tenant or not. Absolute power. I never understand why people want to buy a co-op. The only reason I can think of is it's 10-20% cheaper...

What's the difference? http://www.hauseit.com/co-op-vs-condo-nyc/
Read this before you begin the sale process: http://www.hauseit.com/tips-selling-a-coop-in-nyc-without-realtor/

You can lease your apartment for as long or as little of a tenor as you like subject to your co-op's house rules.

There is no automatic presumed right of renewal for leases in NYC!

Riddhi, Coops are typically 20% cheaper. In addition, their CC+Taxes may be lower that condos. That is a very good reason for people who want to live in their apartment rather than use for investment property. If it is a small building, I would want it to be a coop so that I know who I am living with. For 100 unit building, naturally, this point does not matter much.

Many Condo Boards have gotten just as bad as Coop Boards lately, even when it comes to renting. They sit on applications for extended periods of time rather than waiving their Right of First Refusal. And they know that while they can not reject a rental they do know that if they wait long enough the deal will go away all on it's own.