Posted by Will on March 25, 2000 at 19:18:42:
In Reply to: Just how much info can a co-op board ask for? posted by kerry on March 24, 2000 at 00:03:22:
In NYC there are very few reasons to be able to deny a cooperative sublease. We can't deny based on race, gender, age, sexual orientation and. And we never would the liability is just to great...but financial soundness is a minimal requirement:
With my board we insist that the renters annual net pay (the pay after debt is taken out) be at least 3 times the yearly rent. The reason being is that if the renter can't pay the rent their is a strong liklihood the original coop occupant will delay payment to the building...a ripple effect of sort. By the way most landlord of any apartment ask for the information you listed....and all landlords run credit checks to look for past history of deliquency.
Only once did my board deny someone on a basis other than financial and that was when the interviewee showed up stoned out their mind....
: I grew up in a large apartment in Brooklyn. The building went co-op in the 1980s and with rents going nuts here, I was considering purchasing an apartment in the building.
: I spoke to a friend who lives in the building in a stabilized apartment. (Their maintenance would be about $740 if they bought their apt and they are now paying about $625 in rent so it's not worth it to buy. They're getting old now and have no kids)
: The person told me that a friend of their was interested in renting an apartment from a guy who bought his one bedroom and then moved out when he married. They were going to rent from him but were informed that in order to rent the apartment they would need to be approved by the board and would need to fill out an application for the board's approval.
: The questionaire asked questions that were entirely too personal IMO. Not only did they want basic info, wages and the like. But they wanted to know each bank account you had, what the balance in each one of them is, how much cash you have on hand, how many credit cards you have, what is each card's limit, how much do you owe on each, how much credit is open. They wanted to know about every penny and every single account.
: Now, I can see a bank looking strongly into your finances to see if you are good for the loan, but this board is just a bunch of people who own their apartments. How can they ask such personal info? I would think the board would be more interested in character reference information so they know that an upstanding citizen is looking to purchase an apartment in their building but all this financial information?
: Is there a limit to what they can ask you to provide? I think asking How much cash do you have on hand right now and asking for all bank balances is asking a bit much. I realize that a person can refuse to enter all the info that's asked, but I imagine that would get your application tossed into the circular file.
: Is there any guidelines on what these board members can ask if you're buying in the building or if you rent from an owner?
: Thanks for any info.
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