Co-op Apartment
What is a co-op Apartment?
Once you purchase these contributions, you have an apartment that you and family get to live in, but contracting that apartment out, or doing anything illegal in the eyes of the corporation (like having too many occupants) can land you in bother. The board also must approve any person to whom you wish to sell your co-op. If your furnace or plumbing goes out, just like a renter, you’d call the maintenance person. They can often turn down any tenants you wish to sublet your apartment to, if their tenancy would somehow conflict with co-op rules, and some co-op boards can be fairly picky and deny without cause your proposed rental of the apartment to any tenants they deem unsuitable.
The co-op also makes decisions through the board, and by each member voting on when to conduct everyday maintenance like painting or re-carpeting common areas. Co-op apartments were thought a superior solution, particularly in New York City, to the many owners of apartment buildings who wanted to get out of the rental market.
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