However, there is room for divergence. “Co-ops don`t want a temporary building,” says Wurtzel. “Constant entrances and exits lead to the wear and tear of common areas and require staff. Shareholders and subtenants also have different interests in the building and conflicts may arise. If you buy a co-op apartment, you buy shares in the company that owns the building. These actions give you a lease for your unit. If you move and continue to own your shares, you can either empty the device or sublet someone else`s apartment. A sublease is simply another term for unterlease. And legal subtitles must comply with the rules and regulations that are stipulated in their sublease agreement, experts say – and these are generally the same as the rules applicable to full shareholders. Subtenants are subject to the settlement of the building as well as the rental agreement of the shareholder or sponsor as well as the shareholder`s own lease agreement. If a shareholder ignores the internal settlement and leases it to another party, the board of directors may sue the shareholder and take steps to terminate its own lease. According to Elbaz, the board of directors can even fine the shareholder and demand that the co-op be compensated for possible legal fees. Read the full article: www.hauseit.com/nyc-sublease-agreement-coop-apartment/ Elbaz agrees.
“In theory, [subtenants] are bound by the same rules as shareholders, but [in the event of a problem or violation], the board of directors would blame the shareholder with whom they have a contractual agreement and the shareholder would in turn take care of the tenant.” “As long as subtenants sign the subletting of a driver who declares that he respects the co-op`s regulations,” says Wurtzel, they should be no more of a problem than any other occupant of the building. “A board of directors can sue a sponsor to terminate the ownership contract for a particular apartment if a sponsor tenant becomes a problem,” Wurtzel says. “The sponsor would then launch a lawsuit against its own tenant.” Although they are in the minority, there are some positive opinions about sub-leasing. For example, a potential buyer who thinks he or she could be relocated abroad for a year or two can rest more easily, knowing that he can sublet his apartment while he is away.