Posted by Nate(DC) on July 27, 2003 at 21:43:59:
The problem is, if you try it and fail, you don’t have any recourse. You knew what the policies were when you bought, and the co-op board is NOT a court of law; it does not have to give you due process, or even be reasonable. It is a private entity that makes the rules for this property, and when you buy-in, you agree to abide by those rules, whatever they might be.
In other words, maybe the reason this guy got away with it was not because the granddaughter was put on title (BTW, there is no “deed” in a co-op, as it’s not technically real estate), but because they knew him, knew the granddaughter, and liked both people. Whereas you, who are an unknown, puts a tenant in there, and let’s say the tenant turns out to be a bad one, who tears the place up, or makes a lot of noise, or doesn’t pay rent and you have to try to evict them. Bet the policy gets enforced much more strongly then. And you have NO RECOURSE other than to sell the place.
Besides, if the owner is willing to sell it so cheap and owner finance…what does this say about the marketability of the unit?
I say, pass. Co-ops are strange creatures and you don’t want to be on the wrong side of one.