David owns shares in Brooklyn Commons Cooperative and wants to sublet his apartment for two years while working overseas. What restriction typically applies to subletting cooperative units in New York?
Correct Answer
A) Subletting requires board approval and may be subject to time limitations and fees
New York cooperatives typically require board approval for subletting and often impose restrictions such as time limits (commonly 2 years out of 5), application fees, and ongoing subletting fees. The proprietary lease and house rules govern these requirements.
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In New York, cooperative ownership involves several unique characteristics. All of the following are typical features of cooperative ownership **EXCEPT**:
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Lisa is explaining the difference between cooperatives and condominiums to her client. What document do cooperative purchasers receive instead of a deed?