[wasup254]

My mother owns out right(no mortgage) on a coop..she is thinking of selling it to my husband and I, we both qualify(have to be 55)...question is:

Can we rent this coop? Or are there laws that prohibit this?

Before we buy it(she needs the money to move into an addition on my sisters house), should we be aware of some co-op laws we werenot aware of?

Thanks
Marlene

[Jammie]

It may depend on the co-op itself. We've been doing internet searches on condos and some of them say that they do not allow you to rent it out.

[Nadnitram]

Can a 55 plus Co-OP community enforce its No Pet rule.

[TANaples]

You have to look at the bylaws. The condo we own has a 6 month maximum rental to the same person. Generally, speaking though, if the coop is a 55+ and you rent, you are going to have to rent to somebody who is also 55+. They may also want to screen prospective renters and they can turn them down for any reason whatsoever. When I was looking to rent at a 55+, the Board turned me down because they said I was "too young." I was 58 at the time. They approved two sisters for the rental instead who were 72 and 75.

What can I say?

[janeatgramercy]

My brother is disabled and cannot live in the coop can we have our nephew live there without any problem?
He will not be paying anything

[doggiebus]

You will need to read the co-op rule book or contact the board, if it is possible for your nephew to live there. Each co-op will have different rules.

[wasup254]

Mother has died(Nov 2009)....she left no will...

She owned a coop with no mortgage on the unit

She signed a collateral assignment of lease in July 2007 to us as we lent her money and she used the coop as collateral .

Now there is also a lien by the HOA as the monthly maintenance fee has not been paid.

As a coop is not the same as a condo, we are not sure where the collateral assignment of lease stands as a lein, is it dropped to a second position as the HOA lien is a "super" lien?

Thanks