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Have any of the Board members had experience with sublets/renters wanting to enter a lease-to-own agreement with the cooperative? If so, please opine on the process/requirements.
I had a sublet, who's been renting with the coop for nearly 2 years, asking if that's possible. Any insight/comments are welcome. Thanks in advance!
I see a small but potential issue. Banks are hesitant to approve mortgages in buildings with too many apartments as rentals/sublets. While the lease-to-own agreement is in effect, and it could be in effect over many years, it will count as a sublet. One of the reasons most buildings have a maximum limit on concurrent sublets is so they don't run afoul of mortgage originator guidelines
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We have sub-letters who entered with the intent to buy, and others who had no intention to buy. For us the process is the same: before subletting they had to pass the normal board review process as if buying. When they decide to buy, they repeat the process, but the focus is not on who they are, but their current financial position.
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