HABITAT
Subscribe for Daily Updates!
So the parents are paying for the apartment. This means they are gifting the apartment and thus one may ask that they file a notarized letter to that effect? Was a "gift" letter requested. Don't forget gifts are subject to IRS rules.
Are the parents gifting the maintenance? If yes, are they living in the apartment? If no, then in our co-op its not permitted.
Without going through ratios, let me assert that anyone buying a unit in our co-op must have a gross annual salary of $50,000. If two are in the apartment and both are working then the "base" it higher.
Regardless, one may not have annual expenses that exceed 30% of one's gross income. Thus in this case its $13,200 (maintenance) + assessments + electrical; costs + natural gas costs, education costs + + +).
If one moves into the building with or without a mortgage, our rules stipulate there is no new mortgage or refinancing within the first five years following the sale.
Ask for a copy of the IRS gift form....By the way we have sometimes asked an applicant to sign a form that allows us to obtain the 1040 etc. information direct from the IRS. We do this when there is a fish smell to the application. 99 of 100 times, the fish mongers refuse.
In our coop even if an apt is gifted the occupant has to have a documentable income. If the parents are going to pay the maintenance then they have to be co-purchasers with full Board pkgs submitted.
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat u
visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Archives
search
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Ask the Experts
learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Subscribe
join nowGot elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
A poster here said if parents gift an apt (and mention was made of their paying the maintenance too) - that "one may ask that they file a notarized letter to that effect".
I was in notarization/mortage holding work for years. Many people mistakenly think that notarizing a document means that the signer agrees to comply with any promise made in the document or that any statement made in the document is true.
Having a letter or whatever notarized is verification that the signer is who he says he is - nothing more. It doesn't bind the signer to anything that he agrees to or states just by virtue of the fact that the document is notarized.
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.