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Our board is considering paying home visits to applicants who are purchasing in our co-op before they will approve them. Anyone doing this or hearing about this practice. Is this legal?
I can’t imagine that this would be legal. Let us know what your co-op counsel tells you; your managing agent might also be able to advise you.
Personally, I have neither the time nor the desire to start paying home visits to prospective buyers. The purpose of the buy packet is to give board officers a good idea of whether or not the applicants would be able to fulfill their financial obligation to the co-op. The purpose of an interview is to ask additional questions and, frankly, get a sense of what people are like. What are you looking for beyond that?
I know of someone who was subjected to home visits before being allowed to buy a coop on the Lower East Side. This happened some time ago, and it may have been some kind of tax-sheltered or subsidized coop.
I can't imagine that that would be legal! Please check with your co-op's attorney before giving it further consideration. (not the management company).
It's good you asked.
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I don't think it is lwise to do that or legal but check with your buildings lawyer.
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