Legal Question in Real Estate Law in New York

I have an acceptable counter-offer on a coop unit. However, seller will need to stay for an additional month after closing, and is willing to pay my mortgage/fees for that month. The coop board has rules against subletting. Would this condition severely jeopardize the closing?

Asked on 11/21/13, 6:26 am

2 Answers from Attorneys

David Slater David P. Slater, Esq.

Put a rider to contract delaying your possession for 1 month. Have separate agreement regarding expenses. This is not a sublet.

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Answered on 11/21/13, 7:37 am
Walter LeVine Walter D. LeVine, Esq.

I agree with David. A simple Use and Occupancy Agreement can cover this and is not considered a Lease. Plus, at worst you would be considered renting for one month. This is not subletting.

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Answered on 11/21/13, 9:11 am

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