Q: What do we need to know about renting or buying in co-op? Versus a condo?
A. Subletting in co-ops is generally discouraged. Co-ops that do permit subletting often limit the lease terms and will ask the prospective tenant to submit a lease application, which requires full financial disclosure, references, rental history and often a personal interview.
Condo leasing, on the other hand, is an accepted part of the condo’s policies and procedures. While the process does require financial disclosure, there is no personal interview.
There are application fees with both types of properties, as well as other associated fees such as credit check fees, move-in and move-out fees, and so on. Often, in both co-ops and condos, certain policies, like permitting pets, apply to purchasers only, and do not apply to renters. It is best to check each rental opportunity to ascertain whether there are any special or unique rules that apply to renters, and might affect your decision making process. Additionally, it is always advisable to have any rental agreement reviewed by qualified legal counsel prior to your entering into rental term.