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Re: Sublet of a CO-OP: risky business....

Posted by Anna on August 31, 1999 at 12:51:07:

In Reply to: Sublet of a CO-OP posted by Glenn Turner on August 27, 1999 at 21:38:42:

: I am in final negotiations to sublet a co-op. I looked at the apartment and met
: owner on one occasion.I was asked to sign a copy of the lease in order to proceed with
: the application and submit it to the owners attorney. Attached to the lease was
: a rider with numerous stipulations which I signed. Again, this was sumitted to
: the owners attorney. We had a number of questions but were never answered by the
: owner nor the attorney. We then recieved an original copy of the lease signed by
: the owner and noted a new rider with more changes and stipulations. I have not
: yet signed this original lease. This lease does not state specific occupancy date
: and does not indicate that my security deposit will be returned at the end of
: the term. Am I bound to the terms of the final lease having signed a copy of the first
: lease? The owner never signed the first lease.

*********************

Is this co-op owner:
1. the tenant of record (leaseholder, who did live there or intends to live there)
2. an investor (never lived there, does not intend to, may own shares one or one hundred co-ops)
3. a holder of unsold shares (same as 2 but given this special status by sponsor)
4. the sponsor (the individual, corporation, partnership, etc that bought a rental building and converted it to co-op)

Why? each is a horse of a different color, some would say: not horse, 'ass'!

Do you have copies of both leases???? It is time to see your lawyer. LL could sign first one or you could sign second one: either way, there would then be a valid lease... So: sign the second, but not the ryder; if he signs the first: two valid leases!: see why you need a lawyer?

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