Co-Purchasing a Co-op vs Using a Guarantor in NYC

What Does Co-Purchasing a Co-op Mean?

Co-purchasing a co-op means two two or more people are jointly purchasing a co-op apartment together. If two people are co-purchasing a co-op, then both buyers’ names will be on the co-op stock certificate as well as the co-op proprietary lease.

Advice for Co Buying a House (2020) | Hauseit®

Buying a Co-op with a Guarantor

Buying a co-op with a guarantor simply means you will be purchasing the apartment on your own, but you will have guarantor for your monthly maintenance payments.

What is Conditional Coop Board Approval in NYC? (2020) | Hauseit®

Co Purchase vs Guarantor

When to have a guarantor vs a co-purchaser

Hauseit NYC Buyer Closing Credit | Save Money When Buying a Condo, Co-op or House in New York City

Do All Co-ops Allow Guarantors?

No, not all co-ops allow guarantors, co-purchasing or even gifting. Each co-op is allowed to make up its own set of rules and financial requirements. As a result, you should not proceed with buying a coop in NYC with the assumption that you will be allowed to utilize a guarantor if you are on the cusp financially.

What Are the Typical NYC Co-op Financial Requirements? Buying a Co-op Apartment in NYC (2020)

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Hauseit

Hauseit

87 Followers

Save money when buying and selling real estate in NY and FL with Hauseit. Available in NYC, Long Island, the Hudson Valley and South Florida. www.hauseit.com