How Can I Sublet My Co-Op?
Most co-ops discourage subleasing or allow it only with the co-op board's approval after meeting certain conditions. To make subleasing a smoother process for you, your co-op and your subtenant, gain a firm understanding of your co-op's policies and establish clear communication with everyone involved.
Instructions
- 1
Study your proprietary lease for restrictions, policies or procedures for subleasing your unit. Your proprietary lease is the document that establishes the terms by which you may reside in your unit by virtue of being a shareholder in the co-op, including the terms of subleasing. These terms usually include requiring the co-op board to approve a sublease and may also include the criteria upon which the co-op board decides whether to approve a sublease or the maximum number of months you may sublease.
2Select a subtenant who can pay the sublease amount and maintenance fees and not cause problems, as you will be liable for this person's actions and the person will more likely need to be approved by the co-op board. Request prospective subtenants' names, addresses, government IDs as well as proof that they have the income to pay the sublease amount. Several companies offer background and credit checks that can provide information helpful in making a decision.
3Notify your co-op's board in writing of your intention to sublease. Clearly state the dates and terms of the prospective sublease. If you've selected the subtenant, include the information you've collected from them for the co-op board to decide whether to approve the sublease. If your co-op is managed by a management company, send the letter to the board in care of the management company.
4Negotiate the terms of your sublease with your co-op board. Co-ops consider a number of factors when deciding whether to approve a sublease or on what terms. Co-ops may have mortgages that require them to have a certain percentage of the units occupied by owners, while others may be willing to approve subleases in cases of hardship or if you can prove you will be traveling for an extended but fixed period of time because of work. Your co-op board may request an interview with the subtenant and may charge a fee for reviewing sublease requests to cover the cost of the management company's time and any background checks. It's also common for co-ops to charge a sublease fee, either as a flat monthly fee or percentage of maintenance fees during the months you sublease.
5Sign a sublease agreement with the co-op and your subtenant, if your co-op board approves your sublease. Remember that you have shared interests: Neither you nor your co-op wants a problem tenant, and your subtenant wants to remain in the unit without problems from the co-op. Signing sublease agreements that clearly spell out the terms you've negotiated with your co-op and subtenant can provide clarity and avoid costly and unnecessary misunderstandings.
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