Those who bought after that would be subject to subletting fees and allowed to sublet for only two years.
Is it necessary for the shareholders to vote on things like move-in and subletting fees, or can the board institute them without the shareholders' approval?... Rahum Williams, Brooklyn A. Allen H. Brill, a Manhattan real estate lawyer, said that the extent of the co-op board's authority will be set out in the proprietary lease or bylaws.
Under the new rule, shareholders who bought before 2012 would be allowed to sublet without restriction or sublet fees.
To that end, condo boards are considering adopting flip taxes, increasing alteration fees and bumping up sublet fees.
Most co-op offering plans, he said, exempt from sublet fees any shareholders who are designated holders of unsold shares.
For those who do not live in the building, there are sublet fees involved, time restrictions and a requirement for board approval.
But more recently, the courts have been applying the "equal treatment" rule and requiring that sublet fees be based on the number of shares owned.
In addition, they say, co-ops are more likely to have constraints on subletting -- with policies and rules ranging from the imposition of time limits and sublet fees to outright prohibitions against the practice.
Arthur I. Weinstein, a Manhattan lawyer who is vice president of the council, said that the model lease also contains provisions that allow the co-op to impose sublet fees and flip taxes on the subletting or sale of an apartment.
Is this correct?... Shelby S. Goldgrab, West Hempstead, N.Y. A. Bruce A. Cholst, a Manhattan co-op lawyer, said that a co-op board's authority to impose sublet fees is derived from the proprietary lease and bylaws.
The issue is of great importance to co-ops, and to those who claim to be holders of unsold shares, because such individuals enjoy special rights: not paying flip taxes or sublet fees, for example, or selling or subletting without board approval.
