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April 4, 2016

The New York Times Real Estate section recently published an an advice column with information that prospective coop buyers may find pertinent.

Two specific questions are ethical in nature: the first examines the use of “dummy money,” funds loaned or temporarily deposited into a bank account prior to closing in order to fulfill coop board financial requirements. The second examines potential loopholes in the enforcement of coop pet policies.

We suggest adhering to existing policies wherever possible in spirit as well as in letter: any attempt to exploit loopholes can have costly side-effects in the future, and leave the owner vulnerable to disciplinary action or even litigation.

For all such questions, we recommend that purchasers consult an attorney or real estate specialist.