Co-op sublet rental question

[sutton123]

What is the name of your state (only U.S. law)? New York
I am in the process of renting in a co-op building. I have submitted all the paperwork and signed a lease for the unit. The board is currently reviewing my information to decide whether or not to interview me and subsequently allow me to move-in. The process is taking too long and I want to withdraw my application. My broker tells me that she is not sure of the legal implications of doing this at this stage since the unit has been off the market all this time and I have signed a lease. Only if I get rejected by the board would the lease become null. She has a very large cashier's check for the owner pending my approval. Can I get out of this legally and get my cashier's check back? This process of board review could take weeks and weeks. What can I do?

[You Are Guilty]

It depends on the language of the application you signed. Generally, the lease, even if signed, does not become effective until you get Board approval. But if you paid an "application fee" (and not say, first month's rent), then it's entirely possible that it is non refundable.

You can have your agent contact the Board to try and push things along, but that can backfire if they're too pushy. Otherwise, just remember that all Boards are slow.

[sutton123]

Thanks for your reply. I understand that I would lose my application fee but I just want to make sure I am not legally responsible for the apartment because I signed the lease but withdrew my application before board approval could be rendered? My broker has contacted the management company who has chosen to not even respond to a time frame question.

[HomeGuru]

Originally Posted by sutton123

Thanks for your reply. I understand that I would lose my application fee but I just want to make sure I am not legally responsible for the apartment because I signed the lease but withdrew my application before board approval could be rendered? My broker has contacted the management company who has chosen to not even respond to a time frame question.

**A: my take is that if the Board approves, you would be responsible for the lease pursuant to the terms and conditions therein.