So you have been shopping for the perfect Co-op and now believe you have found a winner with low maintenance at a good price. While all of that is important, you also must examine the financial condition of the Co-op since you will share future expenses on the common areas of the building with other … More Show Me The Money! …… What’s in the Co-op’s Reserve Fund?
More and more clients have come to me lately to tell me that the Board will approve the sale if the contact price is greater than what the buyer agreed to pay. This article from BrickUnderground speaks to some of the possible options when faced with this issue. Are buyers and sellers exaggerating sales prices … More The Co-op Board wants me to inflate the contract price!
Hiring a home inspector is a smart move prior to purchasing a home. This MSN Real Estate article puts in perspective some of the most common issues that come up and what you can expect in terms of cost to repair the items. So you’ve decided to put an older home on the market or … More What to “expect” when you”inspect”.
So you enter into a contract to purchase a co-op and at the interview with members of the Board discover that an assessment of $150 is will go into effect by the time you are expected to close your purchase. Do you have the right to cancel this contract? The standard co-op contract of … More A Coop Contract and an Assessment
Many condo boards are now requiring potential buyers to complete lengthy applications and submit more documentation in order to become an owner. According to this NY Times article, the downturn in the economy has left boards extremely cautious when allowing someone into the building. Although the board does not have the right to reject the … More Condos Demand More Paperwork From Buyers.
If you are buying a co-op or condominium unit from a sponsor in which the unit is being renovated, the details of the renovations, including the materials and fixtures being installed, should be outlined in the contract of sale. This agreement will provide that you have the right to do a pre-closing” walk through” in … More The Punch List
The standard co-op contract requires the submission of the Board package within 10 business days after the fully executed contract is returned to the buyer. The Board package consists of a number of annoying documents, including personal and business reference letters that sometimes can be difficult to obtain in the required time. Despite the best … More Submitting your co-op application on time.
Such a discovery will depend on many factors. In most cases if through ordinary due diligence the buyer is able to confirm the maintenance charges prior to the contract by verifying the amount directly with the managing agent, then it will be difficult to accuse the seller of misrepresentation, if an unintentional mistake was made … More What if I discover at closing that the maintenance is higher than what was represented by seller in the contract?
Absolutely not. Although the form contract has a ‘”fill in the blank” for both seller and purchaser social security numbers, it is not recommended to put this information on the contract. In the age of identity theft, it makes no sense that this information is on the contract, a copy of which can easily end … More Must I provide my social security number on my co-op contract?