Cheatography
https://cheatography.com
notes about condos and co-ops for NYS Real Estate exam
Key Documents for Co-Op
Cooperative |
a dwelling unit owned by a corporation in which an owner owns stock commensurate w/ the value of his/her apartment compared to the value of the building as a whole |
Contract of Sale |
buyer, seller, purchase price, financing requirements, subject to approval |
Offering Plan |
key info required to be disclosed |
Black Book |
outlines the terms of the original Co-Op offering and amendments update along w/ rules of the building |
By-Laws |
details of internal operations of co-op |
Proprietary Lease |
AKA Occupancy Agreement; includes obligations & maintenance |
House Rules |
defines the day to day operations of the Co-op |
board minutes |
written records of what occurs at the board meetings |
financial statement |
Look for Corporation Reserve Fund (Working Capital Fund), underlying mortgages & upcoming capital improvements in financial statements
Banks will typically not lend to co-ops w/ less than 50% shares sold
|
|
Missed/Unsure Questions
|
What does a cooperative owner receive at the closing? stock certificate; proprietary lease
|
|
What is referred to the spaces in a building shared by the residents? common elements
|
|
What are the operating costs paid by? maintenance
|
|
Is a cooperative considered personal property? yes
|
|
When is a UCC-1 filed to give notice of a loan as opposed to a mortgage? for a cooperative
|
|
Created By
Metadata
Comments
No comments yet. Add yours below!
Add a Comment
Related Cheat Sheets
More Cheat Sheets by khanlamisa