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notes about condos and co-ops for NYS Real Estate exam
Key Documents for Co-OpCooperative | 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 QuestionsWhat 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 |
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