notes about condos and co-ops for NYS Real Estate exam
Key Documents for Co-Op
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
key info required to be disclosed
outlines the terms of the original Co-Op offering and amendments update along w/ rules of the building
details of internal operations of co-op
AKA Occupancy Agreement; includes obligations & maintenance
defines the day to day operations of the Co-op
written records of what occurs at the board meetings
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
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?
What are the operating costs paid by?
Is a cooperative considered personal property?
When is a UCC-1 filed to give notice of a loan as opposed to a mortgage?
for a cooperative