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Condominiums and Co-Ops Cheat Sheet by

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
       
 

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