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jodi714
Love my little girl!
Member since 2/06 3621 total posts
Name:
Jodi
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Co-op owners or past-owners
We put an offer in on a co-op in Bronxville (westchester) and it was accepted!! We are so excited, but how does the closing process differ from that of a house/condo? Is there an engineer inspection, appraisal, etc.? The owner who is a real estate lawyer has us going right to contract so we are assuming there is not inspection. it is a fsbo and although our parents are real estate agents, they haven't sold co-ops. Any help would be appreciated.
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Posted 4/22/06 3:30 PM  |
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Prudential Douglas Elliman Real Estate
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Candygrl776
LIF Adolescent
Member since 2/06 671 total posts
Name:
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Re: Co-op owners or past-owners
I'm wondering the same thing. We're going through the same process now.
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| Posted 4/22/06 9:13 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Co-op owners or past-owners
You usually don't need an inspection because inspectors typically check structual things. The structure is usually the co-ops responsibility so if there are issues with that... you don't pay for it.
Most people don't get co-op inspections. But if you want one... you can still get one.
Closing is pretty standard compared to a house. The only difference is... you have to fill out a co-op application in addition to a bank application. You also have to meet with the co-op board at some point during the process.
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| Posted 4/22/06 9:40 PM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Co-op owners or past-owners
yeah, when we bought our co-op , we didn't have an inspector come, our attorney told us it was not necessary b/c the co-op was responsible for the structure...
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| Posted 4/23/06 1:32 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Co-op owners or past-owners
no inspection...you are not responisble for the structure or the exterior of you co-op and thats what they would be checking.
closing (i never brought a house) but its the same, you sign your names, and you walk out with a key 
don't forget you must present your selve to the board
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| Posted 4/23/06 10:10 AM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Co-op owners or past-owners
Posted by BabyBoy
closing (i never brought a house) but its the same, you sign your names, and you walk out with a key
and you write a LOT of checks!
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| Posted 4/23/06 10:37 AM |
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jodi714
Love my little girl!
Member since 2/06 3621 total posts
Name:
Jodi
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Re: Co-op owners or past-owners
Does the unit have to be appraised?
Thanks for all your help.
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| Posted 4/23/06 12:21 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Co-op owners or past-owners
your bank will take care of the appraisal. they will bill you for the cost.
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| Posted 4/23/06 12:43 PM |
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