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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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do you get an inspection with buying a co-op?
my cousin put a bid on a coop.
should he get an inspection? what do you do with a co-op?
i'm only familiar with buying a house. any help you can give me and him would be appreciated!!
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Posted 4/14/10 8:33 PM  |
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MrsAm
LIF Infant
Member since 2/10 81 total posts
Name:
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Re: do you get an inspection with buying a co-op?
I didn't when I bought mine and the people that are now buying from me aren't either. Technically everything from the exterior wall (paint) in is the co-ops responsibility. Your cousin should look into the building paperwork and see what the comps are etc... if they are worried about repairs.
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| Posted 4/14/10 9:09 PM |
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MissJones
I need a nap!
Member since 5/05 22150 total posts
Name:
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Re: do you get an inspection with buying a co-op?
We did.
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| Posted 4/14/10 9:32 PM |
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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Re: do you get an inspection with buying a co-op?
We didnt bc anything major, the co-op is responsible for. We figured if there was anything minor on the interior, DH is handy enough that he could fix it.
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| Posted 4/14/10 9:36 PM |
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ArthurHasher
LIF Zygote
Member since 4/10 28 total posts
Name:
Arthur
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Re: do you get an inspection with buying a co-op?
I don't think it is nec. You should look at the financials and maintenance of the building, also any underlying mortgages the co-op is holding.
Good Luck,
Arthur
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| Posted 4/14/10 9:37 PM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: do you get an inspection with buying a co-op?
Posted by ArthurHasher
I don't think it is nec. You should look at the financials and maintenance of the building, also any underlying mortgages the co-op is holding.
Good Luck,
Arthur
how does he go about doing that?
also, are the taxes always part of the common charges? he told me the CC are like $750 and there are no separate taxes. it's a 1 bedroom, 1 bath coop
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| Posted 4/14/10 9:43 PM |
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ArthurHasher
LIF Zygote
Member since 4/10 28 total posts
Name:
Arthur
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Re: do you get an inspection with buying a co-op?
Are the cc common for the area?
You have to ask for the Financials of the building and the "Black Book"
The Black Book" is a review of the buildings Fin. when it converted to a co-op, if it wasn't one from the start.
When you buy you are responsible for your share of the underlying mortgage, if one exists.
Just keep on asking questions until you get all the answers you need. Educate yourself, ignorance is no excuse.
Good Luck,
Arthur
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| Posted 4/14/10 9:53 PM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: do you get an inspection with buying a co-op?
Posted by ArthurHasher
Are the cc common for the area?
You have to ask for the Financials of the building and the "Black Book"
The Black Book" is a review of the buildings Fin. when it converted to a co-op, if it wasn't one from the start.
When you buy you are responsible for your share of the underlying mortgage, if one exists.
Just keep on asking questions until you get all the answers you need. Educate yourself, ignorance is no excuse.
Good Luck,
Arthur
forgive my ignorance, but what underlying mortgage? i want to tell him everything i can, but i've only bought one home, and it's a house.
what do you look for when you look at the black book?
thanks for your help!
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| Posted 4/14/10 9:58 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: do you get an inspection with buying a co-op?
I didn't because my seller told me I didn't need to for the same reason everyone else is saying-"coops responsibility"
Well ended up, there was water damage in the bathroom and since I closed with it that way, it became MY problem and not the buildings. I was planning on redoing the bathroom anyway but still, I was ******!
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| Posted 4/14/10 10:59 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: do you get an inspection with buying a co-op?
your lawyer would be checking into the coop financials. i forget what the book is called but your lawyer will request you to get it. this book states everything the coop has done financially, what assets they have, what they have paid, etc....pretty much there life.
I called my lawyer, said we buying a coop. before he said congrats, get this book from the management company.
As far as the inspection...i dont think its required as anything major would go though the management company. I would check everything your self...oven, stove, open close windows, check for leaks, etc...
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| Posted 4/15/10 7:42 AM |
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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Re: do you get an inspection with buying a co-op?
we asked the property management company, which in our case in Fairfield for their financials and then sent them off to our accountant for review. Also make sure there are no major assesments (replacing roof, replacing all windows, etc) bc generally those get paid for separately or by a CC increase. Be aware that as the towns taxes go up, the cost of water or heat, so will the CC. In 4 years, ours CC have gone up about $150/mo.
As for CC, in a co-op almost always, are the taxes included hence why the seem high for CC. They usually cover, taxes, water, heat and just plain old maintenance.
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| Posted 4/15/10 8:00 AM |
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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Re: do you get an inspection with buying a co-op?
Posted by browneyedgirl
Posted by ArthurHasher
Are the cc common for the area?
You have to ask for the Financials of the building and the "Black Book"
The Black Book" is a review of the buildings Fin. when it converted to a co-op, if it wasn't one from the start.
When you buy you are responsible for your share of the underlying mortgage, if one exists.
Just keep on asking questions until you get all the answers you need. Educate yourself, ignorance is no excuse.
Good Luck,
Arthur
t
forgive my ignorance, but what underlying mortgage? i want to tell him everything i can, but i've only bought one home, and it's a house.
what do you look for when you look at the black book?
thanks for your help!
the property, like any home, will have a mortgage on it through the property management company. So check that its in good standing, that they dont owe more than they can pay, etc. My co-op bc its owned by property giant Fairfield was already paid off since they were converted from apts to co-ops about 20 years ago.
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| Posted 4/15/10 8:03 AM |
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ArthurHasher
LIF Zygote
Member since 4/10 28 total posts
Name:
Arthur
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Re: do you get an inspection with buying a co-op?
a Co-Op id short for Cooperative. Cooperative is a business organization owned and operated by a group of individuals, in this case shares in an apartment building. In a Co-op you do not own the apartment your own shares attached to the apartment.
Common charges usually include, your share of the taxes, maintenance, the building can have another mortgage. Plus their could be additional items. you can also be assessed for like improvements, to hallway carpeting, elevators, etc. The Co-op has elected members usually owners in the building who decide on ,many issues, which then have to be approved by the share holders.
With co-ops you have less control of what is allowed and not allowed in the building. ex (cable,directv),
You should get an experienced Co-op Attorney if you have more questions and concerns. This is not like buying a house.
Arthur
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| Posted 4/15/10 8:18 AM |
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MrsRitaB
Love of my life! <3
Member since 4/10 4669 total posts
Name:
Ri
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Re: do you get an inspection with buying a co-op?
I didnt
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| Posted 4/15/10 10:54 AM |
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