What Should I Ask When Buying A Co-op?
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Co-op ownership raises a number of issues which should be of concern:
- • What is the sale history for the entire property during the past year?
What is the value per unit of the underlying mortgage?
- • What is the voting scheme — one vote per unit or voting based on unit size?
- • Is there a reserve fund for repairs? How much is now available?
- • Are major repairs anticipated in the next two years? If so, how will they be funded?
- • Is the co-op now facing or likely to face a lawsuit for any reason? If yes, what are the possible damages?
- • What pricing trends are associated with the co-op? Are prices rising? Falling? Can you review all sales for the past year?
- • Is a property tax rise known or expected?
- • What is the voting scheme — one vote per unit or voting based on unit size?
Etc.
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