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What Should I Ask When Buying A Co-op? : Refinance, Home Mortgage Loans & Rates, Home Equity Loan

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?

Etc.

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