All Posts Tagged With: "co-op"
Can A Condo or Co-op Go Bankrupt?
Can a condo or co-op go bankrupt or be foreclosed? The answer is you bet — but the good news is that such financial disasters are rare. In general terms a condominium is a property where there are units with individual title and financing as well as common areas which are owned by the condo [...]
30Dec2009 | Peter G. Miller | 0 comments | Continued
How Can We Resolve Condo Disputes Short of War?
Question: I’m on the board of our community association and wonder how disputes between residents can be quickly resolved without litigation or bad blood. Answer: There ought to be a better way to resolve disputes short of lengthy and costly lawsuits and there is: Many contracts require that disputes must be resolved by binding arbitration. [...]
3Sep2008 | Peter G. Miller | 0 comments | Continued
Can I Get A Second Loan For A Co-Op?
Speak with local lenders who specialize in co-op financing, or contact the NCB Savings Bank. They maintain a secondary market for “share” financing. Technorati Tags: co-op, loan, second, share
30Aug2008 | Peter G. Miller | 0 comments | Continued
What Should I Ask When Buying A Co-op?
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 [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
Can I Buy An Under-Priced Co-op Without Board Concerns?
Question: I have an opportunity to buy a co-op for $150,000 even though similar units in the same building typically sell for $190,000 to $200,000. Is this deal too good to be true? Answer: The arrangement is probably both true and unlikely to conclude with a sale. Co-op sales are unique in that they require [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
What Are Condo And Co-Op Reserve Funds?
Condos and co-ops collect money each month from owners to pay for current expenses. In addition, well-run properties also collect money each month to create a reserve fund, money set-aside for emergencies and big expenses. The alternative to adequate reserve funds are “special assessments” levied against owners in times of emergency. For instance, if the [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
How Do Condo And Co-op Fees Differ?
A “co-op fee” typically includes an underlying mortgage and property taxes. Mortgage interest and property taxes are typically deductible, thus much of a co-op fee is usually deductible. The precise percentage you can deduct will vary according to your particular co-op. See the co-op treasurer and your tax professional for details. A “condo fee” typically [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
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