Financing in Brooklyn>Question Details

Courtney, Both Buyer and Seller in Brooklyn, NY

Can someone explain how the loan/deed process works when you do a conversion (Coop or condo)?

Asked by Courtney, Brooklyn, NY Tue Dec 23, 2008

Does your mortgage get paid down with each unit you sell, with your payments recalculated to take into account your new principal balance? I would think each unit would have its own deed that gets transfered so the buyer can get their own mortgage...Any help is appreciated

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1
Coop is a product where the buyer gets a share of the corporation with the right to use the space. Condo is buying a space and deeded as such.
0 votes Thank Flag Link Tue Dec 23, 2008
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