Really it doesn't matter whether you do half check half cash just be certain to document everything.
Best of luck
Metropolitan Property Group
At closing, you will need a cashier's check for the balance due.
If you show up with a suitcase full of hundreds, you'll just freak everybody out. ;)
If you need a recommendation for a lawyer to talk to, or if you're actually looking to be a cash buyer in a co-op, I'm a licensed agent with Prudential Douglas Elliman and can help you with either one or the other (or both).
Send me an email and we can talk about it.
Unless you are buying a sponsor coop unit rather than a resale the source of the money needs to be documented and tax returns are still required. The fact that you have cash, unless it's being transferred from another institution, brokerage account or gift it will be a red flag to the coop. The board will require 3 -6 months bank statements. They will see deposits.
Many coops actually prefer a buyer to have a coop loan rather than spending all their assets on the purchase. When a shareholder has a coop loan, the lender also agrees (Recognition Agreement) to pay the coop their maintenance if the shareholder/borrower is in arrears.
Lic. Assoc. R.E. Broker
New York, NY 10024