As an investor you need to know details of the property and how it is run and all the regulations involved and the finanical status. It's also important to know things like selling policies and if the condo board must have first option to buy, renting policies, renovation policies, additional fees and so forth. Don't be one of those owners that walk around with no knowledge, educate yourself so you are empowered to make smart decision.
Weichert Realtors, H.P Greenfield
I collaborated on writing a condominium declaration, and if I ever move back to NYC, it's going to be with the help of a knowledgeable local broker.
The â€œcondoâ€ advantage of individual unit ownership can be compared to the benefit of being able to â€œchooseâ€ your neighbors in a â€œco-opâ€ setting, where the application process is very often quite selective. In the sale of a â€œcondoâ€, once a price is agreed upon, the deal is done; whereas the â€œsaleâ€ of a â€œco-opâ€ requires approval by the Board of Directorsâ€”which can be (and often is) withheld based upon arbitrary selection criteriaâ€”with no recourse to the buyer or seller if the â€œsaleâ€ is not approved.
â€œCo-opâ€ ownership represents an â€œinterestâ€ (i.e. stock) in realty; â€œcondoâ€ ownership is actual ownership of realty. Price differences reflect demographic and geographic distinctions. You decide whatâ€™s best for you.
Once you have an accepted offer, your attorney can request all related documentation from management and review all of it with you--keep in mind each complex condo or co-op is different--- as far as rules, requirements, etc. Your attorney and or agent can best advise you as it relates to your specific situation.
I am actually already being represented but seeking further resources on these forums.
My follow up question is then, do the buyers ever have an opportunity to refer to the offering plan (is this the term for coops as well?)
What are the bylaws referred to with regards to coops and condos? Is it separate language? Are they both super long?
If I can be of further assistance, please do not hesitate to contact me at Madison Estates...718-645-1665 or 917-796-5891