condoownerme, Home Buyer in Kew Garden Hills, Qu...

as a prospective buyer of a co-op, do I have the right to see by-laws, financial reports, audits, budgets. any outstanding law suits.?

Asked by condoownerme, Kew Garden Hills, Queens, NY Wed Feb 24, 2010

debt obligations, ie mortgage, insurance etc. Does it meet building code? Any outstanding repairs left to be done. Who is managing agent for coop? Do they belong to coalition of coops and condos? what are house rules? How many sub-leases? are most of shareholders occupancy owned? How many apartments are there? This is a huge development. I know, this is a lot of questions. I'm grateful for any part of the answer.

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10
As a prospective buyer....Yes ,you do have the right to see by laws.
0 votes Thank Flag Link Wed Sep 18, 2013
Yes as a Buyer you do have the right to see that documentation.
0 votes Thank Flag Link Wed Sep 18, 2013
Good luck with your purchase.
0 votes Thank Flag Link Wed Feb 24, 2010
oops, sorry, got your names mixed up, Ms. Bronco and Mr. Bauman, that's what I meant. :-)
0 votes Thank Flag Link Wed Feb 24, 2010
Thanks Ms. Bauman and Mr. Bronco. You've informed me well.Thanks Mr. Bronco for the link. I'm checking it out right now.
0 votes Thank Flag Link Wed Feb 24, 2010
Hi Condo

If your agent has already informed you of the steps we have mentioned here then I would say that your interests are being handled professionally and you should continue to take your agents advice. There is no resource I am aware of that will specifically inform you of how to handle the negotiation of a property including a coop. This comes from years of experience and being able to work with people. Besides no negotiation necessarily follows the same journey. There are many people involved in a coop transaction. Some have ego's and feel that they need to be dealt with first. Or they have other issues which sometimes create impediments. Initially your agent will carefully cross this mine field. After that your agent will coordinate with other players on your behalf. If you are happy with your agents performance as of now then I would continue on the same path. Try to drop your guard a little and trust your agent to do the right thing.

If you are looking for resources that offer good information for buyers you should check the website for the National Association of Realtors. Or the Long Island Board of Realtors/MLS website at http://www.mlsli.com.

Good Luck.
Allen Bauman
0 votes Thank Flag Link Wed Feb 24, 2010
If you have an agent, listen to his/her advice--once the offer is accepted, the attorneys come into play--the proprietary lease, bylaws, etc., can be requested and reviewed by you and most of all your attorney--once your attorney gives you the go ahead, sign the contract--once you have the contract, you can request the board's application. Your attorney and agent will offer great advice and make sure you are thoroughly educated on the process --do make sure the attorney specializes in real estate and has worked with co-ops.
0 votes Thank Flag Link Wed Feb 24, 2010
Hi Mr. Bauman and Ms. Brocco, thank you so much for your responses. Is the consensus re: when I can know, it's after I make an offer? Also, is there a resource where I can to learn the steps involved in purchasing a co-op. For example, I like, it, I make an offer, then what? My agent shared these details, but I like to cross reference with others to insure I am being properly informed.
0 votes Thank Flag Link Wed Feb 24, 2010
Hi Condo

Yes, you are entitled to review all information that will allow you to make an informed decision on whether to purchase or not. The question is, when do you get to see it all.?
Generally coop information is private and for the shareholders information. You probably will not get to see everything until you make an offer and it is accepted by the coop board. I have found that a large portion of sellers have either lost or misplaced their offering statement and subsequent addenda. They may have a budget lying around or sometimes the broker or managing agent has a copy which you can review.
The offering statement and updates can be quite technical unless you are used to reviewing them. It would be a good practice to have these items reviewed by your lawyer and/or your accountant.
For the time being I would concentrate on finding an affordable place in a building that you like.
When you find it make your offer subject to attorney review of all coop or condo documents.

Good Luck! If I can help you find a place in Queens or Nassau counties don't hesitate to contact me.

Allen Bauman
Century21 Yve R. E.
Licensed R. E. Agent
NYS Certified Residential Appraiser
allen.bauman@gmail.com
516-791-3846
0 votes Thank Flag Link Wed Feb 24, 2010
Yes, you are entitled to see the by-laws, financials and proprietary lease, entitled to know about assessments as well, etc.--Before signing the contract your attorney needs to review all the documention first--some complexes, will only release the information to your attorney--therefore make sure you review them as well once in possession-- then take his/her advice--as far as how many units are rented--your agent can find out the information--if not, your attorney can through the complex attorney or management. When buying a co-op it is in your best interest to use the services of an agent--all complexes are different-- do use the services of an attorney specializing in real estate. If you need assistance feel free to e-mail.

Anna
abrocco@laffey.com
0 votes Thank Flag Link Wed Feb 24, 2010
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