Home Buying in 11215>Question Details

Chik-Sum Gong, Home Buyer in Brooklyn, NY

what does it mean when a coop is debt free?

Asked by Chik-Sum Gong, Brooklyn, NY Sat Oct 8, 2011

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Praise the lord it means that there are no spendthrifts in the building who want to bury future owners with debt to pay for current potted planters around the building.

But it also might mean that the boiler is 100 years old and will need to be replaced as soon as you buy the unit.
0 votes Thank Flag Link Thu Jun 21, 2012
Review the building's financials along with other related paperwork with your attorney beforehand; generally it could mean there is no underlying mortgage....
0 votes Thank Flag Link Sat Oct 8, 2011
It probably means most people in the association are paying their dues and therefore the co-op is paying all their operating expenses on time and not having to go into debt.
Web Reference: http://tampahouse1.com
0 votes Thank Flag Link Sat Oct 8, 2011
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