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Home Buying in Broadway : Real Estate Advice

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  • Home Buying4
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Activity 4
Mon Sep 6, 2010
Mack McCoy answered:
There's a subtle difference in "ownership." Co-op owners own the entire building, co-operatively.

However. If you pass away, your family can certainly inherit it, but most co-ops have rules against renting, in which case, your heirs would either have to move in or sell it.

Of course, some condos have rental restrictions, too.

In all probability, your heirs would prefer to sell, anyway!
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Mon Sep 6, 2010
Scott Godzyk answered:
Esther your question did not come through, please log back on and add your question. We look forward to being able to help you.
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Mon Sep 6, 2010
Brett Frosaker answered:
Co-ops are fine places to buy. Due primarily to restrictions in financing, they sell for less than a comparable condominium. I have not noticed a difference in appreciation rates between condos and co-ops. I strongly suggest you use a broker who is familiar with co-ops. We know them quite well.

Brett

Brett Frosaker
Broker
Columbia Real Estate Group
206-755-7858
bfrosaker@columbia-re.com
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Mon Sep 6, 2010
Brett Frosaker answered:
The commission is paid by the seller per the listing agreement with the listing agent. The listing agent agrees to share the commission with the selling agent. The selling agent is the broker who represents you as a buyer. As a buyer there should be no direct commissions paid by you. Buyer broker agreements can place you on the hook for the commission under certain circumstances that are usually spelled out in the agreement. As a buyer I would make sure I read the agreement carefully before signing it.

Most brokers representing a buyer do not have them sign the buyer broker agreement.

If you have further questions, I'd be happy to discuss them with you.

Brett

Brett Frosaker
Broker
Columbia Real Estate Group
206-755-7858
bfrosaker@columbia-re.com
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