Home Buying in Queens>Question Details

Daisy, Home Buyer in 11372

The seller has accepted my offer to buy their coop!! The contracts are on their way to my lawyer.

Asked by Daisy, 11372 Wed Jan 27, 2010

Any tips on what I should be discussing with my lawyer? Any specific questions I should ask? Any contract pitfalls I should be looking out for?? I'm sure my lawyer will know what to look for but I want to be prepared. Thanks!!

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Hi Daisy and congratulations on your acepted offer. You didn't make mention if you are buying without the help of a agent /broker. Was there anything that needed to be done in the coop? Any repair, or did you ask if all fixtures are included. Window treatments to be left? If not, great. Your Attorney will go ove the offering plan with any amendments as well as the last to years of the buildings financials.

Do you have the coop purchase application? You should start working on that right away as there are many sections and information you will be required to provide. Good luck with everything.
0 votes Thank Flag Link Mon Feb 1, 2010
Congratulations! I would like to add that it is important that your attorney is a NYC real estate attorney, one who is well- versed in the ways of coops and doing what is called due diligence (research/investigation) of the coop and it's finances.
0 votes Thank Flag Link Mon Feb 1, 2010
One thing that I would make sure you watch out for is the clause that pertains to the flip tax. Some contracts just say "the flip tax, if any, is paid by the seller", but does not say what the flip tax is. I would have the seller spell out exactly what the flip tax is, if there is in fact a flip tax. You would want to know that for 2 reasons, first because you would want to know what you might have to pay when you sell. The other thing is that it can affect your financing. Some lenders deduct the flip tax and then calculate your loan-to-value. Others will allow for a limited flip tax without altering your loan amount. It is also a good idea to have the name of the management company and their phone number in the contract, just because that will make it easier for all involved. You will also want to make sure that the correct name of the co-op is in the contract. The building might have a name, but that is not necessarily the name of the co-op corporation. Having the correct number of shares for the unit is a good idea too. Most real estate attorneys in Queens should be familiar enough with co-ops to know what to look for, but you never know.
The one thing you might want to find out about is what is involved with getting approved by the co-op board, and how strict or lenient they are. This does not necessarily have to involve your lawyer, but you don't want a closing date that is too soon if you have a co-op board that has strict requirements of when you need to have your application in by, and when they meet. If it's something like your application has to be in by the second Wednesday of the month, and they meet on the last Thursday, the soonest you would end up meeting with the co-op board is probably the end of March, because you probably wouldn't have your commitment by the second Wednesday.
0 votes Thank Flag Link Sun Jan 31, 2010
Your attorney will be your best source of information--and if you have an agent he/she is your best source for questions to ask your attorney.
0 votes Thank Flag Link Sun Jan 31, 2010
Hi Daisy,

My best advise to you is make sure your using a Real Estate attorney.

Good Luck,
0 votes Thank Flag Link Thu Jan 28, 2010
Yes, you should ask the exact questions you've just asked here to your lawyer. Seriously, you've worded your questions perfectly, and he or she will be well equipped to handle the answers quite well.

Make sure you're comfortable with the answers your given and don't allow yourself to be rushed. If your attorney has another appointment and you don't feel comfortable with the answer given, don't sign. Rather, wait until you're 100% satisfied and understanding of all aspects of your purchase.

That's the absolute best advice I think I can give.

Congrats.! I'm very happy for you!

Eric M. Abrams
CA DRE# R01862927
Web Reference: http://www.ericmabrams.com
0 votes Thank Flag Link Wed Jan 27, 2010
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