What are the steps to cooping a building?

Asked by Testerthetester, Brooklyn, NY Mon Jan 30, 2012

I'm wondering what the steps are, and how much more difficult it would be to get a mortgage (and how much worse the rates would be). Also, what are the legal hurdles? Are certain types of buildings easier to coop than others?

Thanks

(im not interested in buying a coop, but rather buying a building with a number of people)

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3
Annette Levinson’s answer
Annette Levi…, , New York, NY
Mon Jan 30, 2012
Anna is correct about needing a lawyer, but you need one that specializes in coop conversions. They will need to write up a prospectus for you that has to be approved by the Attorney General.
0 votes
Madeline Pad…, Agent, Brooklyn, NY
Tue Dec 18, 2012
Not positive but I do not think you can go coop any more read that someplace they changed
the laws. I think you have to go condo, and I would suggest you get it FHA approved if you do
go that route. Try speaking to an attorney, and check out the building department website.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jan 30, 2012
Before considering the idea, it's really in your best interest to consult with an attorney who specializes in real estate regarding all the legal hurdles, then go from there.
0 votes
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