what I should do if the coop management dont want to provide the building financial statues I already gave my deposit property is in jackson heights?

Asked by Susan, 11377 Fri Apr 30, 2010

its a coop in jackson height new york

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Therese L Korahais’ answer
Therese L Ko…, Agent, Bayside NY 11361, NY
Sun Jan 30, 2011
Hi Susan, very simple...most coop managaments will only deal with the people that own the coop-so it is the sellers or sellers agent that is responsible for getting you the financials and get them to you(your agent) or your attorney. Chances are your attorney won't release the contracts and your down payment until he receives the financials....that's how it should be. Terry K 718-614-3167 cell or emaI.. therese.korahais@elliman.com
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Joseph Hasti…, Agent, Bayside, NY
Sun Sep 19, 2010
Susan, If you gave your earnest money deposit for the escrow, this is a bit out of step with normal proceedure for purchasing a coop.

Prior to a contract of sale being signed and your deposit given, your Attorney should have had the offering plan and at least two years of the building's financials which is customary. This allows the Attorney to do their due diligence which would then result in an OK from your Attorney to sign the contract. Seems like someone dropped the ball.

If you're not working with a broker then it is up to your Attorney to obtain the necessary documents. You are entitled to them. Start with the current coop owner. Financials are sent yearly to each shareholder.

Good luck.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat May 1, 2010
What is your agent advising--and what is your attorney suggesting--if the co-op management is not releasing the finacials to you personally or your agent--ask your attorney to contact the co-op's attorney and formally request a copy.
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