We are Trying to Sell our Coop in Forrest hills 11375

Asked by m.dibona1, Queens, NY Fri Mar 8, 2013

We are trying to sell our coop, the board has made a stipulation that the buyer must put up 4 years of Maintenance in escrow and it must stay there for as long as they live there refundable ONLY when they ( The Buyers ) decide to move out and sell the Coop. This would be around $68,000.00 , This has NEVER been asked of any buyer before in the buildings history. Is this legal?

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12
Anna M Brocco, Agent, Williston Park, NY
Sat Mar 9, 2013
Consult with an attorney who specializes in real estate, have all your original documentation from your purchase reviewed, and go from there...
2 votes
Thank You
Flag Sat Mar 9, 2013
Robert Kaplan, Other Pro, Suite 100, NY
Mon Mar 11, 2013
Hopefully the attorneys will be successful in negotiating a more reasonable amount.
1 vote
Andres Soto, , 11101
Sat Mar 9, 2013
This seems to be a duplicate question. Yes it is legal, and it's a good sign your Coop cares about the residents in the building and who can afford the costs to live in such a building. I'm sure you are happy they are giving the buyer an option. Unless you prefer the board turning the down for poor financials (which fall on you're real estate agent) and then you'll have to re-list the home for sale wasting all this time in the process.
1 vote
Jacques Ambr…, Agent, Forest Hills, NY
Sat Mar 9, 2013
The board can offer this to a potential buyer legally. They are apparently not satisfied with the financials of the buyer. Generally the boards I have dealt with in the area offer an alternative like this instead of rejecting outright. I must admit, I have never seen this amount requested, usually 1 year is sufficient.

Hope this helps. If things don't work out feel free to contact me and I will try and help you find a qualified buyer.

Jacques Ambron CRB SFR CBR
Madeleine Realty Ltd.
718-520-0303
108-23 Ascan Ave
Forest Hills, New York 11375
http://www.madeleinerealty.com
Jacques@madeleinerealty.com
1 vote
Maureen Mizu…, Agent, Ozone Park, NY
Fri Mar 8, 2013
I would consult an attorney about this as I truly do not know the answer. I have encountered boards that wanted some buyers to put and hold some money in escrow for a specified period of time at a declared rate of interest, but never anything like this.
I have an attorney that is extremely experienced in working with co-ops, perhaps he can be of service to you.

You may contact me at:
Maureen Mizuno
Exit Realty Central
(917)443-9880
1 vote
Terry Koraha…, , 11358
Wed Nov 20, 2013
What was the outcome for your coop sale?? Curious...TKorahais@elliman.com
0 votes
Steven Barou…, Agent, Forest Hills, NY
Mon Mar 11, 2013
I never heard of a 4 year maintenance to be held in escrow. I have sold many units in the Forest Hills building over the course of the last 17 years. and I never heard of this before.

I always like to believe that boards do the right thing for both buyers and sellers. I hope the attorney's involved are able to negotiate something.

Steven Baroumis
Licensed Real Estate Broker
917-686-6088

Sbny Treeline To Skyline, Inc.
108-18 Queens Blvd, 5th Floor
Forest Hills, NY 11375
0 votes
Jacques Ambr…, Agent, Forest Hills, NY
Mon Mar 11, 2013
I'll reiterate my offer. If things are not proceeding well, give me a call and I'm sure I can find you a qualified replacement. It's a very desirable building and my office has plenty of buyers.



Jacques Ambron CRB CBR BPOR
Broker
Madeleine Realty Ltd.
718-520-0303
jacques@madeleinerealty.com
0 votes
m.dibona1, Home Seller, Queens, NY
Mon Mar 11, 2013
the address of this building is 70-31-108th street. The buyer and their lawyer are now trying to negotiate with the board different terms/conditions in regards to the Escrow they requested. I blame the realtor, she promised us from the get go that they would have no issues in passing the board. Now if this falls through, she claims to have a cash buyer with a 0/0 income to debt ratio. I just wish this was over with already. The Coop was my wife's Mothers who passed back in Sept from Cancer and all this is doing is making a bad time in ours lives that much worse.
0 votes
Robert Kaplan, Other Pro, Suite 100, NY
Mon Mar 11, 2013
Yes please share the name of this co-op with the group. In more than 26 years representing buyers and sellers of co-op apartments (as well as condos and houses), I have never come across such a severe condition as escrowing 4 years worth of maintenance. As another reply stated, it is not unusual for a board to request a year's worth to be refunded in 12 months provided that the new shareholder pay their maintenance bill in a timely manner.

But again to answer your question, it is legal (though unusual) for a board to place such a condition on the sale. By the way, how do you know that this has never been asked of a buyer? Boards or managing agents rarely divulge such information.
0 votes
svaish, Home Buyer, Garden City, NY
Sun Mar 10, 2013
Would you mind sharing which co-op is this? We are trying to find a co-op in forest hills, but do not want to deal with such stringent rules because we anticipate selling the co-op in 5-6 years.
0 votes
Robert Kaplan, Other Pro, Suite 100, NY
Sun Mar 10, 2013
Yes it is. See my full explanation submitted on Friday.
0 votes
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