Real estate blog entries tagged with coop board by Mitchell Hall NYC Real Estate Broker (The Corcoran Group)

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Home : Blogs : Mitchell Hall NYC Real Estate Broker : Manhattan Blog Estate : Tag "coop board"

coop board: Buying a Coop: Be Prepared and Qualified - 10/29/11 03:18 PM

Buying a Co-op

Being Prepared to Fulfill the Requirements of the Board

Manhattan Co-op ownership differs from that of Condominiums in that you own shares in a Corporation instead of holding Title to a piece of property. The Corporation is governed by a Board of Directors. It is this Board that establishes what the requirements are in order to purchase an apartment in their building.

Unlike condominiums a purchaser can be rejected by the coop board. In a Manhattan condominium the board only has first right of refusal and must buy the apartment for the same terms … (7 comments)

coop board: Coop Board Requirements - What Do Coop Boards Ask For? - 10/10/11 09:05 AM

What Do Co-op Boards Ask For - Require?

A: Detailed personal and financial information. If you're a first time buyer of a coop below is the typical information and documents required to be submitted with a coop board package. All coop purchasers (except sponsor sales) are required to submit a board package. The board will review the package, if it looks in order they will schedule an interview with purchaser.
A Co-op board will require complete financial disclosure. They will look into your financial history, current and past income, assets, liabilities and references when evaluating your board package.
The following … (4 comments)

coop board: The Co-op Board Interview: Tips to Help Pass a Coop Board Interview - 08/25/06 01:23 PM

A co-op is a form of home ownership that is different than owning real property such as a condo or a house. In a coop each unit is allocated shares. The purchaser buys the shares in the housing corporation. Co-ops are corporations with a board of directors and shareholders. Coops are unique to NYC in the fact that approximately 75% of our properties for sale are co-ops.
When a co-op rejects a purchaser many people are affected. Not only the buyer. The brokers do not get paid. The sellers who have a deposit on a new home might have to forfeit their deposit. … (9 comments)

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