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 … (9 comments)
Buying a Co-op
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