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What Is a Coop Apartment and Should You Buy One
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What Is a Co-op Apartment and Should You Buy One? https://www.hauseit.com/what-is-a-co-... • Estimate Your Buyer Closing Costs in NYC: https://www.hauseit.com/closing-cost-... • A co op is a form of housing where a cooperative corporation owns an entire apartment building. Shareholders are issued a stock certificate and a proprietary lease to occupy a specific apartment in the building. • Owning a co-op apartment means that you own shares and a proprietary lease as opposed to owning a deed to real property like you would for a freestanding house or a condo. • Therefore, co-op apartment owners are technically shareholders of a corporation that owns the building, versus outright owners of real property. Furthermore, because a shareholder is allowed to occupy their apartment through the proprietary lease, they are technically tenants versus owners of their apartment. • The cooperative corporation is run by a board of directors elected by the shareholders. • Co op housing in NYC can be purchased on the open market just like buying a condo. Cooperative real estate can be found on all property search websites or through your buyer’s broker just like condos, townhouses or multi-family properties. • Buying a coop is a bit more complex than buying real property such as condos or townhouses. That’s because you’ll need to submit a lengthy coop board package and pass a coop board interview in order to have approval from the coop’s board to buy in the building. • Furthermore, many coops have stricter financial requirements than your typical mortgage broker or bank who is arguably taking more risk than the co-op itself by loaning money for your purchase. It typically takes at least two to three months to close on a co-op once you have a signed contract. • What Is a Co-op with Condo Rules? • Sometimes you’ll see listing agents market a property as a co op with condo rules. These properties are frequently listed as a condop. Don’t be confused however, a condop is usually just a building that has separate commercial condos on the ground floor and all of the residential units organized as a co-operative corporation. Therefore, a condop is simply a coop with commercial condo neighbors in the building. • While some condops may indeed have more flexible, condo like rules, you should not expect that to always be the case. A condop can have house rules that are as strict or more strict than your regular coop. • Often times, listing agents will market a coop as a co op with condo rules simply because they want to emphasize a relatively flexible sublet policy. • Looking to buy or sell a home in New York? Learn how you can save on commission and closing costs at https://www.hauseit.com. • Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer... • #hauseit #hauseitnyc • https://www.hauseit.com
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