THINKING TO BUY CO-OP! IMPORTANT THINGS TO KNOW>>>>
Before buying a CO-OP you need to know that the purchase of a co-op is different from other types of real estate transactions.COOPERATIVES(CO-OP) are buildings owned by corporations with the residents as shareholders who each receive a proprietary lease on an individual unit and and the right to use the common areas.A proprietary lease is an exclusive ,longer- term lease given to a person who lives and owns stock in a cooperative.
A CO-OP owners shares are considered personal property .This differs from a Condominium purchase,Which is a fee simple transaction,where the unit owner receives a deed to the property.Like a condo,a co-op is a type of structured ownership known as a legal entity.Unlike a condo, which is a non-controlling entity, a co-op is a member-controlled and owned legal entity.
Also,with a condo,one resident's actions do not threaten the entire community.In a co-op, If resident does not pay his maintenance fees, the entire cooperative may be the threatened with foreclosure.
Title to a cooperative building is held by a corporation formed for that purpose.Even though shares, rather than property,are sold, the transaction is similar to the sale of real estate.The share and thus the apartment, are transferred to the purchaser along with assignment of the proprietary lease to the to the apartment.
If you are a firs time home Buyer Go to my websitewww.brooklynrealestatenyc.com and click Buy a Home you can read important information that you better know as a first time home buyer.
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