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February 17, 2009
First Co-op Purchase. 300 pages?
We're looking to purchase our first co-op. It's beautiful pre-war and the broker and sponsor have been nothing but gracious and kind. Seemingly honest.
1) The contract is 300 pages though the finances seem good. Is there some kind of hidden secret I should be looking out for in this monstrosity? What should I be worried about them hiding in this Neal Stephenson novel?
2) The Broker keeps telling me that the list of things we need done to the apartment can't be put in the contract because sponsor sales the contract can't be changed and the management company will turn us down if we try to change or ammend the contract. But he also says that nothing will be done until we sign the contract binding us to just a verbal agreement. Should I demand something signed in writing? The balls in there court and I really don't want to get screwed.
Please advise!? I read this forum like a soap opera daily...
Comments
Just like the case of the butler. The real estate always done it! Beware of the real estate agent they are like the serpent in the fruit tree in the garden of Eden. They will tell you anything to con you into selling the home. Damm all you real estate agents-parasites
Posted by: hannible at February 17, 2009 7:51 AM
This is why you don't do a transaction without a lawyer.
Posted by: daveinbedstuy at February 17, 2009 8:29 AM
Get a lawyer and be skeptical of anything a broker tells you. The broker works for the seller.
Posted by: edifice rex at February 17, 2009 8:48 AM
do not trust real estate brokers...like investment bankers , these guys are nothing but glorified shoe salesmen
Posted by: eman1234 at February 17, 2009 9:34 AM
Please have a lawyer of your choosing review the plan and paperwork. Do not use a lawyer suggested by the agent, or one who might be associated with the sponsor of the co-op, as that would be a conflict of interest.
btw, most offering plans are lengthy, and it is your responsibility to read it carefully, cover to cover. Ultimately, you as the purchaser are responsible for the due diligence, not the attorney. You should ask lots of questions and try to meet other owners to get a sense of the building, the management, the Board and the other residents.
Posted by: appoggiatura at February 17, 2009 9:57 AM
Please have a lawyer of your choosing review the plan and paperwork. Do not use a lawyer suggested by the agent, or one who might be associated with the sponsor of the co-op, as that would be a conflict of interest.
btw, most offering plans are lengthy, and it is your responsibility to read it carefully, cover to cover. Ultimately, you as the purchaser are responsible for the due diligence, not the attorney. You should ask lots of questions and try to meet other owners to get a sense of the building, the management, the Board and the other residents.
Posted by: appoggiatura at February 17, 2009 9:57 AM
lol...who buys a property without a lawyer...the brokers are all working for the seller...not the buyer, even if they are real nice to you. We just bought a house and I never saw the documents until closing...it was great!
Posted by: nybk01 at February 17, 2009 10:57 AM
If you are buying from the sponsor there is no board intervention even if it is a coop.
I smell a rat!
Posted by: Ysabelle at February 17, 2009 12:31 PM
PS
management office does not dictate policy or protocol to the sponsor.
The sponsor has the last word.
Posted by: Ysabelle at February 17, 2009 12:34 PM
I'm pretty sure the sponsor is the management company as they own the building and are selling the turnover when the rental agreements run out...
Posted by: girlshatebrian at February 17, 2009 1:32 PM
insist on getting at least two years of board minutes. usually more revealing than the "book"
Posted by: Ringo at February 17, 2009 2:29 PM
You must hire an independent lawyer before you sign anything. I have never heard of a 300-page contract. Of course the contract can be amended. What a load of hogwash. Any agreement must be in the contract. Make sure the coop is largely owner occupied. Make sure you get a mortgage contingency.
Posted by: mopar at February 17, 2009 4:08 PM
a lot of jumbled stuff in your post.
1. Hire a lawyer
2. The offering plan is often lengthy - and should be reviewed by your lawyer
3. Sponsor sales are not subject to Board approval
4. Contracts for real estate MUST be in writing to be valid.
5. See #1
Posted by: LilBitOfLuck at February 18, 2009 3:08 PM
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