Buying Coop What does this all mean? help?..(Clean)
Hello folks I Went to property Shark…found my new soon to be 1st coop property..did some looking and found all this governmental gibberish… Can anyone tell me(particularly you lawyers and agents) what any of this means…and if anything here is a red flag…or negative or worrisome.. I also checked a few other properties that had…
Hello folks I Went to property Shark…found my new soon to be 1st coop property..did some looking and found all this governmental gibberish…
Can anyone tell me(particularly you lawyers and agents) what any of this means…and if anything here is a red flag…or negative or worrisome..
I also checked a few other properties that had similar “verbiage” but still no real answers…
I have changed the “real names” of people to “A” and removed the real “building” name and its owners(company P) to protect anyone who would be otherwise offended…
The records actually go back to 1965…
Any help.. Thanks
Unit Docdate Docamount Party1 Party2
2K 3/13/2007 $265,000 A A
Coop Sales
Title Documents
Date Doctype Unit Amount Party1 name Party2 name
5/18/2007 Initial Coop UCC1 2A A HSBC Mortgage Corporation (USA)
3/13/2007 Both RPTT & RETT 2K $265,000 A A
2/28/2007 Initial Coop UCC1 2K A Polish & Slavic Federal Credit Union
9/1/2006 Initial Ucc1 2-A A A
6/16/2006 UCC3 Continuation 2D A Chase Home Mortgage Corporation
1/5/2006 Initial Coop UCC1 3K A Bank Of America, N.A.
8/9/2005 Initial Coop UCC1 41 A A
5/20/2005 UCC3 Termination 2K A Emigrant Mortgage Company, Inc.
2/25/2005 Termination Ofassign Of L&R Independence Community Bank P Company
2/25/2005 Assignment of Assignment of Leases & Rents Independence Community Bank Fannie Mae
2/25/2005 Assignment,Mortgage Independence Community Bank Fannie Mae
2/25/2005 Assignment Of Leases and Rents Independence Community Bank P Company
2/25/2005 Agreement $650,000 Building Independence Community Bank
2/25/2005 Mortgage $247,604 Building Independence Community Bank
2/25/2005 Initial Ucc1 Building Independence Community Bank
2/25/2005 UCC3 Termination Building Independence Community Bank
2/25/2005 UCC3 Termination Building Independence Community Bank
1/14/2005 Initial Coop UCC1 2K A Emigrant Mortgage Company, Inc.
6/4/2004 NYC Real Property Transfer Tax $60,000 A A
5/17/2004 Initial Coop Ucc1 A Hsbc Mortgage Corporation (Usa)
2/13/2004 Assignment Of Leases And Rents $264,982 Independence Community Bank P Company
2/13/2004 Agreement $264,982 Building Independence Community Bank
6/20/2011 Mortgage $264,982 Building Independence Community Bank
2/13/2004 Initial Coop Ucc1 Building Independence Community Bank
10/15/2003 Initial Coop Ucc1 A Deutsche Bank National Trust, As Trustee C/O Gmac
2/21/2003 Initial Coop Ucc1 A Citibank, N.A.
10/17/2002 Initial Ucc1 Building Independence Community Bank
8/20/2002 Agreement Independence Community Bank P Company
8/20/2002 Mortgage $61,503 Building Independence Community Bank
9/14/1998 Initial Coop Ucc1 A P Company
11/14/1997 Ucc3 Termination A P Company
1/22/1996 Agreement Building Independence Savingsbank
12/27/1995 Initial Ucc1 Building Independence Savingsbank
actually meeting with the lawyer on Monday…first time..
Apt. manager assures all things are in order…and promises after I view paperwork I will be happy…
I asked ahead of lawyer so I would be 3 steps behind my lawyer instead of 23 steps…figured why not go in armed to the teeth…
Do the mortgages on the building raise red flags?..or could it have been for other purposes like upgrades, refinancing, and such..the building is recently going coop(-1yr)..from majority rentals…
As to the buildings finances..whats a good reserve for a 40 apt building..5 floors…is there a ratio to work with or is this independent from the amount of tenants/apts…(I should mention that the maint. is fairly low; approx. $500) on a 250k apt…
Thankyou
This just means your apartment was bought and sold or remortgaged a bunch of times. The more important thing is the building’s finances. Who cares how many times someone sold the apartemnt or refinanced it before. I assume you have a lawyer already if you are buying this thing.
Looks like the UCC filings either for the underlying mortgage on the building or for individual mortgages of shareholders. Either way, you need to consult your lawyer.