Once a co-op board has reviewed a board package, if all looks good, they will usually request to schedule a “board interview” in which the perspective buyer meets with all or a few members of the board. This is generally a formality, and most candidates who are granted an interview receive notice of approval within a few days […]
Whether you’re buying a co-op or condo, chances are there will be a few hoops for a perspective buyer to jump through in order to gain purchase approval from the co-op or condo board. A co-op board has the right to turn down any perspective buyer without giving a specific reason (although the reasoning is supposed […]
Ok. You want to buy property in New York City; you’re mostly interested in co-op buildings (they’re generally less expensive than condos, after all); but you’re financial situation isn’t ideal for passing a co-op board’s stringent rules. Is there any hope? Yes! Enter, the sponsor unit. (Queue bright white lights and angelic music now.) A […]
Co-op vs. condo vs. condop: New York real estate brokers love to throw these terms around. But what, exactly, do they mean? What’s the real difference between a co-op and a condo — and what the heck is a condop? Here’s the rundown. Co-ops If you’re new to New York City, chances are you’re new to the […]