Introduction to Purchasing A Co-op in NYC
Purchasing a Cooperative is like no other type of real estate acquisition. In fact technically it is not real estate/real property at all. You are purchasing personal property, in particular, Stock/Shares in a corporation and obtaining what is commonly known as a Proprietary Lease. There will be many unfamiliar terms that are utilized such as Proprietary Lease, Stock Certificates, Board Approval, etc. If you purchased another form of property anywhere outside of New York City which is not distinctly a Cooperative, such as a house, a Unit in a Homeowners Association, a Building, a Townhouse, a Multifamily Dwelling or any other type of property that is not in particular the purchase of a Cooperative, then you have not truly learned the necessary procedure for the purchase of a Cooperative. The purchasing of a Cooperative is a highly unique process that requires a vast array of experience and knowledge. It has taken over a quarter of a century of practice for Kishner & Miller to gain the highly sophisticated skills that it will take to assist you in the acquisition process.
More information on purchasing a cooperative in New York City
- The Verbal Offer and the Acceptance- Not a Legal Binding Contract!
- Transaction Summary/Deal Sheet
- Summary of the Purchase Process- the Four (4) phases
- Cooperative Ownership (Structure of a co-op, advantages and disadvantages of a cooperative)
- Closing Costs for a Purchase of a Cooperative