Cooperative Financial Statements
The economics of buying a cooperative apartment can be very complicated. This is because in addition to dealing with individual costs such as a downpayment, financing, and insurance, you must also examine the cooperative financial statements and other papers carefully to determine whether the cooperative is well managed and financially sound. This may require consulting a New York City cooperative attorney who can protect your interests.
The financial stability of the cooperative corporation will effect whether or not a lender provides financing for your purchase. Also, a poorly managed cooperative or one that has yearly deficits may require additional funds to operate thus resulting in increasingly higher monthly maintenance fees to the tenant - shareholders and possibly the imposition of additional assessments to cover short-falls.
As a cooperative attorney in New York City, I have represented many clients in connection with their purchase or sale of a cooperative apartment. Such representation includes a review of the cooperative financial statements and other papers to ascertain the economic soundness of the transaction. I work closely with my clients to complete a successful transaction.
Call (212) 355-2575 or e-mail for an appointment with a New York City cooperative lawyer.