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.
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.
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