co-op

What is a co-op? Unlike a condo, a Co-op apartment building is owned by a corporation. This means, when you buy an apartment that is in a Co–op building, you are not actually buying real property (like you would in a condo). You are in fact, buying shares of the corporation. How do I qualify to purchase a co-op? In order to qualify to purchase a co-op, a purchaser needs to go through a 2-step process (unless the buyer pays cash for the purchase): Step 1: Most co-op’s have a 20% cash requirement (or higher), so a purchaser needs to obtain a pre-approval letter fromRead More →