It has always been your dream to own a cooperative. You want to be part of something that grows a community while bringing you a passive income. It's possible, but you need to be careful.
Before you purchase a co-op or condominium, it's important to consider all aspects of the purchase. The unit itself may be priced in accordance with its size, location and amenities, but it's up to you to make sure you only purchase a property that is worth what you'll pay. It's vital to analyze the property and to know its condition before you sign any contracts.
There are many kinds of things that could be wrong with a condo or cooperative, like poor building structures or bad wiring in the units. It's important to have a professional come to the property to do a review of the property's quality and condition.
The New York State Office of the Attorney General does have a number of regulations that govern the same and offer of condominiums and cooperatives. An offering plan should be made, and this should have very detailed information about the building or buildings being offered for sale.
The Office of the Attorney General suggests talking to your attorney before you sign a purchase agreement. There are financial and legal consequences as a result of buying a cooperative or condominium that you need to consider before you agree to any contracts. There are a number of risks when you purchase any type of property, so it's always best to make sure your interests are protected.
Source: Attorney General Eric T. Schneiderman, "Before You Buy A Co-Op Or Condo," accessed July 05, 2017