Contract of sale cooperative apartment 7 2001-2025

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This document is a Contract of Sale for a cooperative apartment in New York, outlining the terms and conditions between the Seller and Purchaser. It includes definitions, purchase price details, representations and covenants from both parties, closing procedures, financing options, and legal obligations. The contract emphasizes the importance of consulting a lawyer before signing and specifies that the sale is subject to the approval of the cooperative housing corporation.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What do owners in co-op buildings actually own?

In a typical co-operative apartment building, occupants do not own the individual units; rather they own an undifferentiated share in the entire building and then rent back a specific unit from the co-operative corporation.

What happens when you pay off co-op?

When you pay off the cooperative loan, the bank will return the original stock and lease to you and will also forward a UCC-3 Termination Statement that must be filed in order to terminate the banks security interest in your cooperative shares.

Who holds the right to approve the sale or purchase of a cooperative apartment?

Final answer: The cooperative board of directors holds the right to approve the sale or a purchase of a cooperative apartment, ensuring the financial stability and suitability of potential purchasers to maintain the cooperatives solvency and community culture.

Can I sell my coop apartment?

Market-rate co-ops are just that -- you can buy or sell your interest in them at whatever price the market will bear. You acquire equity much the same as in other types of home ownership.

Can you inherit a co-op apartment?

If you recently inherited a cooperative unit (more commonly known as a co-op), you may legally own it, but you may have to jump through hoops to live in it. Even if you lived in the unit before the inheritance, you might still need approval of the co-op board to stay there.

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Do you own your apartment in a coop?

When you buy into a co-op, youre not purchasing a piece of property or unit in a building. Youre buying shares in the nonprofit corporation that owns the building. Youll receive stock instead of a title as you would with a traditional home purchase.

Contract of sale cooperative apartment 7 2001-2025

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What do owners in co-op buildings actually own?

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Who holds the right to approve the sale or purchase of a cooperative apartment?

Can I sell my coop apartment?

Can you inherit a co-op apartment?

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Do you own your apartment in a coop?

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