8. Low Purchase Prices If a shareholder attempts to sell a co-op apartment at a below market price in order to facilitate a rapidly executed deal, the board has the right to object. The board may reject the buyer since a greatly reduced price per share would negatively impact the share values of all the owners. 9. Pets As in so many of the previous cases, this one also requires the agent to perform the necessary due diligence to learn which buildings are pet friendly. Even if a building permits dogs, the agent must inquire about any limitations on the number of dogs, its breeds and its weight limits. 10. A Poor Interview A savvy broker will prepare you for the inevitable board interview. Not only should the buyer be on time for the interview and dress appropriately, but the buyer should not ask questions that might arouse concerns or suspicions on the part of even one board member.
Common Co-op Glossary Terms
What is an Offering Plan? A document issued by a sponsor in the process of converting a building or developing a new building. It provides full disclosure of all relevant information regarding the property. What are House Rules? Rules developed by a co-op's members for the operation of a cooperative. House rules covers such issues as parking, garbage, maintenance, noise and resolving conflicts.
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