Coop requirements

Ask to owner. They should know what the board requires.

have your lawyer call the owner's lawyer.

wow same exact problem...

duh, it's not the same..repeat.

the owner should know. we sold FSBO and had the requirements laid out clearly for all potential buyers to read.

Why get lawyers involved - just to run up their fees? The owner should definitely know.

are you already in contract?

The biggest "requirement" to purchase a co-op is that you have the income to cover the monthly payments (mortgage & maintenance) and the assets for the co-op to go after if you default on that commitment. Beyond that, the board application package should include an offering plan and house rules which will give you some indication on whether or not this is the right building for you (pet friendly, noise restrictions, etc.) Once you have an accepted offer, you should retain an attorney who will perform due diligence and guide you through the rest of the process.

Ask an attorney famailiar with coops or even the bank can help you because the bank usually doesnt want to lend in a coop with weak financials, low grade insurance, etc. If you have a coop you want to run by just email me the name of the coop and address.
sunny.hong@bankofamerica.com

Sorry, I misunderstood your inquiry. You should definitely ask the owner. They should know unless they bought a long time ago. The package should explain what the requirements are. A broker not famailiar with the building will be starting in the same place you are.