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What do I need to know about this building?

Started by falcogold1
almost 17 years ago
Posts: 4159
Member since: Sep 2008
Discussion about
We have done this before but, I can't find the threads. Please feel free to attach them here. When buying a coop or condo there are a bunch of questions that should be asked before taking the plunge. The worst is to have purchased and, 5 months later your kicking yourself for not asking. When was this building built? Is there a mortgage on this building? Is that a tax abatement or exemption? Get my drift? I'm trying to compile an organized list. I will attempt to keep track of the questions and list and relist If the thread survives. Ok, What's the first question?
Response by falcogold1
almost 17 years ago
Posts: 4159
Member since: Sep 2008

bump, come on my brothers and sisters...chuck me a thread or two from back in the day...anyone, anyone, Bueller?

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Response by 30yrs_RE_20_in_REO
almost 17 years ago
Posts: 9911
Member since: Mar 2009

total units,percentage sold, percentage owner occupied.
underlying mortgage amount, rate, type (interest only, 5 like 30, 30 years amortizing, etc.) when due (either balloon date or total amortization date)
sublet policy
cash requirement
liquidity requirements
pied-a-terre allowed?
pet policy
maintenance history
assessment history
age of boiler, roof, facade work (local law 10 work)

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Response by Fluter
almost 17 years ago
Posts: 372
Member since: Apr 2009

reserves
house rules (e.g. musical instruments cannot be played 11 PM to 8 AM)

{Manhattan real estate agent.}

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Response by mmarquez110
almost 17 years ago
Posts: 405
Member since: May 2009

how about some neighborhood stuff:
what schools are nearby?
subways / bus routes
parks (any w/ dog areas?)
any restrictions regarding commercial units underneath building (e.g. can there be bars/restaurants)
Firehouse/Police/Ambulance routes nearby

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Response by AJC10
almost 17 years ago
Posts: 40
Member since: Dec 2008

This thread meanders but there are a lot of good suggestions related to information gathering:
http://www.streeteasy.com/nyc/talk/discussion/7221-i-want-to-make-an-offer-on-a-coop-but

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