Do Coops or Condos allow LLC's as buyers?
Started by gaongaon
about 16 years ago
Posts: 282
Member since: Feb 2009
Discussion about
I think I was once told that a coop would never accept an LLC buyer. Can anyone confirm this? What about condos?
Condo's 100%, Coops it depends on the Coop but more on the "no" side.
It is considerably more difficult to get a mortgage with an LLC. The rate will be higher. Most banks will not close in an LLC. Insurance usually will cost more also. The condos themselves will almost always accept and LLC, coops not so much.
Unless the partners personally guarantee the mortgage of course.
Thanks for all the responses. It would be all cash, so the mortgage thing is not an issue. Additional question, 30yrs?, would the answer be the same for a trust, such as a QPRT?
Same answer for Condos. Not positive about Coops: it used to be that residential Coops were barred from having corporate ownership, but the law changed several years ago allowing it. I don't know if QPRT's were included or not.