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break-thru sale in coop Q.

Started by 1stime
over 14 years ago
Posts: 5
Member since: Jun 2010
Discussion about
hi I believe that the Coop I reside in allows shareholders to privately buy adj. coop apt.s directly from the consenting shareholder thus avoiding bidding wars and R.E. agent commissions how can I avoid being "fleeced" by the buyer and the Coop ( right of first refusal ) etc ? I do think that I have a pretty good odea of what my coop apt is worth on the open market and will probably have to pay some sort of flip tax anyway as per my coop's bylaws can anyone rec. a good RE attorney here ?
Response by ab_11218
over 14 years ago
Posts: 2017
Member since: May 2009

first, there is no "right of first refusal" in coops. that is a condo rule.

second, any coop will allow people to conduct sales without RE agents involved.

third, you need to look at recent sales of apartments in your building to determine the fair market value of your apartment. if there are insufficient sales, look 1-3 blocks surrounding your building for similar building with similar maintenance and use those.

no attorney can help you with your decision, they can help you with the contract and the terms

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Response by FreebirdNYC
over 14 years ago
Posts: 337
Member since: Jun 2007

If you're too busy to type out the full words adjacent and recommend you may not have the time to work this process out.

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