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Initial Coop UCC1 when coop put on market?

Started by the_nerve
over 11 years ago
Posts: 102
Member since: Oct 2008
Discussion about
Why would someone have 'Initial Coop UCC1' registered - indicating that a loan has been issued for the purchase of shares in a co-op' - around same time the coop is being sold? So looks like owner is taking out a loan just before they sell. Seems strange timing.
Response by NWT
over 11 years ago
Posts: 6643
Member since: Sep 2008

Is the seller's name on it? Maybe the apartment sold quickly, and the buyer's UCC1 is what you're seeing. Those can show up weeks before the closing.

Otherwise, right, odd that somebody'd go through the trouble and expense of a re-fi when they're about to sell.

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Response by the_nerve
over 11 years ago
Posts: 102
Member since: Oct 2008

Maybe they were trying to finance the purchase of their next place using the refi (renting of this place paying for the refi mortgage) but it couldn't be done. pricey mistake if that's the case.

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