Coop is requesting money to review their bylaws

It is not reasonable, but most COOPs in NYC are not reasonable to a certain extent anyway.

Ask the seller for them - they are a shareholder and should have received the current financials as part of their annual pack. It would usually have a comparison to prior year and budgeted amounts. If they didn't get it, then yes, that's a red flag.

Agree re red flag. I would not proceed any further with the transaction.

Financials and offering plan should be supplied by the seller. However, managing agents like to charge for any additional information including questionnaires etc. So besides financials, I would suck it up and pay as it is not worth the angst for a large purchase.

Who is "they"?

Not having 2018 financials is not the end of the world -- they "should" by now but not every building will. However, I feel pretty strongly that seller should pay any fees involved to obtain documents. That's pretty customary.

ali r.
{upstairs realty}

We have sold 3 times in NYC. Two coops and one condo. All buildings with strong financials. All had a charge for financials for buyers. So we've always provided them instead.

It is not the charging that causes me concern; it is the not having 2018 financials completed. Curious as to why this would not dissuade others?

"they" = "the seller". When I bought, the seller provided, via the seller's agent, the current and prior financials as well as the offering plan, and all later amendments. Managing agent permitted reading the minutes at his office.

MCR, co-ops often don't have financials for the prior year done until after the summer.

The explanation that I've heard (and I have no idea if it's BS or not) is that of course the financials exist, but they're not released until they're audited.

And they're often not audited earlier in the year because there are only so many accountants to go around, and the accounting firms prioritize auditing the public companies -- which, if they're on calendar year financials, have to be done in the spring to make the SEC happy.

So the accountants don't even "get to" the co-op files until after Mar. 31.

Like I said, I have no idea if the explanation holds water or not. But I have certainly done deals in buildings where the prior-year financials haven't come out till fall, and then, when they've come out, they've been fine.

@front_porch - thx. Good to know.