Purchasing a Co-op

Owning your own home provides several benefits. In addition to the satisfaction of being a homeowner, you can build equity, say "good bye" to your landlord and take control of your living environment.

However, the process of buying a co-op is different from purchasing either a condo or a single family home in that buying a co-op apartment is similar to buying into a private corporation.  You can make your bid, but the co-op must accept you as a buyer. 

After you find the apartment that you are interested in purchasing, the next step is to make the offer to purchase.  The typical co-op apartment will have a monthly maintenance fee that you pay to the Owner's Association.  This fee will normally cover common charges along with the taxes for your building.  When we qualify you to purchase this property, we should be made aware of the maintenance fee for your apartment.

In most cases, you should rely on the agent or your attorney to work with you to write up your offer.  Once your offer has been accepted, you can start the mortgage process.  You would then apply for your co-op financing which is typically known as a share loan.  Once your loan has been approved, we will provide you not only with a commitment letter, but also the recognition (AZTEC) agreements necessary for your co-op board.

Once your loan commitment has been issued, most co-ops will then require that you submit your board application for review.  After your board application has been accepted, you must then go before the board for your board interview to get final approval to purchase your co-op.  Assuming that you are approved by the board, you then can schedule your closing!! 

You can beat the competition and negotiate more effectively when you're pre-approved. Apply online now to be pre-approved.

See how your equity and security can grow as a homeowner. Compare the benefits of owning vs. the cost of renting with our Rent vs. Buy Calculator.