Reply by NVLSlady/VA on 8/16/13 9:37pm
Msg #480764
Purchase?
Hope they are willing to give you more instructions (besides, "pay special attention"). If it's a signing for a co-op purchase, I'd ask to speak with the Realtor - as there may be separate co-op docs with the share/lease docs.
I like this Bankrate definition of the co-op, although I know not your question, but just for a little background info:
["You aren't purchasing a unit in a given housing complex as you would with a condominium. Rather, you are purchasing the above-mentioned shares that give you a proprietary lease in the building."]
There is a suburban community in Fairfax county, VA that has cooperative housing units - where owners are "shareholders" not condo owners in the strict sense. Not sure how their equity is effected when they sell.
And honestly, that's all I care to know about these prop types; could never build much faith in the concept
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Reply by notarydi/CA on 8/16/13 10:07pm
Msg #480771
Re: Purchase?
Yes, I'd like a little more info as well. Hopefully, I won't get docs @ 9:30 for a 10:00 appointment. I think the last time I saw a co-op property was about 1985. I was doing Secondary Marketing and underwriting/buying loans. Property was back East somewhere. Your definition is right on now that it's coming back to me. Kind of like Fee Simple Estate or Leasehold Estate manner of taking title, perhaps? We never did buy those co-op loans on the secondary market......will post an update when I get docs.....
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