When it comes time to buy a co-op, it is important that you understand what you need to do to make sure that sale goes through. It is not enough to simply search for a home and than get a mortgage and purchase your home. There are lots of legal aspects involved in purchasing the house, as well as issues surrounding navigating the complex process of co-op board approval. If you try and go it alone without the proper assistance, you will put yourself in a very precarious situation. So, here are some things to consider.
Selecting A Buyer's Agent
You do not want to attempt to buy a home without a buyer's agent like those at RE/MAX INTEGRITY. This is a recipe for disaster. A buyer's agent will be instrumental in assisting you find the perfect home. They work for you, and not the person selling the home, so their motivation is not towards trying to sell you something for a client. While some people will go see a co-op and use the seller's agent (who would then become a dual agent) it is often preferable to find your own buyer's agent first.
An agent is also important because they will help you navigate the process of board approval. This is a complicated process whereby you will have to provide all sorts of information, such as letters of reference, financial statements, and other paperwork. A buyer's agent will also be able to advise you on particular problems that can pop up as the process moves forward.
Finding The Right Attorney
You need the right attorney because there are contracts that need to be created and signed. The lawyer is necessary for this aspect, but there are other issues to consider. For example, the attorney will need to do things such as lien searches. This will make sure that there are no outstanding liens against the property. The other issue to understand is that when you are buying a co-op, it is important to investigate the financials of the co-op. The finances of the building need to be examined. This is the purview of the real estate attorney.
Making Sure The Walk Through Is Thorough
Finally, it is important that you do a walk-through of the property. This is where you and your agent will see that everything is in working order and there are no concerns. If there are broken or defective doors, windows, or other issues, they need to be addressed. Once you purchase the home and the transaction is over, it might be too late to deal with these items.