I am interested in selling a coop on my own in NY vs. paying the $800-$1000 attorneys charge. When I bought this unit last year, the seller did the transaction on his own since the coop board sends an attorney there anyway.
Where can I get a NY RE Sale contract? Is there anything I should be aware of before taking this route? I am trying to do this as cheap as possible, I am not making any money on this deal.
co op’s are a little tricky
they’re not real property, so it’s best to inquire as to how they are sold.
co op’s are considered personal property - you, the owner don’t own real estate - you own a proprietory lease of the unit, personal property.
big difference.
your ownership of the co-op is a shares. Each unit has a certain amount of shares. What your selling is your shares. Since NY is a state where lawyers are involved in most transaction, it is generally best to use one.
As for the contracts, just go into a local real estate office and they can probably give you a copy or contact the local realtors board in NYC or even do a search online. I know they are out there and probably free online.
good luck…be careful, find out what the requirements are of your co-op on all resales so you can qualify your buyer upfront. I know they are tough, my mothers had hers listed since June and yet to sell in NY. Seems no one really qualifies and she wants to just sell it but since its shares they limit the amount she can sell for.