
Little known facts you should know before you buy....Get
an Estoppel Certificate that will show if the current owner owes
fees or if any liens against the condo exist. Owners can be
evicted for nonpayment of fees.
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Coop fact..did you know?
"Like renting, Cooperative living includes a monthly association
fee. Usually the association fee includes payment of the
principal and interest on the master mortgage, property taxes,
insurance, water, and maintenance of the building and grounds.
In some Cooperatives, the monthly association fee may also
include the cost of heat and air conditioning. Policies will
vary from property to property."
First of all, ask the
right questions. Your agent will probably not have all the answers and
the listing agent may not either. Therefore the first question you ask
is if the complex is professionally managed. If it is, ask for the
number of the management company. If it isn't ask for the name and
number of the head of the Home Owners’ Association (HOA).
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