Selling your co-op
by Jacques Ambron
Apr 08, 2015 | 5820 views | 0 0 comments | 43 43 recommendations | email to a friend | print
Jacques Ambron has been a real estate broker for over 30 years. He owns and manages Madeleine Realty in Forest Hills (www.madeleinerealty.com).
Jacques Ambron has been a real estate broker for over 30 years. He owns and manages Madeleine Realty in Forest Hills (www.madeleinerealty.com).
slideshow
Q: My agent asked me to leave a key with their office. Is this a good idea?

A: If your schedule is very busy and you feel comfortable with the agent, then it might be a good idea. One of the most important aspects when marketing a property is access.

As a broker, I find that I have to try to accommodate the buyer's or renter's schedule. If a customer wants to come out and view properties, I have no choice but to show the properties I can access.

If you do leave your keys with an agent, request that they accompany other agents when they show. This way at least you know someone you trust is in the home.

Q: I'm selling my coop. What documents do I need to have to prepare for a sale?

A: I always tell my sellers and buyers to be prepared to go to contract as soon as an offer is accepted.

Sellers, you should have your coop/condo's offering plan, sometimes called the prospectus. This is a thick book detailing the aspects of the corporation formed at the time the building became a coop/condo as well as details about the building. In addition, you will need the amendments associated with the offering plan plus the last two years of financials for the coop/condo.

Finally, you should have a copy of the board application. Some condos don't require an application process, but more and more condos are starting to institute it. All of these items can be obtained from the managing agent.

If you need an offering plan and the management doesn't have it on hand, it may have to be printed, which could delay your contract by several days. This is why it's a good idea to have it on hand ahead of time. One final note: If you find yourself in a bind for an offering plan, you could also ask for a digital version. Most lawyers will accept this.

Q: I'm purchasing a coop. Do I need to have an engineer inspect the apartment?

A: Since the coop is responsible for most of the building structure maintenance and repair, an engineer is not generally necessary. On a rare occasion, there might be some severe issues that warrant an engineer.

For example, some of the buildings I handle are fairly old, and if I'm selling an apartment under the roof with large cracks or water stains, this could be something serious. Sometimes it's just settling cracks, but it's best to have that checked out.

However, most people don't need to go through the expense. Engineers are best for house purchases where the owner is responsible for the house structure and systems.

Send your real estate-related questions to jacques@madeleinerealty.com.

Comments
(0)
Comments-icon Post a Comment
No Comments Yet