Do you know what is a co-op property? In most cases, buyer who purchases the shares of a corporation that owns the co-op building will allow such buyer to occupy the subject unit indefinitely given the financial account is current with the co-op board/corporation; however, not all co-op corporations are incorporated the same. There are some co-op building where buyer may be subject to re-assignment to other unit within the building. In other words, you thought you bought the unit that was facing the garden, but down the road, the Board may re-assign your unit to someone else, while relocating you to a different facing unit. Therefore, it’s critical to check the co-op documents, by-laws, house rules during the subject removal and contingency period – if you are in doubt, please seek legal counsel to interpret specific clauses.
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Jason Wong, MBA | REALTOR®-Broker | License RB-22819
E: realty@jasonwong.us |M: +1 (808) 343-9526
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