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You have gone through the process of searching and finding a co-op you love. You have handed in the dreaded board package and have interviewed with the board. The only thing left to do is close, but not so fast because the next thing that happens...
You have gone through the process of searching and finding a co-op you love. You have handed in the dreaded board package and have interviewed with the board. The only thing left to do is close, but not so fast because the next thing that happens after the interview is that you are told the board wants to hold money in escrow to approve the sale. What? Haven't you done everything they've asked and then some? What is this all about? Sharon and I have been in a situation where a board decides to approve a sale, but it is contingent on the board holding money, so today, we thought we'd shed some light on when this happens.
Typically a board asks for money when they don't feel fully confident that a buyer can fulfill their financial obligation to the co-op regarding monthlies. It must be in the contract that a board can ask for this to be a condition, but as of late, we do see that in contracts. Buyers can say no to this, and the deal can die. Sellers can speak to board members to get more information on why this is happening. Typically it's not the most comfortable situation. Still, deals do happen, and often the money is returned a year or two later to the buyer as long as they have fulfilled their obligations.
Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com, or you can email us at deniseandsharon@compass.com.
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