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What are the downsides of buying a co-op apartment?

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Answered 2010-07-03 16:17:29

Depending on the process the board follows when screening applicants, be aware that you may be required to bear significant scrutiny. The board may -- and legally so -- inspect your:

  • Financial health
  • Credit history
  • Work history and reputation
  • Social history and reputation
  • Citizenship
  • Criminal record

and more.

In a co-op apartment, you buy shares in a corporation and are granted exclusive rights to a (residential) unit.

When repairs are necessary, you may be required to produce a significant amount of cash to pay your share.

You may or may not consider any of these elements 'downsides'.

Your realtor can help you understand the screening process, so that there are no surprises during the board's investigative process.

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