Posted by Long Beach Ed on July 16, 2003 at 16:43:04:
You have retained an attorney. This is a question for him. He should be guiding you by telling you what you need to evaluate this deal. If not, get rid of him.
A co-op can be a real bad deal or a really good one in New York. Some places are managed so poorly and some agreements split any profit you make on the place’s sale with the developer. You have to see all the paperwork, read it and know what you are looking at.
This, David, is why you hire an attorney. If he cannot or will not provide this support, once again, get rid of him and hire a man who knows coperative law and is willing to sit with you and teach you what you need to know.
- Long Beach Ed