Posted by Len S. on July 13, 2003 at 10:40:56:
James:
-I am not an attorney but did the exact same thing in Queens, NY in the early 80’s.
-First thing is to check the coop board’s rules on the “flipping” of units from an owner to a new buyer.
This might be a sensitive issue if the building is in the conversion stage.
-Second, remember that in coops you do not own real property, but shares in the corporation (the “coop”).
At my closing-the insider was able to purchase the shares from the sponsor AND sell (or transfer actually) those shares to me at his price plus a premium that we agreed upon. Any real estate attorney worth his letters, can do this for you blindfolded.
Hope I was helpful:
Len.