Profile picture for user05835744

How do I find out that the building I am buying an apartment in is in good financial condition

I am afraid that my maintenance will go up very fast if building is not in good financial condition
thank you
  • June 03 2013 - Upper West Side
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Answers (5)

Best Answer

Profile picture for superiorservices
Unless you are an Accountant or Real Estate lawyer, do not review the financials by yourself. Get a lawyer who specializes in Co-op / Condo and have him / her review past 4 years financials. Most sellers / mgmt will give you 2 years, I recommend 4 years. Your lawyer should thoroughly review those financials and advise you. If you notice anything questionable, ask your lawyer. Your lawyer should also review recent Board Minutes. good luck!
  • June 04 2013
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The seller should provide the name of the management company to you  where you can get copies of Board meeting minutes, budgets, and planned expenditures, and reserves.
  • June 07 2013
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Profile picture for Jacquester
You can also have your attorney review the board minutes to determine if anything major is in the works
  • June 04 2013
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Profile picture for NY Broker
Any time you buy a condo OR a co-op your should get a copy of the last 2 years financials. GL 
  • June 04 2013
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You can contact with condo assosiation and order it as prospective buyer.. It might be not free of charge but normally when you take mortgage lender order it just to make sure what is financial and delinquency factor. With respect
  • June 03 2013
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