Author Topic: Co-Op Inspection?  (Read 4143 times)

Offline adam765

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Co-Op Inspection?
« on: February 03, 2010, 02:06:04 PM »
I'm looking to buy a co-op in the Jackson Heights historic district, and my real estate attorney advised me against getting an inspection. His reasoning for this is that in a Co-Op the major parts of the building (like the roof, plumbing, electricity, gas) are all under the corporations responsibility and not the individual unit owners... So, presumably an inspection of the unit would not tell you much.

Does this make sense? Would you recommend passing on an inspection? It seems to me that since you're buying into a building the integrity of the utilities and structure of the building should be known. After all, even though it's the corporation's responsibility, as part owner of the corporation, part of the cost would fall on you. However, he also said that the seller and/or corporation don't have to disclose this information (at least not readily) and that we should just ask around, talk to the super, etc.  Seems odd to me, but this is my first time buying a Co-Op, so I don't know...

Thanks.
Adam.

Offline whoever

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Re: Co-Op Inspection?
« Reply #1 on: February 03, 2010, 03:11:00 PM »
Your attorney is right.  There's not much you can inspect besides walking around with common sense.

Offline Shelby2

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Offline adam765

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Re: Co-Op Inspection?
« Reply #3 on: February 03, 2010, 03:48:18 PM »
thanks so much for the replies and NYT link.  it definitely helps put my mind at ease.

Offline Marlene

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Re: Co-Op Inspection?
« Reply #4 on: February 03, 2010, 08:48:19 PM »
Hi,

I wonder what your broker or agent has to say about this process.  If the unit is being sold by owner, what is their position.

I'm not sure that the explanation that your attorney is giving you makes any sense, but I was not part of the conversation.

As far as your thoughts on the matter, I agree with you as a buyer.

Get your unit and the building inspected.  Whatever the findings are from the inspector will have an impact on any future assessments and/or maintenance increases.  

You can then make a sound decision upon the findings as to whether or not you are moving forward with the purchase.  Whatever work must be done in the unit, i.e., electrical upgrade, plumbing, etc, whether immediate or within the next few years, will affect you financially. Whatever work must be done in the building, whether immediate or within the next few years, will affect you financially too.

It is part of the due diligence process for all buyer's (at least the ones that I have had) to do an inspection and all the co-ops, where I have sold in Jackson Heights, have not had a problem with the inspection.  The super will usually accompany you to the boiler room and the roof due to liability issues.

An inspector will offer you a check list of what he/she will look for in the unit and in the building.  Once the inspection is completed, a full inspection report will be given to you.

Lot's of information has been offered, but ultimately you will be stuck with the bills.

Good luck!

Best,   :smiley6600:

« Last Edit: February 03, 2010, 08:53:59 PM by Marlene »

Offline yqc7487

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Re: Co-Op Inspection?
« Reply #5 on: February 04, 2010, 04:40:33 PM »
I encountered the same situation 2 months ago before I signed the contract.
In the end, we got a really good inspector to check out the apartment for us.
I definitely think it was worth the money, especially fro the first time home buyers.

Best luck!

Offline adam765

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Re: Co-Op Inspection?
« Reply #6 on: February 04, 2010, 04:46:51 PM »
Yes, I think we've pretty much set our minds to getting an inspection - if for nothing else than peace of mind.  Any recommendations on a good inspector?

Offline carrefour_ny

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Re: Co-Op Inspection?
« Reply #7 on: February 04, 2010, 09:52:45 PM »
I'm totally with Marlene on that. Definitely get everything inspected on the building and in the apartment, even repair or capital improvement work they may have done recently. I don't have a number for an inspector but my coop had an architect and a contractor/structural engineer to do an evaluation of our building a couple of years ago and to prepare a capital improvement plan, I'll be happy to pass on their contact info if you want.

Good luck!

Offline v70cat

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Re: Co-Op Inspection?
« Reply #8 on: February 07, 2010, 10:36:38 AM »
The level of maintenance does vary building to building.

For example some of the Hampton Court Building have old windows with pain peeling.  Changing windows is expensive and time consuming (in the Landmarks District).
Another things to consider is the condition of the heating plant, elevator (for buildings that have them) and roof.

Jackson Heights Life

Re: Co-Op Inspection?
« Reply #8 on: February 07, 2010, 10:36:38 AM »