Ca someone help me with the ins and outs of buying a co-op?

We found a beautiful co-op but don't know what is really next? Also, what are the perks? Tax deductions, etc? Thanks!

Re: Ca someone help me with the ins and outs of buying a co-op?

No problem. I am actually on my co-op board. What questions do you have?

Re: Ca someone help me with the ins and outs of buying a co-op?

What is tax deductable?
When they ask for 10% down, does the owner get that or the co-op board?
What does the board look for?

Re: Ca someone help me with the ins and outs of buying a co-op?

Your mortage interest is tax deductable, as well as any interest on the co-ops mortage (inclded in your maintenance). Also any property taxes in your maintenance. For me it comes out to be about 1/3 of the maintenance.

The 10% you put down goes to the owner,, the only reaoson the co-op enforces a limit is to make sure the people buying can afford it and if they default there will be some equity.

As far as what the co-op looks for basically, they will do a credit check to make sure you can afford your payments, make sure you havent had any legal trouble in previous residences and that you understand the co-op's rules. Nothing crazy!

Good luck and let me know if there is anything else you need.