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Joanna
LIF Infant
Member since 3/07 99 total posts
Name:
Joanna
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New to Buying a Coop
Hello everyone. I have been browsing this board for sometime and finally joined LIFamilies. My husband and I are looking to buy a two bedroom coop in Great Neck Terrace. Should I find a lawyer before we put in an offer? Where does one find a lawyer for a coop? This entire process is very scary and I feel there is noone representing my husband and I. Any advice or thoughts would be much appreciated. Thanks!!!
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Posted 3/7/07 1:11 PM  |
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Prudential Douglas Elliman Real Estate
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: New to Buying a Coop
You don't need an attorney to submit an offer. If you want to make an offer and you are working with a RE agent, you submit the offer through that agent. Otherwise, call the the listing agent with your offer. Once you have an accepted offer, you can get an attorney involved. You need the attorney when it comes time to negotiate the contract.
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| Posted 3/7/07 1:26 PM |
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KvsGrl
Round 2!!
Member since 1/07 1202 total posts
Name:
Samantha
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Re: New to Buying a Coop
Hi and Welcome!
DH and I are currently in the process of buying a co-op, and it is scary! You do not need an attorney to make an offer. Once you find the perfect home, make an offer through your REA or listing agent. Once the offer is accepted, you must contact an attorney to negotiate the contract. You will also need a bank or mortgage broker to assist you with the mortgage. Most co-op boards require that you submit the committment letter with the application. Then you will work with the REA to prepare the co-op board package.
Let me know if you have any questions. Happy house hunting!!
 
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| Posted 3/7/07 1:33 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: New to Buying a Coop
Welcome!
You don't need an attorney to make an offer but it is good to know who you want to use as your attorney so that when your offer is accepted it makes the contract signing process go very smoothly because once your offer is accepted the broker will forward your attorney's information to the seller's attorney and the seller's attorney can get the contracts out quickly--otherwise they have to wait until you find an attorney to send out the contracts. Also it makes you feel comfortable with who you choose as an attorney verses rushing into the decision because you want to sign the contracts quickly. I reccommend looking for an attorney while looking for co-ops, if not before.
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| Posted 3/7/07 1:45 PM |
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Joanna
LIF Infant
Member since 3/07 99 total posts
Name:
Joanna
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Re: New to Buying a Coop
Thank you! We made our first offer on a place on Sunday which was quickly rejected. We weren't sure if we needed a lawyer to help us with the price negotiations since the real estate agent represents the seller. Good to know that we're on the right track...
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| Posted 3/7/07 1:47 PM |
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Joanna
LIF Infant
Member since 3/07 99 total posts
Name:
Joanna
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Re: New to Buying a Coop
Posted by csorisi
Welcome!
You don't need an attorney to make an offer but it is good to know who you want to use as your attorney so that when your offer is accepted it makes the contract signing process go very smoothly because once your offer is accepted the broker will forward your attorney's information to the seller's attorney and the seller's attorney can get the contracts out quickly--otherwise they have to wait until you find an attorney to send out the contracts. Also it makes you feel comfortable with who you choose as an attorney verses rushing into the decision because you want to sign the contracts quickly. I reccommend looking for an attorney while looking for co-ops, if not before.
Where do you begin looking for a RE lawyer for a coop?? And what kind of questions should I be asking once I find a few?
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| Posted 3/7/07 1:48 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: New to Buying a Coop
Posted by Joanna
Posted by csorisi
Welcome!
You don't need an attorney to make an offer but it is good to know who you want to use as your attorney so that when your offer is accepted it makes the contract signing process go very smoothly because once your offer is accepted the broker will forward your attorney's information to the seller's attorney and the seller's attorney can get the contracts out quickly--otherwise they have to wait until you find an attorney to send out the contracts. Also it makes you feel comfortable with who you choose as an attorney verses rushing into the decision because you want to sign the contracts quickly. I reccommend looking for an attorney while looking for co-ops, if not before.
Where do you begin looking for a RE lawyer for a coop?? And what kind of questions should I be asking once I find a few?
you have FM
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| Posted 3/7/07 2:16 PM |
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