Does any one here know about coop?

Hello all,

I am about to buy a coo apartment, but when I read the coop questionnaire from the bank and I found out that the proprietary lease expiration is: 2087. What does this mean? Is that mean the year 2087 I will lose my coop. Thanks in advance.

Re: Does any one here know about coop?

There is no "lease". What you are doing is purchasing shares in a corporation. In exchange for these shares, you are provided with the apartment. The "expiration" is the end of the co-op's agreement with the corporation. However, these are resigned, etc. There just has to be an "out" clause for both parties (the cooperative and the corporation).

But, basically, 2087 is 81 years from now. Even if one of the parties opts out, it's not very likely you're going to be there to care about it