notes about condos and co-ops for NYS Real Estate exam
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Cooperative
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a dwelling unit owned by a corporation in which an owner owns stock commensurate w/ the value of his/her apartment compared to the value of the building as a whole
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Contract of Sale
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buyer, seller, purchase price, financing requirements, subject to approval
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Offering Plan
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key info required to be disclosed
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Black Book
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outlines the terms of the original Co-Op offering and amendments update along w/ rules of the building
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By-Laws
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details of internal operations of co-op
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Proprietary Lease
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AKA Occupancy Agreement; includes obligations & maintenance
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House Rules
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defines the day to day operations of the Co-op
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board minutes
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written records of what occurs at the board meetings
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financial statement
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What does a cooperative owner receive at the closing?
stock certificate; proprietary lease
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What is referred to the spaces in a building shared by the residents?
common elements
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What are the operating costs paid by?
maintenance
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Is a cooperative considered personal property?
yes
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When is a UCC-1 filed to give notice of a loan as opposed to a mortgage?
for a cooperative
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