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Reserves, assessments, rules and meeting minutes: what to check before you fall for a building.
With a condo you own your unit outright and share ownership of common areas. With a co-op you own shares in a corporation that holds the building, and you receive a proprietary lease. Boards may approve or decline co-op buyers, which is why presentation and preparation matter.
Ask for the budget, the reserve study, recent meeting minutes, the rules and the history of special assessments. Together they tell you how well the building is run and whether surprises are coming.
Association fees, and in a co-op the underlying mortgage share, sit on top of your own payment. Lenders include them when calculating how much you can borrow, so a low-priced unit with high fees can cost more than it appears.
Talk to a neighbor in the elevator. Ask your agent how long the board approval process typically takes and which documents it requires. A good agent will have helped buyers through this building before.
A one-time charge to owners for a major repair or shortfall, beyond regular fees. Ask whether any are planned or recent.
The application is more involved, with financial disclosures and sometimes an interview. A prepared buyer and an experienced agent make it manageable.