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What if you make an offer on a NYC coop, your offer is accepted, and you get to the stage where you have to be interviewed by the coop board and be "accepted by the coop board"...
And what if the coop board members seem SO crazy at the interview that you realize, "I don't really want to live in a coop run by these people!"
You should hire a competent lawyer with Co-Op experience. Before handing over a deposit make sure to list in the contract the reasons you would be entitled to receive your deposit back. Make sure you investigate the seller's lawyer who you will be setting up an escrow account for the deposit. A competent successful lawyer isn't going to risk his career in trying to steal your deposit. The deposit is normally 10% of the purchasing price.
I have also heard the advice to say or act crazy yourself (if you realize during the board interview you don't want to live there) and that way you simply won't pass the board interview and won't be sold the apartment.
I had an incident on my board-interview evening, actually just before the meeting while I was being entertained in a board member's apartment when the board member's husband let something slip about the mental health of the person I'd be living directly above. I had a very bad sinking feeling when he told me this information and if I were a better actor, I might have tried to blow the board interview because I didn't want to live above a crazy person who was going to bang on her ceiling/my floor all the time.
I ended up moving in and the crazy person moved out after two years or so, but it was not the best two years of my life, and if I had to do it over again, I might not have purchased the apartment.
How about honesty? If you think the board are a bunch of crazy a**holes, just say "You people are a bunch of crazy a**holes."
That should do the trick nicely.
How about honesty? If you think the board are a bunch of crazy a**holes, just say "You people are a bunch of crazy a**holes."
That should do the trick nicely.
I wouldn't want to spend a lot of time in court trying to get my security deposit back. Like any divorce you keep it respectful, so you don't end up handing over all your assets to the lawyers who will bill you outrageous amount of money.
What if you make an offer on a NYC coop, your offer is accepted, and you get to the stage where you have to be interviewed by the coop board and be "accepted by the coop board"...
And what if the coop board members seem SO crazy at the interview that you realize, "I don't really want to live in a coop run by these people!"
Can YOU then rescind your offer?
Don't worry---we had a pretty easygoing meeting and there are still crazy people in the coop who try to run everything off of the rails. They even make their own newsletter.
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