If you have decided to buy a co-op then you need to understand that you need to have the right people involved in the process. You might be under the impression that because you are not buying a large house in the suburbs that you don't need to have lots of people assisting. That's simply a bad idea. There are all sorts of issues that need to be addressed by people who have an expertise in the area. So, before you go out and spend a lot of money and get yourself into a sticky situation, here is some information that can help you situate yourself better. The three people listed below are absolutely vital for the co-op buying process:
You need to get a buyer's agent. If you don't have a buyers agent, then you are going to be walking in blind without proper guidance. You are going to be dealing with the seller's agent and they won't be able to negotiate the price effectively. A buyer;s agent is someone who will work for you and will be able to help you not only negotiate the price, but also find the place. In many real estate environments, you are going to have a hard time finding a unit without someone who has expert knowledge of the scene. Many times ads will be up too long, and the units won't be for sale (they will already be in a contract). A good buyer's agent will let you find the unit ahead of the advertising.
You also need to prepare for when it comes time to purchase the unit. You are going to want to insure it. You might have only rented before, and not have dealt with insurance issues. But make no mistake, you need to insure your property against liability, as well as damage. Liability is a big issue. You don't want someone coming into your co-op unit and getting hurt and suing you.
Real Estate Lawyer
Finally, you need to have a real estate lawyer. This person will be responsible for making sure the contract is airtight and nothing will get past that will make your life bothersome later on. This is absolutely important when you are dealing with large sums of money. They will also do important things such as lein searches and deal with title transfers. Often times they will escrow the down payments as well, so it's important to find a real estate lawyer who is knowledgeable and experienced.
Contact a lawyer like Curtis Alexander McCampbell, PC for more information and assistance.