Anyone know anything about converting from a coop to a condo?

Question

A friend of mine is trying to get some info. She lives in a coop in Westchester county in NY and they want to convert it to a condo. I realize the condo will make the value much higher and it will be much easier to sell. They are saying there is no upfront cost but that they would ahve to get all new mortgages and they would include some of the coop's debt. Anybody know anything about this? The voting to change it is next month so she's trying to get all the info fbeforehand but the company doing it is obviously only focusing on the positive stuff.

Update:

To my understanding the debt would be the cost of the common areas split between residents - but i'm not sure.... this is one site i found when i did a web search for info - but they give only positives... http://www.frontenaccondo.com/

CMR2006 · Accepted Answer

Tell your friend that the best thing she can do is consult a real estate attorney on her own for an unbiased opinion.  There are many factors involved.....

A few dollars spent now on a consultation may save her many dollars down the road.

Phoenix, Wise Guru · Answer

I suggest she sit down with a mortgage broker to discuss what the change would cost in terms of her mortgage.  It will certainly cost her closing fees and then a higher payment when the coop debt is figured in.

TimeWastersInc · Answer

NO WAY.. the co-ops debt should NOT be thrust onto the tennants.. if they all stand together and say bullhocky!..the co-op will have to assume its own debts. the co-op sure the H E double hockey sticks don't pay the tennants debts do they?.. say NO to stupidity

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Anyone know anything about converting from a coop to a condo?

3 Answers