What is Due Diligence in real estate when buying into a Co-op/Condo in NY?
Instead of the usual home inspection that one conducts when purchasing a house, the procedure is different with a Co-op/Condo.
Instead of inspecting the roof and the condition of HVAC, you would be inspecting the specifics of the building.
Your attorney will review the building’s documents, including the financial statements, the board’s meeting minutes, and a book called the offering plan that details all the building’s policies, rules, potential risks, and specifications.
With this information, you'll be able to understand more of what you're buying into. Contact me with any questions and we'd be happy to help.
Sammy Calvo
www.calvolawgroup.com