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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Title searching a co-op unit... Posted by Ward-CA- on February 26, 2004 at 0:00 AM In Reply to: Co-op research posted by Eddie on February 25, 2004 at 7:29 PM : I have a question regarding co-ops, another words shares that are foreclosed and are being sold. As hard as i tried i can not get any useful information about co-ops that go on auction. The info that i am looking for is very basic, the dept amount, and the kind of an appartment this is - a studio, one bdr, or two. I have looked at the county slerk's office, they sent me to UCC office, and they sent me back to county clerk, what should i do, where should i look? i am located in NY, although i think, the places to look should still be similar to anywhere else in US. i greatly appreciate your help. Thanks in advance. ================ Eddie, I disagree that the sources used to analyze a co-op versus those necessary to analyze real property should be substantially similar. The way a co-op works is that a corporation owns a piece of real estate composed of a residential building and the parcel of land it stands on. The owners of the corporation are a finite number of stockholders. Each stockholder is entitled to the exclusive possessory use of a specific apartment in the building and pays their apportionate share of the costs of operating and maintaining the building. Since a stock certificate is personal property, not real property, it cannot be recorded in the local county recorder’s office, which only records real property interests and the liens thereon. The ownership of particular stock certificates is recorded in the private files of the corporation...which aren’t privy to the nosy public. The sale of a co-op stock certificate to someone else must meet the approval of the board of directors to be valid. A public record of liens against the title of personal property, such as vehicles, etc., is done via a filing in conformance with the dictates of the Uniform Commercial Code (UCC), that is usually found in the capital of the state in question. Most regular mortgagees are not too excited about lending money for the purchase of such a restricted stock certificate that is subject to the control of its alienation by a private board of directors. The upshot is that most sales or transfers of co-op shares are done for all cash since there’s rarely any lender available to provide conventional financing. Follow Ups: hoodia Harry Juna 0:02 AM, 02/04/05 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I have a question regarding co-ops, another words shares that are foreclosed and are being sold. As hard as i tried i can not get any useful information about co-ops that go on auction. The info that i am looking for is very basic, the dept amount, and the kind of an appartment this is - a studio, one bdr, or two. I have looked at the county slerk's office, they sent me to UCC office, and they sent me back to county clerk, what should i do, where should i look? i am located in NY, although i think, the places to look should still be similar to anywhere else in US. i greatly appreciate your help. Thanks in advance. : ================ : Eddie, : I disagree that the sources used to analyze a co-op versus those necessary to analyze real property should be substantially similar. : The way a co-op works is that a corporation owns a piece of real estate composed of a residential building and the parcel of land it stands on. The owners of the corporation are a finite number of stockholders. Each stockholder is entitled to the exclusive possessory use of a specific apartment in the building and pays their apportionate share of the costs of operating and maintaining the building. : Since a stock certificate is personal property, not real property, it cannot be recorded in the local county recorder’s office, which only records real property interests and the liens thereon. : The ownership of particular stock certificates is recorded in the private files of the corporation...which aren’t privy to the nosy public. The sale of a co-op stock certificate to someone else must meet the approval of the board of directors to be valid. : A public record of liens against the title of personal property, such as vehicles, etc., is done via a filing in conformance with the dictates of the Uniform Commercial Code (UCC), that is usually found in the capital of the state in question. : Most regular mortgagees are not too excited about lending money for the purchase of such a restricted stock certificate that is subject to the control of its alienation by a private board of directors. : The upshot is that most sales or transfers of co-op shares are done for all cash since there’s rarely any lender available to provide conventional financing. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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