The first condition is usually no more onerous for co-op buyers than for others.
In general, apartment, condominium, and in some cases, co-op buyers have title insurance, but often it is paid by the homeowners' association.
Slide No. 7: according to real-estate agents, "Named buildings generate increased interest among co-op buyers."
He did not leave SoHo because of disgruntled co-op buyers, as stated in the article, but for quite a different reason.
And if co-op buyers have to run a gantlet before being approved, the biggest challenge in buying a condo has been having enough money.
If there is a profit when a co-op buyer sells an apartment it is split 50-50 with the city.
In buildings already converted it has produced a formidable gap between the housing costs of long-term renters and newly arrived co-op buyers.
"As a result, lenders of loans to co-op buyers are following suit."
Rather than paying for a title search, co-op buyers pay what is known as a U.C.C. fee.
A building's board is the most reliable source, but co-op buyers up for approval can be understandably skittish about raising questions.