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What's a co-op?

Posted by Jules on August 27, 2001 at 23:38:21:

People are telling me that the money i have, about 50 thousand, should be better spent as a down payment on a co-op, instead of renting an apartment. i'm not too convinced because I plan on getting a 2 bedroom apartment with a friend, making my rent only 900 a month, which means i wouldn't have to dip into my savings for it. I mentioned my savings primarily to see if anyone knew if showing that i have the money would help the landlord overlook my lack of credit.

But anyway, I'm assuming that a co-op is a method of purchasing an apartment, but i get the feeling it entails a little more than that. I mean, if it were like a traditional house mortgage people would jus say that, right? I'm not too concerned about how long I plan to live in the city, becuase ofcourse I could always sublet...

but could anyone explain exactly what a co-op is, how it works, what buying involves, or give me a link to a site that does explain it? I've looked and all i can find is info for a more educated consumer, with info on mortgages, and accountants... I don't even know what a maintenance fee is...


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