I always assumed that personal injury cases where pretty straight forward. After being in an accident, any financial losses that you suffered would be reimbursed by the liable party's insurance company. Unfortunately, things only work this way in a perfect world. In the real world, personal injury cases are extremely complex and getting the insurance company to pay a fair settlement requires the expertise of an experienced injury lawyer. Unfortunately, it took me several months to finally seek out the legal assistance I needed. As a result, I waited much longer than necessary to get the compensation I so desperately needed. During this time, I learned more about personal injury law than I ever thought I would. It is my hope that this blog will allow me to share that knowledge with you so that you can avoid making some of the same mistakes that I did.
If you are buying a co-op, it is important that you know what to look for in the contract. Failing to have certain details included in the contract could result in unforeseen problems that could financially hurt you. Here is what you need to know about co-op contracts and what to be on the lookout for.
Depending on your co-op, you might have to seek the approval of a board of directors before you can officially make the purchase. The contract that you are presented for the purchase should outline exactly what you need to do to get the approval you need to complete the sale.
Board approval could be as simple as submitting an application and paying fees related to it. Other requirements could include passing a background check, providing references, and providing documentation proving your financial stability.
Review the contract carefully to determine just how long you have to meet the requirements of the board. If you are unable to meet the deadline outlined in the contract, ask about an extension. If you have hired a real estate attorney, like Madigan & Scott Inc., to help you with the purchase, he or she will most likely take care of all the fine details when it comes to meeting the requirements.
Another major area to look for in your contract concerns any possible defects that the co-op has. It is important that you ensure the contract notes who is responsible for fixing any defects that were found during the home inspection. All of these repairs need to be made by the sale date.
If there is an unwillingness from the seller to make repairs, talk to your real estate attorney. He or she might advise you to walk away from the property or try to negotiate with the seller.
You also need to be sure that the contract you sign includes information detailing any changes made to the property since it was previously purchased and that the changes were approved by the board. If you fail to get this included in the contract, there is a chance that you could end up being responsible for the changes the board requires to bring the property into compliance with its rules.
The most important thing to remember is to never sign a contract without first carefully reviewing it with your real estate attorney. If you do, you could face various problems, including being responsible for repairs.Share