| When Your Co-op Goes Condo
Your Overall Wealth Increases |
1. Unleash the equity “trapped” in your Co-op
unit.
2. Increase the dollar value of your unit by as much as 300%.
3. Make your unit more attractive and valuable to potential
buyers.
4. Take advantage of historically low mortgage rates to reduce
your monthly housing costs.
5. Increase your ability to borrow against the equity in your
home |
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| NO RISK PROGRAM |
1. NO up front conversion fees.
2. NO payment to ROA Hutton until
the conversion is complete.
3. NO obligation or cost to the cooperative corporation
or the shareholders during the conversion process. |
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No Out of Pocket Fee
for the Conversion |
Per unit fee paid only at successful
conversion of each unit. No up front fees, expenses of risk, no obligation
or cost to co-op or shareholders during conversion process. Conversion fee
is based on your unit size and is only a fraction of the increase in unit
value and equity immediately achieved as a result of the conversion.
Conversion fees and closing costs are almost always wrapped into your
new combined loan (your proportionate share of the underlying mortgage on
the building and your own share loan). Condominium fees are used
to fund the amounts needed to maintain and support the condominium project
as a whole. Generally there is little or no difference in the operating
expense of the building, when comparing a cooperative to a condominium,
with the exception of real estate taxes.
In a cooperative, real estate taxes are paid by the cooperative out
of assessments made against the shareholders. In a condominium, the
association pays no real estate taxes and each owner receives an
individual real estate tax bill. The maintenance of common elements,
insurance and reserve funding is generally identical between the two
forms of ownership. |
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