Kodi Arfer / Wisterwood

The Adventures of James and the Purchasing of a Co-Op

Topic List
#001 | Jacehan |
I dunno how adventurous it'll be, but, you know, it's something that's happening in my life. I put an offer down on a co-op I saw last week, but, despite the fact that the real estate agent said my chances were very good and intimating (though she couldn't confirm for professional reasons) that my offer was higher than the other one made, the seller took the other offer. My guess is that the other offer was all cash.

I made another offer today, for a place I saw yesterday, that was a little pricey (but still in my price range), however it was huge and beautiful, so there's that.
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#002 | willis5225 |
Damn, good luck dude.
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Willis, it seems like every other time you post, I need to look up a word that's in the OED or Urban Dictionary but not both.
-Mimir
#003 | HeyDude |
What exactly is that?
#004 | Jacehan |
You mean what is a co-op?
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#005 | GMTELigence |
Despite seeing the hyphen and capitalized "O", my brain insisted on reading Co-Op as "coop" instead, and I began to question the practicality of the purchase of a chicken coop given your location. Thankfully, there is no such question.
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#006 | HeyDude |
Yeah, but I suppose I could just Google it.
#007 | LinkPrime1 |
I've got no idea what it is either. My first thought was a college co-op. Me second was a co-op game and I started thinking that Splinter Cell would be a good suggestion.
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Well, there is a new accent of n00b language. It's called: Vet LUEser goes Foreign!-MegaSpy22
Those must be the pants of the gods!-Digitalpython
#008 | Kodiologist | | (edited)
http://en.wikipedia.org/wiki/Housing_cooperative

A co-op is an apartment that's part of a cooperatively owned complex, in which the people who own the individual apartments also collectively own the rest of the building. So it's like a condo, but it's generally considered superior, for reasons that I don't understand.

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#009 | Jacehan |
In a condo, people own the actual land of their apartment, and as such, no one can tell them what to do or not do with it. They usually pay a small fee for the maintenance of common areas, like the laundry room, hallways, garden, etc. (The more stuff a condo building has, the more that cost is.) As such, condos are usually much more expensive than co-ops.

In a co-op, you don't technically buy an apartment, you buy shares in the co-op corporation that owns the building and are "assigned" an apartment proportional to your share. Because everyone owns the building together, the co-op board makes decisions about communal space and also approves any structural changes you wish to make inside your apartment, which can be annoying if you want to change something, but can be great if your neighbor wants to do something terrible. As such, co-ops are less expensive to buy.
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#010 | BUM |
I was thinking it had to do with farms.
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#011 | HeyDude |
Sounds cool.
#012 | Jacehan |
So my offer was accepted! Now I need to get a lawyer, and the contract will be written up. My boyfriend said his cousin is a lawyer that specializes in this type of stuff, so that's good.
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#013 | willis5225 |
Congrats dude. Just cross all your Is dude--make sure it isn't buried on an ancient indian coal tar repository or whatever, because they *will* lie to your face about things like that.

(Though generally only if the lie is "no.")
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Willis, it seems like every other time you post, I need to look up a word that's in the OED or Urban Dictionary but not both.
-Mimir
#014 | Jacehan |
The lawyer suggested I ask for the minutes of the co-op board meetings, to make sure that a) there's no big expenses that could cost me coming up, and b) that they're not insane.
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#015 | Kodiologist |
Just cross all your Is

Coming from you, I guess I have to interpret that as a pun rather than a mistake, although it only partially makes sense.

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#016 | Jacehan |
Now I'm going over the building's financial records and stuff. It feels kinda weird.
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#017 | LinkPrime1 |
That is kinda weird... Kinda like owning a business huh?
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Well, there is a new accent of n00b language. It's called: Vet LUEser goes Foreign!-MegaSpy22
Those must be the pants of the gods!-Digitalpython
#018 | Jacehan |
I mean, that is the idea. I'm deciding if I want to invest in this corporation that owns this building, in exchange for living there, essentially.
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#019 | Jacehan |
So the real estate agent has been e-mailing me asking if I've signed the contract yet, and the seller seemed anxious about it. I told them I never received a contract to sign. They told me to check with my lawyer, which I did, but then today I found out they never sent it out.
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#020 | HeyDude |
Sounds like some goofs!
#021 | Jacehan |
Just got the contract and am reading through it now. Reading it reminds me a lot of reading obtuse math papers, actually, with all the definitions laid out in the beginning and references to other parts. I'm sure the skills transfer.
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"To truly live, one must first be born." ~ Evan [aX]
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#022 | Kodiologist |
The most conspicuous difference in my eyes is that legal writing has all those mysterious redundancies. How would the interpretation of a legal document change, for example, if "including but not limited to" were replaced with just "including"?

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#023 | HeyDude |
Saying "including" can be construed to be all-inconclusive and therefore limited to.
#024 | Kodiologist |
all-inconclusive

Typo of the month.

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#025 | HeyDude |
LOLZ whoa. Yeah that was a good one. My typos for whatever reason tend to be different words altogether.
#026 | willis5225 |
Yeah I mean, "including but not limited to" emphasizes that it is not limited. It's not different, but it's umambiguous.
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Willis, it seems like every other time you post, I need to look up a word that's in the OED or Urban Dictionary but not both.
-Mimir
#027 | Jacehan |
Just signed a contract and wrote the biggest check I've ever written.
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#028 | willis5225 |
Ugh big checks. They are the unnervingest.

So that's good though right?
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Willis, it seems like every other time you post, I need to look up a word that's in the OED or Urban Dictionary but not both.
-Mimir
#029 | Jacehan |
It is. I'm still waiting to see the minutes of the board meeting to make sure they are not crazy, so my lawyer is holding the contract and check until I give him the thumbs up.
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#030 | Jacehan |
The people actually told me that only a lawyer can see the minutes, which would be stupid expensive. Not sure what to do about it now.
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#031 | LinkPrime1 |
Wait...ONLY a lawyer can see the minutes? Sorry, that's incredibly fishy to me...
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Well, there is a new accent of n00b language. It's called: Vet LUEser goes Foreign!-MegaSpy22
Those must be the pants of the gods!-Digitalpython
#032 | willis5225 |
Co-op boards are insane. Also they're run by the sorts of people who would crave the power of being on a co op board.
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Willis, it seems like every other time you post, I need to look up a word that's in the OED or Urban Dictionary but not both.
-Mimir
#033 | Jacehan |
Well, I got the sellers to agree to pay some of the cost for sending my lawyer, and he went and said everything is good. So now I need to get my application ready for the co-op board, and try to get a mortgage.

Assume the sellers signed the contract before they left for Europe for a month....
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"To truly live, one must first be born." ~ Evan [aX]
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#034 | LinkPrime1 |
Geeze...This is getting kinda ridiculous...
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Well, there is a new accent of n00b language. It's called: Vet LUEser goes Foreign!-MegaSpy22
Those must be the pants of the gods!-Digitalpython
#035 | HeyDude |
Willis's post about the kind of people who crave being on a co-op board reminds me of Frasier. Does this make me old?