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When special documents such as escrow agreements or getting two years of maintenance payments in advance when a buyer has low income need to be drawn by the Co-op's attorney for closing,who pays for these? Are they passed along to buyer or seller?
Thanks ADc, it may be a bit more complex than that. Our building only has right of first refusal to exercise in case of any new buyer. We went back and forth with counsel and came up with this solution which buyer agreed to. So are the legal fees incurred by the Corp (in other words, time we were billed for) also passed along to the buyer?
Well, look it this way!
You did not know how to make an informed decision. You engaged your attorney to clarify or enlighten you. This money is as good as spending money on the Habitat Magazine or going to a conference to learn more about the business.
So, it's the co-op's bill. The drafting of the contract is the buyer, but your decision cost you money and hopefully, someone will record the event for future admissions members. Otherwise, pass the lessons learned like Homer's books.
That's my opinion and how I would handle it!
AdC
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The condition to accept the person is to escrow... the buyer accepts it and pays for the agreement or rejected if is not in agreement.
AdC
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