TERMS
Share Loan - comparable to a mortgage for a home, this is how most buyers finance the purchase of an apartmentMaintenance Fee- Monthly HOA fees charged to each apartment to cover taxes and shared operating costsSponsor- the Sponsor is usually the original developer in the buildingBy-Laws- Original documents established by the co-op reflecting rights, rules and restrictionsAmendments- Changes to the original documentsAttorney General Letter- Typically a document required when the Sponsor still owns sharesFinancials- Annual financial statements including a profit and loss as well as balance sheetBudget- Annual Operating Budget is normally provided for each yearMaster Insurance Policy- policy that typically covers the common areas of the buildingHO-6 Policy- Individual apartment covering "Walls-in"Local Law 11- NYC law related to property conditionQuestionnaire- a document normally required by lenders and buyer's attorneysCo-operative- a co-operative form of ownership, that typically is a corporation that owns a multi-family buildingUnderlying Mortgage- The mortgage for the entire corporation. Payments are made through the HOA's maintenance feesBoard Interview- most co-ops require buyers to meet with the board to interview to ensure the buyer meets the co-op's standards