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Who's responsible for analyzing condo and co-op building financial statements?

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  • Who's responsible for analyzing condo and co-op building financial statements?

    Hey guys, if this request to your partner buyer's brokers isn't reasonable please let us know. We've emailed them the below. Do you know who is typically responsible for helping home buyers analyze a condo / co-op building's annual financial statements? We want to do this before making an offer so we know what we're getting into.

    Recently we went to see 2 apts and are interested in them. Both seller's agents provided us with financial statements of the buildings. One is for Cannon Point North, 25 Sutton Place South which has a monthly assessment of $586 in addition to regular maintenance fees. The other is Sutton House at 415 E 52th St. Could you please help to verify the financial situations of them by reading the statements (please see the attachments which we've emailed)? We went through them but are still not quite so sure about it. Your partner brokers are the agents and have expert knowledge in the real estate. We appreciate your help.

    Here is one building's financials
    http://hjagmedia1.airpear.net/Buildi...ement_2017.pdf

    Another one is attached in the email we sent.

    Thank you very much!

  • #2
    Great to hear from you! Do you have an attorney yet? Your real estate attorney typically reviews the building’s financial statements and other docs as part of legal and financial due diligence, typically after you have an accepted offer.

    We've copied an excellent real estate lawyer on an email to you who’s a great attorney who specializes in this, in case you don’t already have one. I’m not sure if he’d able to review this as a courtesy without some sort of an engagement, but perhaps he’d be open to a courtesy call with you, or a quick scan. Will let you guys connect. Thank you!

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