Congrats to my buyer for getting this gorgeous unit in Baldwin Hills under contract!
It looks and feels like a condo, but legally and financially it is actually a stock cooperative.
Essentially, when you buy a condo you have a separate tax assessor’s parcel number for your unit, and you just share the common areas.
But in a stock cooperative, you are just buying a stock certificate to a percentage of the overall building, with the right to use your particular unit.
There is only one assessor’s parcel number for the whole building. In this case, the HOA includes the property taxes because it’s paid all together and not by each separate unit.
In both cases, there is a homeowners association to govern the building and finances.
There are not many lenders that will lend on a co-op, but we were able to get in contact with a great one who got us going.
Also, the HOA needs to approve the buyer. So there are definitely some technical differences, but overall you’re able to get in at a much lower price than your typical condo or single-family house!
Co-ops are very, very rare in LA, and a lot more common in places like New York, so they are hard to find.
But this was a great opportunity — and I’m so proud of the buyer for seeing it, getting docs in, jumping on it and making it happen! There was some pretty stiff competition!
Fingers crossed for inspections, and that everything goes well and we get to closing soon for this new adventure!!
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Sammy Lyon
REALTOR®️
DRE #02113227
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