So what’s the difference…
Like houses and condos, most co-op apartments and townhouses are listed for sale by licensed real estate agents and posted on the area’s Multiple Listing Service while some may be offered for sale directly by the owner.
The regional Board of Realtors has available for its Realtor members the appropriate forms for the sale and purchase of co-op units.
What’s the Real difference …
Contract Price Includes Corporate/Blanket Mortgage Allocation!
Please note that in the Washington, D.C. area, the price quoted for a co-op unit is the full price which INCLUDES the allocated portion of any corporate or blanket mortgage financing. Since the contract price of a co-op unit includes the unpaid share of the blanket mortgage allocation, the current balance of the blanket mortgage is included in the total financing permitted by a lender.
Lender’s loan plus allocated blanket mortgage equals total loan amount.
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