Similar to the Condominium Escrow process, instead of owning a physical real estate property, the Co-Op Buyer instead buys part of the Company that owns the property. Think of it like buying shares where they will be receiving monthly income or dividends after some time. Once the Buyer has made the purchase, they can then decide to rent out their unit to other people or live there. This is commonly what happens next, since you will be earning both from the shares that you have bought from the Company, and the leased section that you own. This is one way to make some extra income for those who do not have the money to buy the whole unit. For as long as you own a part of the Company, then the part that you have bought is yours.

However, the moment you decide to sell your shares, then you are no longer the owner, someone else takes over. Most companies have restrictions on how you can use the part that belongs to you. This is to avoid any damages to the property or any inconveniences to the other owners. For example, one of the most common restrictions is that you cannot buy part of such companies with a loan. This is to avoid collections by the bank in the event that you are not able to pay the loan. However, there are certain types of loans that they could allow you to take when making the purchase; you just have to get the information from the company in question. Most companies require that you pay up to 6 months of the amount that will be used for maintenance services just to prove that you are serious about the investment.

Professional Co-Ops Escrow Services

At Parkfield Escrow, we are available to help guide you throughout the entire Co-Ops Escrow process, and provide a smooth transaction as fast as possible. Our friendly, professional escrow agents will work with you, seven days a week.

To Get Help With Your Co-Ops Escrow, Contact Parkfield Escrow Today at (909) 256-2561