Condo and co-op closings: what changes for title

Condominiums

You take a deed to a defined unit plus an undivided interest in common elements, so a standard title search and owner's policy apply. Additional review covers the declaration and bylaws, any right of first refusal, and unpaid common charges, which can become a lien.

Cooperatives

A co-op purchase transfers stock and a proprietary lease, not real estate. Traditional title insurance does not apply; instead the search focuses on UCC filings against the shares, the corporation's own liens and the transfer agent's records. Some buyers obtain a co-op leasehold policy where available.

Documents that drive the timeline

• Estoppel or dues certificate confirming current charges and assessments
• Board approval or waiver of right of first refusal
• Insurance certificate meeting lender requirements
• Special assessment history and reserve information
• Recognition agreement, on financed co-op purchases

Where files stall

Board scheduling and management-company turnaround are the usual bottlenecks. Request association documents at contract, not after mortgage commitment.