Seniors: Make Sure You Know What that Contract Says!
Posted Oct 28 2008 9:48pm
Yesterday I told you about Claire, who purchased a unit in a senior cooperative before she quite had all her ducks in a row. On a whim, she went to visit a senior cooperative in St. Louis Park, Minnesota. She fell in love with one of the units and purchased it that day!
She wrote the purchase agreement (actually called a subscription agreement with cooperatives) with the marketing representative that worked for the seller. Claire didn't have anyone representing HER during that process. There was no one there making sure she understood the finer points of the contract to make sure she was comfortable with it. In fact, when I met her, she didn't really even have an understanding of what she had signed! By the time we were done reviewing it, there were about $2,000 worth of fees she hadn't planned on.
Buying a unit in a senior housing community can be overwhelming. Remember that REALTORs do this every day. Find one you trust to be there when you're ready to purchase a condo or cooperative so you have someone at your side looking out for your best interests!