Maintenance in Escrow in a Co-op

Once, that I know of, in my building. The board liked the guy but thought his income was dicey, so had him ante up a year of maintenance.

Makes no sense that I can see. If the board finds such a requirement necessary, why approve the buyer at all?

Yes, it seems to be not too uncommon if your financials or liquid assets are a little iffy from the board's perspective.

Yes, but I think it's a terrible idea (for the Coop). Almost no one ever defaults within the first year, so the point of having the escrow for a year does them little good since if what they are worried about actually occurs, odds are that it will happen after they have returned the escrow. And no one wants to agree to keep one year's mtc in escrow forever. So, if a Coop is that worried about the buyer's financials, they should just reject, and if they aren't that worried, just accept. All the escrow does is piss off a bunch of people and create paperwork and legal fees for all involved.

Just one more coop test of the buyer's BQ (bullshit quotient). How much of the board's crap can you tolerate? It's a great time to walk away or look for a solid older condo where none of this stuff occurs. Just wait until you try to unload this place down the road. You and your buyers will have to do some other wacky dance to appease the board gods, who likely couldn't afford to purchase in the building today.

Yes ... it's a practice I began using about 20 years ago. Makes it easier for buyers with financial
issues to get through. If you're really interested in completing your purchase, it is something you
should jumo at.

I know that 2 years of maintenance has to be held in escrow for a minimum of 2 years is opening ante to get to talk to the Board at a unit on East 57th Street between 1st and 2nd-even if your financials are oustanding.Return is conditional upon escrow agent decision and/or selling porperty. Big headache if you ever want to sell.

Make sure you ask in detail about this before making a bid or signing a sales contract.

P.S Our Seller's Broker lives in the building and will claim she knows nothing about this-make sure you push before putting in an offer or aign a contract