Closings glossary
Co-op lien search
The search performed on a co-op purchase covering UCC filings, judgments, liens and unpaid building charges tied to the shares and to the selling shareholder.
What is a co-op lien search?
Quick Answer
The full definition
The search performed on a co-op purchase covering UCC filings, judgments, liens and unpaid building charges tied to the shares and to the selling shareholder.
Where does co-op lien search come up in a New York City closing?
A Bay Ridge co-op seller still has a UCC-1 on file from a 2011 loan, and it has to be terminated before the buyer's lender will release funds.
What else should you read before closing?
In the glossary
- UCC searchA search of UCC filings for security interests in personal property, run against the seller and, on entity deals, against the entity itself.
- Stock certificate (co-op)The certificate evidencing the shares allocated to a co-op apartment. Shares and the proprietary lease travel together and cannot be sold separatel...
- Proprietary leaseThe occupancy lease a co-op corporation grants a shareholder for a specific unit. It is assigned at closing together with the stock certificate for...
- Judgment lienA lien created by docketing a money judgment against the owner. It reaches real property in the county of docketing and is a routine payoff item at...
- Maintenance (co-op)The monthly charge a co-op levies on each shareholder, covering building operations plus that shareholder's share of real estate taxes and the unde...
Questions this raises
Building types
- Standard co-opThe ordinary New York City cooperative: you buy shares in a corporation and receive a proprietary lease to occupy a specific apartment.
- HDFC co-opAn affordable cooperative formed under Article XI of the Private Housing Finance Law, with income caps on purchasers and usually a restricted resal...
- Sponsor co-op unitAn unsold share allocation still held by the building’s original sponsor, sold under the offering plan rather than through the ordinary board process.
- Mitchell-Lama co-opA limited-equity cooperative in the State and City Mitchell-Lama program, sold from a waiting list at a formula price rather than on the open market.
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