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  Queries and Answers

Q :  I own a home in a co-op that consists of seven stand-alone units.  The co-op carries a blanket insurance policy that covers each structure, and each shareholder pays accordingly.  Two of the shareholders are now refusing to pay their portion and want to get their own insurance to cover their buildings. Can they do this?

A :  In a co-op, the lease or bylaws generally dictate what is the co-op’s responsibility regarding insurance and what is the shareholder’s responsibility, said Edward J. Mackoul, the president of Mackoul & Associates, an insurance broker in Island Park, N.Y.  Since the co-op is responsible for the structures it owns, he added, the co-op is generally responsible for having insurance for all of its structures. “There are a few problems I foresee,” Mr. Mackoul said. First, the co-op board may not allow it. Also, it may not be possible to find an insurance company to do what the shareholders want. And if they succeed, that risks leaving the co-op without sufficient coverage for all the buildings it owns. Finally, if the shareholders obtain their own coverage, it is possible that if a claim is filed, and the insurer discovers that it is the co-op’s responsibility to insure all its structures, the shareholder’s company may deny coverage.

Q : I want to buy a house, no credit history?

A : You need to save up a little money for a down payment. Get a credit card and use it. Pay it off monthly. It won't take that long to build up good credit, just pay everything on time, every time! You can look on the fannie mae Home path web site. They have deals for buyer’s crediting for closing costs. etc. Give yourself a year, if you have no credit whatsoever. Rent the cheapest place you can for the year and save everything you can. Good luck to you.

Q : What does it mean when you no longer have "vested interest" in a property?

A : vested is the root word in investment you no longer have a monetary interest in owning the property, which is why you sold it. If you did, it would be an investment. You should have signed deed papers for owning your new house, which would be in your name or with a co-signer.