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Small Co-ops: The Good, the Bad and the Ugly

Steven R. Wagner, a real estate lawyer, counsels prospective buyers in small co-ops to pay attention to the condition of the building and the size of the reserve fund. “I would look to see if the building had been investing in making regular capital repairs,” he said.

“You should also try to get a sense of whether there’s been litigation or objectionable conduct or a lot of infighting,” Mr. Wagner said. “Sometimes that stuff shows up in the minutes of board meetings.”

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