We’re in contract on a co-op (small building), and the board wants us to pay maintenance upfront. Is this common?
It means the board feels you’re marginal candidates — financially — but wants to let you in because they like you. They could ask for you to put anywhere from three months’ to two years’ worth of maintenance payments into an escrow account.
The board is not trying to be b!tchy, just to protect itself. If you can’t make your maintenance payments, your neighbors have to, and in a small building that can be devastating.
If I were you, I’d certainly go ahead and put the extra maintenance up. The only concern is this: why didn’t your broker see this coming and try to warn you about it?