Legal Question in Wills and Trusts in Pennsylvania

A co-op is not real estate / real property. It consists of shares in a corporation that owns the property and a "proprietary" lease that goes along with the shares, permitting the unit owner to live in the apartment unit. In PA, you cannot get financing [mortgage] for the purchase of a co-op interest, because there is no PA law that makes a co-op interest equivalent to real property, and mortgages can only attach to real property.

A home, whether single family or multi-family, or any kind of building on land, and a condo unit, are real estate or real property, and therefore can be mortgaged for financing.

You really should have a lawyer advise you before you sign the contract and to assist you in the purchase. PA, unlike NJ, does not have an attorney review period that would allow you to cancel the agreement after it has been signed. So don't sign a PA contract without a lawyer looking at it first and advising you of its meaning and how it does or does not state what your understanding is.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

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