In New York City a buyer backed out of a deal to purchase a co-op located in the Upper East Side. Was the deal tossed due to the place being infested with a gang of vicious rats? No it was not. The deal was tossed due to tiny little insects known as bed bugs.
The prospective buyer got out of the deal after discovering in the co-op minutes that the building had several bed bug extermination treatments. Apparently, New York City has bed bug rules for rental buildings but not for co-ops. The board of the co-op can decide if they want to take action against bed bugs and what type of action.
There is no guarantee that all the information about bed bugs will be in the co-op minutes but buyers should take the time and read them. They should also bluntly ask the board members if the building has ever had bed bugs or bed bug complaints by co-op owners. Getting a bed bug detection dog to check out the residence might also be a good idea.