There are two ways to approach an option to buy. One would be to negotiate the purchase price now and go to contract with a delayed closing. The other would be to rent for a year with the right of first refusal. Whether you rent or buy, you would still need to be approved by the coop Board, you would have to pay a month's rent, security and real estate fee and you would have to pay the coop application fees--perhaps twice if you purchase later. As far as applying some of the rent toward the purchase, that would be up to the owner. They probably have to pay a mortgage as well as the maintenance of $1200 per month. They may not be in a position to give anything back. So the question is, why would you choose to rent with an option instead of purchasing now?

Keep in mind that when it comes to co-ops and the option to buy--even though the owner may want to sell you the unit, does not necessarily mean you'll qualify Board's financial requirements and be approved; therefore inform yourself well beforehand by investigationg all co-op requirements, building's financial, by-laws, proprietary lease, etc., and do consult with an attorney beforehand. As for the rent payment going towards your purchase price--much will depend on your agreement with the landlord....