A newly constructed condominium or a conversion of a building from a rental apartment building into cooperative ownership or a condominium is handled by an entity called a sponsor (also known as a developer). The sponsor most follow very strict regulations governed by the New York State Attorney General Office when offering apartments for sale.
All sellers have a basic knowledge of what they must do to their apartment or home to make it look more desirable to a purchaser. However, most sellers do not know what things to think of and what documents they should have available when they put their property on the market. Once you have decided
Working out the logistics of a seller moving out of one apartment and into a new apartment can be very sensitive and complicated. If the two closings cannot be handled simultaneously, then the seller will need to move out of the existing property, place his or her belongings in storage and stay in a hotel
The selection of a seasoned, competent and communicative attorney may be the single most important relationship in a real estate transaction. Now more than ever choosing an attorney who is sufficiently competent and whose fee is reasonable and customary is not the only two criteria to select a lawyer. A seller or purchaser should retain
Generally, all purchasers of a cooperative or condominium apartments or a house need to obtain a loan to conclude their purchase. In such cases, to protect the purchaser, the contract should contain a clause called the “finance contingency” clause. This provision stipulates that in the event the purchaser does not obtain a written loan commitment
There is an extraordinary amount of new condominium construction occurring in Manhattan at this time. Many projects are well underway and are currently in the closing stage, while others have not even broken ground. With the shortage of inventory of residential apartments in Manhattan, many purchasers are entering into purchase agreements to buy newly constructed
Before purchasing a condo or co-op apartment, it is imperative that the Purchaser understand the significant differences between the two types of ownership. There are numerous legal and financial differences. A. Cooperatives A co-op is a multi-unit apartment building where each resident has an interest in the entire building, and a lease (or contract or
Anyone who wants to own a cooperative apartment in New York City will most likely need to be interviewed by an admission committee of a co-op. It is a right of passage like a bar/bat mitzvah, a confirmation. The process for each co-op can differ greatly. Some Boards meet prospective buyers only after they have
The concept of combining co-op or condo units into a single dwelling unit has become more prevalent over the last few years due to several factors. In 1997, the NYC Department of Buildings (“DOB”) amended the Building Code to make it significantly less difficult to obtain approval to combine residential apartments.