Contracts Made Easy
New York Times
The most important clauses to examine— before you sign. So you finally nabbed an apartment in today’s super-tight market — unfortunately, it’s not time to bust out the bubbly just yet.
In the News
Contracts are Hard to Break
New York Times
If there is one thing a real estate lawyer dreads, it is hearing a client under contract to buy or sell a house or apartment utter the words: “I’ve changed my mind. Get me out of this deal.”
Consider a Building’s Fiscal Health
The Cooperator
One of the most important issues in deciding if a cooperative or condominium apartment is a wise investment is the financial status of the building itself.
A Condo Increases Fees for Moving
The New York Times
Q: My building is a condominium and the board recently increased the move-in, move-out fees from $400 to $1900, regardless of the term of the lease or the size of the apartment. Are there any laws or regulations that restrict the amount of money a building can charge for move-in and move-out fees?
Combining Units
The Cooperator
Several years ago, many co-op and condo owners who wanted to trade up to larger apartments were only able to sell their homes at a significant loss due to the downturn of the real estate market. Rather than suffer this substantial loss, some folks decided to stay put and purchase the adjoining apartment.
Cigarettes Landing on a Terrace
The New York Times
Q: I recently purchased a 24th-floor condominium with an open terrace in a 40-story high rice. Since moving in, I have been subjected to cigarettes, including unextinguished ones, matches, pot-smoking paraphernalia and other garbage being dropper from a higher floor onto a terrace.
Carpeting in a Condo
The New York Times
Q: Our condominium rules stipulate that 75 percent of flooring must be covered with carpeting. What recourse does a board have if a unit owner refuses to comply?
Buying and Selling in Bed Bug City
New York Times
The elegant two-bedroom co-op in an Upper East Side prewar building had drifted on the market for nine months by the time the first-time buyers laid eyes on it this spring. The fell hard for its original detail, convenient location and friendly price.
Brace Yourselves: A new co-op contract is introduced
The Cooperator
In April 2001, the committee of Condominiums and Cooperatives of the Real Property Section of the New York State Bar Association, the Association of the Bar of the City of New York, and the New York County Lawyers Association approved a new form of contract of sale for co-op apartments. The new contract contains many improvements and significant modifications to its predecessor, which was approved in August 1999 and is starting to be used more and more in New York.
Board’s Powers in a Co-op
New York Times
Q: Recently, the board of our building decided to close our community roof deck. One member of the 6-person board said he inspected the deck and thought it was unsafe. I understand that the board would have to take immediate steps if a true hazard exists, but there has not been any discussion of repairs.