There are many types of housing options available to New York City residents. Before you purchase shares in a co-op apartment or buying a condo in New York City, it’s important that you understand your rights and responsibilities as an owner. Condominiums and co-ops are popular housing choices in New York, but the process of purchasing a condo or co-op is a unique experience and can be challenging.
Discuss Your Purchase With an Experienced Attorney
Whether you are a resident purchasing a condo, shares in a co-op, or a co-op or condo board member, working with an experienced attorney can provide you necessary protections. At Woods Lonergan, our real estate attorneys have extensive experience representing buyers, sellers, condo and co-op boards in New York City. We provide exceptional legal representation at every step, from deliberating an offer to closing the deal. Contact Woods Lonergan today to schedule a consultation and learn more about our condo and co-op purchasing services.
New York City Condo Purchase and Sales Attorney
You’ve decided to purchase a condo in New York, and working with an attorney can help you meet your goal while protecting your rights. The attorneys at Woods Lonergan can make a significant difference in the outcome of your condo purchase. We will advise you on the legal process, help you find a broker, and draft the agreement in a way that is desirable to you and protects your interests.
After the purchase and sales agreement is signed, we will represent you and enforce your rights under the agreement. We will provide you with skilled legal representation should any closing or post-closing issues arise. Purchasing a condo is a significant decision and important investment. Working with an experienced attorney will help this process go smoothly. In the event that disputes occur during the purchase process, the attorneys at Woods Lonergan are prepared to help you negotiate the best outcome possible.
Legal Representation for Those Purchasing Co-op Shares in New York City
The process for purchasing a co-op apartment is different in many ways because of the unique co-op ownership structure. Buyers don’t purchase the co-op apartment itself. Rather, when a person purchases shares in a co-op, they’re purchasing stock in the cooperative corporation and acquiring a leasehold interest in the subject apartment.
As a tenant, your rights will be governed by the proprietary lease and other governing documents of the cooperative corporation. Unlike a standard rental of an apartment, you will own shares of stock in the cooperative corporation and will be considered a shareholder-tenant once your purchase is complete.
Becoming a shareholder-tenant can be challenging and confusing. The attorneys at Woods Lonergan can guide you through the process of purchasing shares while explaining your rights and obligations as a future tenant.
Generally, you will have to obtain the consent of the co-op’s board of directors before purchasing stock. We can help you navigate the board application and interview process. When evaluating your offer to purchase shares, we will ensure that the co-op abides by its governing documents and New York Business Corporation Law.
Financing the Purchase of a Condo or Co-op Shares
Financing is often an essential aspect of purchasing a condo or co-op unit. The attorneys at Woods Lonergan frequently assist clients with securing the financing they need to purchase their co-op or condo unit. We also assist clients who want to refinance their underlying mortgage or take out a second mortgage to pay for repairs. Our attorneys will work with you so you understand the terms of the loan as well as your obligations as borrower.
Representing Condo and Co-op Boards in Unit Purchases and Other Transactions
Condominium boards have multiple responsibilities including those owed to unit owners, shareholders, property management companies, service providers, contractors, and more. In addition to fulfilling all of these responsibilities, condo boards must fulfill their duties during the purchasing process. The attorneys at Woods Lonergan have experience with every aspect of managing a co-op or condominium, including the sales process. We regularly manage the following processes for our condominium and co-op clients:
- Lease preparation
- Managing leases for commercial tenants
- Updating house rules
- Acting as transfer agent for purchases and sales
- Representing boards when local New York City or state agencies are parties to disputes
- Representing boards in purchase contract disputes
Representing Co-ops and Condos in Obtaining and Refinancing Mortgages
Many condos and co-ops have mortgages on their buildings that are never fully paid off. In other words, they have balloon mortgages. Condo and co-op boards need to be prepared to refinance mortgages when they become due. At Woods Lonergan, our team regularly works with bankers, accountants, managers, auditors, and other professionals to seamlessly meet the needs of co-ops and condominium boards related to obtaining financing.
If you are pursuing the construction of a new co-op or condo or converting an existing building into a co-op, our attorneys can help you navigate the process smoothly. We are a full-service law firm, and our attorneys have an in-depth understanding of commercial real estate law. Using our experience and knowledge, we can help you smoothly begin the construction or conversion of your co-op building, including obtaining financing.
Reach out to an NYC Condo/Co-op Attorney
The New York City attorneys at Woods Lonergan focus a significant portion of our legal practice on representing condominium and co-op owners and boards. We understand all of the steps in the purchase and sale process. We use our extensive knowledge of New York condo and co-op laws to effectively represent tenants and boards from the offer and acceptance to the closing.
Woods Lonergan is a professional network of accountants, banks, and mortgage companies, and we use our connections to assist our clients in purchasing condos and co-ops. Whether you are interested in purchasing a condo or shares in a co-op, or you are a board member, we are here to help. Contact the New York City commercial real estate attorneys at Woods Lonergan today to schedule an initial consultation.