A condominium building is real property that is divided into dwelling units and common elements. Each unit has its own deed and is individually purchased and owned, while the common facilities — such as hallways, basement, elevators, lobby and exterior areas — are jointly owned by everyone. Each unit owner has a percentage of ownership in the common elements and pays common charges based on his or her percentage of ownership, as well as taxes on the individual units.
Condominium Contracts Attorneys
Buying a condo is a substantial investment, and condominiums are very unique pieces of real estate. Before taking the first step toward buying a condo, speak to an experienced attorney. At Pearlman, Apat, Futterman, Sirotkin & Seinfeld, LLP, we protect our clients' interests as they buy and sell many types of real estate, including condos. We work closely with clients to make sure they have the information they need to make the best decisions when purchasing condominiums.
Condominium contracts are often very detailed. One of our knowledgeable attorneys can protect you by reviewing your contract and assisting you in these additional areas:
- Reviewing the condominium's financials
- Reviewing and negotiating the contract of sale
- Ordering and reviewing a title search to ensure clear title on the unit
- Reviewing loan commitment and the costs associated with the purchase, including costs associated with the loan
- Submitting the application to the board of managers
- Attending the closing and preparing closing statement
As a condo owner, you agree to abide by the bylaws, the rules and the regulations adopted by the board of managers. Our attorneys can also help you interpret and understand these rules prior to the purchase.
Our firm dates to the 1950s and, since then, we have resolved legal challenges for thousands of clients in Queens and throughout New York. To discuss purchasing a condominium unit with an experienced lawyer at our firm, call 866-679-2513 or 718-577-2573 or complete our online form.
