Assisting You In The Buying And Selling Of Co-ops And Condos
Sale and purchase agreements involving co-op apartments are complicated documents requiring careful review. At Futterman, Sirotkin & Seinfeld, LLP, we have extensive experience with these specialized transactions.
As one of the oldest and largest law firms in Queens, our attorneys offer exceptional legal service and personal attention to clients throughout New York City and Long Island. Over our 60 years of practice, we have helped thousands of clients manage their legal needs. If you are considering selling or buying a co-op apartment, contact one of our knowledgeable lawyers to help you protect your interests and make your transaction a success.
The Requirement Of Due Diligence
In any real estate transaction, it is vital to lay the groundwork necessary to avoid potential problems. Many people waste time and money working on transactions only to have financing concerns, co-op board requirements or title issues derail the processes at the last minute. The depth of our experience allows us to protect our clients from these pitfalls. We know what questions to ask and what to look for to ensure that you are not wasting your time.
Experienced New York Attorneys For Purchasing A Co-op Or Condo
The issues involved in purchasing a co-op apartment are different from other real estate transactions. You will not get a deed to your apartment; you will instead receive a stock certificate, representing the shares of stock in the cooperative corporation that you own allocated to your individual apartment. The cooperative corporation is operated by a board of directors, elected by the shareholders, who have significant power concerning the operation of the corporation.
In addition, the board of directors has the power to decide if a prospective purchaser will be approved to become a shareholder in the corporation. Before buying a co-op apartment, you need the services of a knowledgeable attorney to review the corporate documents, house rules and the most recent corporate financial statements to assess the financial stability of the corporation and advise you properly. Attorney Lynn L. Sirotkin has extensive real estate closing experience.
We also represent co-op apartment sellers. When selling your cooperative apartment, it is vital that you retain the services of an experienced attorney to prepare a contract of sale to protect your interests. You also need to be fully apprised of all closing costs, including transfer taxes, flip taxes and fees, to enable you to determine what your net proceeds will be and help you decide if the transaction is appropriate for you.
The Legal Services We Provide
Our firm can assist you with any issue related to cooperatives, including:
- Maintenance fees and hidden costs
- Offering plan review
- Review of corporate minutes
- Financing concerns
- Flip taxes
- Limitations on the property (pet restrictions, ability to sublet, alteration policies)
- Tax deductibility of maintenance fees
- Insurance issues