With so much new condo construction happening around New York City, it is easy to be tempted by the up-to-date facilities and top-notch amenities. However, cooperatives also have many benefits for potential homebuyers. Figuring out which works for you requires careful consideration.
At Greenberg & Wilner, our lawyers have completed hundreds of closings for buyers and sellers of residential real estate in Manhattan, Queens, Brooklyn and throughout the New York City area. We can help you think through all of your options and answer all of your questions about whether a condo or co-op purchase will be better for your unique needs.
Understand The Benefits Of Each Choice
In terms of day-to-day life, there is not much difference between co-op and condo living, with the exception being appliances, the building's maintenance and amenities like a gym or pool.
We have more than 50 years of real estate law experience that we are ready to put to use for you. We will get a full accounting of your finances and investigate buildings to protect your interests.
Both condos and co-op buildings are also governed by boards. However, co-op boards play a much larger role in whether you can buy into the building. Condos are financed by a mortgage, while co-ops are not. The choice you make will have a large effect on the taxes and fees that go into your closing costs.
'Condops': Enjoy The Benefits Of Co-Ops And Condos
A "condop" is a type of co-op that operates under condo-like rules. You will still buy shares of the corporation, so your home loans are still not subject to a mortgage tax. The closing costs are also significantly lower.
They are also like condos, however, in that there are no restrictions on transfer, use (including subletting) and financing. Additionally, you can often sell your condop to anyone without the necessity of board approval. However, since condops enjoy the benefits of both co-ops and condos, they typically come with a higher cost.
Talk To Our Lawyers Before Closing
Before making the largest purchase of your life, schedule a consultation with our attorneys at Greenberg & Wilner in Manhattan by calling 212-953-2300. We can shed light on a complex process, giving you the information you need to make the right purchase. Hablamos español.