Here in New York City, most new housing construction will be condominiums, instead of the older cooperatives. While resembling an apartment or a co-op, your condo unit has the status of a distinct and separate real estate parcel and is taxed as such.
At Greenberg & Wilner, our lawyers help buyers and sellers of condos in Manhattan, Brooklyn and throughout the city complete every step of the closing process. Whether it is an existing building or a new building, we can provide diligent representation to help you efficiently complete your transaction.
What You Get When Buying A Condo
Condominiums are financed with a mortgage, similar in many ways to mortgages on single-family homes. Federal income tax deductions for interest and property taxes are allowable for condominium units on the same basis as for privately owned homes.
When you buy a condo, you will receive a deed, which gives you ownership of the unit, as well as a percentage of the common areas of the building, including hallways, the lobby and recreation areas. The percentage of your common interest will determine the amount of monthly common charges you pay for the building's operation and maintenance.
We can explain the differences between condos and co-ops to help you decide which works better for you.
Helping Buyers And Sellers
A thorough review of the typically 300-500 page offering plan by your attorney is critical when purchasing a condominium. It contains specifics of the unit's square footage, floor plans, materials, appliances and the rules that will govern its operation. It will also specify how the condo board will be formed and operate.
With more than 50 years of real estate experience, our lawyers can help with the:
- Review, negotiation and explanation of the contract of sale, including an appropriate rider
- Review of the offering plan, financial statements and/or budget and the minutes of recent board meetings to discover if any problems exist
- Review of the mortgage commitment and correspondence with the lending institution
- Estimate of closing costs, including taxes, government recording fees, title insurance and special costs of the condominium
- Review of the title report, including a review of Building Department records, outstanding violations from the Department of Housing, Preservation and Development, and whether there are any unpaid water or real estate or franchise taxes, judgments, liens, ECBs or municipal violations
- Representation at closing, including an explanation of all real estate and mortgage documents to be signed and preparation of closing statement package, which will include a breakdown of all the funds exchanged and copies of all checks and other closing documents
Call Greenberg & Wilner Today To Learn More
The laws regarding condo purchases in New York are complex, and it can be easy to become frustrated with the purchase process. Let our lawyers provide the peace of mind you need. Call us at 212-953-2300 to schedule your consultation. Hablamos español.