Condominium Transaction Attorneys in New York
Our Westchester real estate lawyers will guide you through the process of buying or selling a condo in the New York area
The Law Office of Ball and Ferrari PC represents buyers and sellers in the purchase and sale of condominiums. We understand the needs and concerns of our clients and will protect your interests throughout the transaction.
We derive a great deal of satisfaction insuring our clients are making well informed decisions as they buy or sell a condo unit, whether it be their home or investment property.
A condominium unit has its own property tax bill(s) and an owner can purchase or finance a condo unit with a mortgage. Additionally, there are common charges which are paid monthly to a homeowner’s association for the maintenance of common areas and shared facilities, which are proportionately owned with other individual owners.
Buying a condo is much like buying a house. Unlike a cooperative, where the ownership interest is actually stock in a corporation that owns the building, a condominium, like a single family home, has its own deed and its own tax bill. The deed is proof of ownership of the unit, as well as a percentage of the common areas of the building, including walkways, driveways, access roads recreation areas. The percentage of your common interest will determine the amount of monthly common charges you pay for the condominium’s operation and maintenance.
Every condominium has an Offering Plan, also called a Prospectus, which has been filed with the New York State Attorney General’s office. The Offering Plan, which is bound like a soft covered book running hundreds of pages, among other things, defines the unit’s description and the individual owner’s responsibilities for maintenance and repair. A careful review of the Offering Plan is essential in order to understand exactly what is being purchased or sold.
Condominium Associations typically require a much less invasive application from a Purchaser than a Cooperative.
We at Ball and Ferrari PC will assist our clients with:
Review, negotiation and explanation of the contract of sale
Review of the Offering Plan, financial statements and/or budget
On a purchase, we will review of the mortgage commitment and coordinate with the lending institution
At contract signing we will provide an estimate of closing costs, including taxes, government recording fees, title insurance and charges associated with the condominium
Review of the title report, including a review of the municipal report of governmental department records, which may include outstanding violations as well as whether there are any unpaid water or real estate or other taxes, judgments, or liens affecting the unit.
Representation at closing, including an explanation of all real estate and mortgage documents to be signed and preparation of closing statement package, which is provided on a flash drive after closing, which includes a breakdown of all the funds exchanged and copies of all checks and other closing documents.