New York Residential Purchase of Condominium Apartments

A condominium is defined as a form of residential housing that contains a various number of living units that can be purchased by an individual to live in. The common areas of a condominium apartment complex include hallways, heating systems, elevators and exterior areas are maintained by the association of owners that represent all of the owners within the complex. Condominiums differ from apartments in the fact that condominiums are usually owned by their tenants instead of apartments being rented by their tenants. Purchasing a condominium is the same as purchasing a single family home except that a condominium comes with association fees that help to operate the community pool, the community tennis courts, the community gym and other common property on the site. Association fees also go towards the security of the condominium complex, the parking situation at the complex, and the storage facilities at the complex.

Are you interested in more information regarding your rights under New York Residential Purchase of Condominium Apartments?  Contact one of the experienced New York Cooperative Law Attorneys with the law office of Weinstein, Chase, Messinger, & Peters today.

Condominiums do not cost as much to purchase as a single family home does so one of the best advantages of purchasing a condominium is that buyers can finance a larger portion of the purchase price but put less money down. Buyers can finance almost up to 90 percent of the purchase price of a condominium. Other advantages of purchasing a condominium apartment include not having to deal with board approval, condo apartments can be freely sublet, and monthly maintenance fees for condos are less than co-ops. The disadvantages of purchasing a condominium apartment includes the following:

• Condos are generally more expensive than comparable co-op apartments.
• Monthly maintenance payments are not tax-deductible.
• There are fewer condos available in the New York City real estate market, which limits options.

A residential property attorney will be able to answer any and all questions regarding the purchase of a condominium apartment, including the writing and signing of the contract for the purchase, the rent, the lending and the selling of a condominium. An attorney will also be able to help the client find the condominium they are looking for, make sure that the buyer is not getting the raw end of a deal, and make sure that they finance their mortgage properly.

Are you interested in more information regarding your rights under New York Residential Purchase of Condominium Apartments?  Contact one of the experienced New York Cooperative Law Attorneys with the law office of Weinstein, Chase, Messinger, & Peters today.