New York Residential Purchase of Cooperative Apartments

A housing or residential cooperative is defined as a legal entity, usually a corporation that owns real estate. The real estate usually consists of one or more residential properties. There are shareholders in the property who are legally allowed to occupy one unit within the building to live there. The agreement for the shareholder to live in the cooperative is known as an occupancy agreement, which is similar to a lease. The most common place for cooperative apartments to be found are in New York City. There are plenty of questions that a prospective buyer should ask the cooperative board of directors prior to a purchase. Those questions include how much the share price is, where the buyer can find financing, if there are any carrying charges from month to month and what monetary reserves are set aside in case of extra operating costs?

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

The owners of a co-op elect a Board of Directors that handle the day to day operations of the co-op regarding building maintenance, common area maintenance, and much more. Most co-op down payments include 15-20 percent of a down payment and the amount is voted on and decided on by the co-op owners and placed into the bylaws of the co-op so that future buyers will know what the purchase price is. A New York Residential Purchase of Cooperative Apartments attorney will be able to help their clients who are preparing to purchase a co-op with the following items:

• Selling Price
• Purchase Price
• Stock Certificate
• Proprietary Lease
• Closing summary
• Commercial Leases
• Bank commitment letter
• Coop Board Requirements
• Commercial Property Land
• Consent and Maintenance Letter

A co-op attorney will also be able to make sure that their client is not getting the raw end of the deal, will be able to answer any and all questions regarding the co-op, and determine how many shares in the co-op they should purchase. Co-ops can be sold at anytime during a person’s ownership and it is just the same as selling a regular apartment complex except that the new owner of the shares must be approved by the Board of Directors.

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