Purchases and Sales of Co-Ops
Experienced Service and Personal Attention in New York City
Purchasing a co-op apartment is different from purchasing a home or other type of real estate property. When you purchase a co-op, you are buying a stock certificate in the corporation that owns the property. You become a shareholder of the corporation and have a lease over the apartment. Like any corporation, co-op buildings are run by an elected board of directors who determines the rules and regulations of the property.
Before the purchase of a co-op, it is important to investigate the corporation to determine if they are financially stable. By hiring an experienced attorney with a background in accounting, you can look into the property before a transaction takes place.
At The Law Offices of Nathan Erlich, we will look over profit and loss statements, asset and balance sheets, find out the financial standing of the co-op and how they spend their money every year. We will look at the board of directors and the resolutions that they pass. You do not want to be surprised with critical information after you have made a binding decision.
Financing for Co-Ops
After making the decision to purchase a co-op, our firm can advise you as to where to secure the financing for the purchase. The financing for a co-op is different than the financing for a home or condominium, where the bank gives you a mortgage over the real estate property. In a co-op, your stock certificate is used as collateral when purchasing the property.
Shareholders in a co-op property can receive a tax deduction for the interest on their mortgage. Also, part of your monthly maintenance fee can be deducted because the maintenance fee may be used to pay the real estate tax and the interest on the underlying mortgage on the building. Nathan Erlich has a background in tax and would be happy to answer any questions that you may have on the subject.
The lawyers at our firm have a background in lending law, which allows us to get through your transaction in an efficient and professional manner. If problems arise with your transaction, we can handle it before it negatively impacts the purchase or sale of the property. The Law Offices of Nathan Erlich can also advise you as to where to obtain insurance for the property, which will protect you from future problems.
Contact us by clicking here or by calling The Law Offices of Nathan Erlich at (877) 518-7581 for our Forest Hills, Manhattan, Long Island, Flushing, Brooklyn and Ridgewood locations. We offer a free initial consultation.
