Purchases and Sales of Condominiums
Dedicated Attorneys and Skilled Representation in Forest Hills, Queens
During the purchase or sale of a condominium in New York City, there are many important aspects to consider and many important decisions to make. As with any real estate transaction, the purchase of a condominium is likely to have lasting implications on you and your financial security. By hiring an experienced real estate attorney, you can protect yourself during your transaction and make sure that you are happy with your decision now, and in the future.
The purchase of a condominium is unique in that a condominium has similarities and differences with the purchase of a co-op or a home. With a condominium, you are purchasing a piece of real estate, unlike a co-op, where you are purchasing a stock certificate in the corporation that owns the property. Condominium associations do, however, have a board of directors that makes decisions regarding rules and regulations of the association, as well as financial decisions of the company.
At The Law Offices of Nathan Erlich, we understand the real estate practices and laws that govern condominium boards and their finances. We will investigate the condominium association to make sure that they are financially stable and that they make decisions in the best interests of the condo owners. We understand profit and loss statements, financial statements, and asset and liability statements and how they can impact your ownership.
Protect Against Future Problems
Prior to making a purchase of a condominium unit, it is important for your lawyer to find out important information that may cause problems in the future. This includes the amount of monthly common charges on your unit, whether any major repairs are planned by the board of directors, whether there are adequate reserves for the repair or replacement of major elements of your condominium, and whether the obligations and restrictions in the condominium rules fit your needs.
It is also important to obtain a title insurance policy when making a purchase of a condominium to insure that you receive a good title to your condominium unit. Our firm can help you to understand your rights and responsibilities as the owner of a condominium and will make sure that your agreement provides necessary legal protection.
The Law Offices of Nathan Erlich can help make your purchase or sale of a condominium successful by giving you the representation and advice that you need. Our firm can also handle disputes over condominium property in addition to purchase and sale agreements.
Contact us by clicking here or by calling The Law Offices of Nathan Erlich at (877) 518-7581 for our Forest Hills, Long Island, Brooklyn and Ridgewood locations. We offer a free initial consultation.