Condominiums are best suited for individuals who prefer the ownership aspect of a single-family home, but whose needs are better suited to apartment living. Condominium units are steadily becoming the ideal choice in residential property for single individuals, young couples, and small families mainly because: they are typically less expensive than single-family homes (HOA fees notwithstanding), they are located in metropolitan areas providing easy accessibility to regularly frequented establishments like grocery stores, banks, and schools, and they provide a wide variety of exclusive amenities such as parking lots, gyms, recreational spaces, and round-the-clock security.
Buying or selling a condominium unit in New York City can be a complex process that requires careful consideration of legal requirements; this is why choosing the right attorney is imperative. The real estate attorneys at Zimmet Law Group have helped countless clients successfully navigate the purchase or sale of their condominium units. If you are considering the purchase or sale of your condominium unit, here are some key areas in which the attorneys of Zimmet Law Group can assist you:
Condo Purchase
The Due Diligence Review
Before you sign the contract, you will need to perform a thorough review of the condo documents, which helps you understand the financial health and daily operation of the condominium building. These documents (e.g. condo offering plans, financial statement, board meeting minutes, etc.) set out the rules and regulations of the condo association, including restrictions on the use of common areas, parking spaces, and other amenities. It is important to read these documents carefully and understand your rights and responsibilities as a condo owner.
The Condo Waiver of the Right of First Refusal
Obtaining the waiver of the right of first refusal is one of the prerequisites before closing a transaction. This process can be lengthy and complex, as the board will want to review your financial history, credit score, and other personal information to ensure that you are a qualified candidate for ownership. It is important to work closely with a qualified real estate broker who can guide you through this process and help ensure that your application is complete and accurate.
Financing Your Condo Purchase
Financing a condo purchase in New York City can be challenging, as lenders often have strict requirements for condo loans. For example, many lenders require that the condo building be at least 50% owner-occupied and may also require that the building have adequate reserves and insurance. Working with a real estate attorney can help you navigate these requirements and ensure that you are able to secure the financing you need to complete your purchase.
The Title Review
It is important to ensure that the title to your condo unit is clear and free of any liens or other encumbrances. A title search will uncover any potential issues. Your real estate attorney can help you resolve any problems before closing.
Condo Sale
Selling a condo unit in New York City can be a complex process, and it is important for property owners to have a clear understanding of their rights and obligations under the law. Here are some key points to keep in mind when selling a condo unit in the city:
Disclosures
As the seller of a condo unit, you are required to disclose certain information to prospective buyers. This may include information about any known defects in the unit (e.g., leaks, noise complaints or insurance claims), as well as any pending litigations involving the condo unit. Failure to disclose this information can result in breach of contract.
Pricing and Marketing
When selling a condo unit, it is recommended to work with a qualified real estate agent who understands the local market and can help you price your property appropriately. Your agent can also help you develop a marketing plan to attract potential buyers and showcase the unique features of your unit.
Tax Implications
Finally, it is important to understand the tax implications of selling a condo unit in New York City. You may be subject to capital gains taxes on any profits you make from the sale, and you may also be responsible for paying any outstanding taxes or assessments on the property.
If you are considering making a purchase or sale of a condo in New York City and would like to have a consultation with one of our real estate attorneys, please call us at (212) 922-1330 or fill out our Contact Us form.
