The laws that govern condominiums can be very complex. This means that if you’re looking to purchase a condo in Manhattan, it’s important to know about these legal aspects so that you can be prepared.
The first thing that you’ll want to do is to familiarize yourself with the NYC Real Property Law, specifically Article 9-B, also known as the “Condominium Act”. This law sets the minimum standards for the governing documents of a condominium, including the declaration and bylaws.
This law is the most important document that you’ll need to understand when it comes to buying a condo in Manhattan. It should be referred to as frequently as possible, particularly when you’re dealing with any sort of question regarding the condo’s declaration or bylaws.
You’ll also want to familiarize yourself with the NYC Real Property Actions and Proceedings Law, which regulates actions that you can take against real property in New York. This includes such things as adverse possession, special proceedings by tenants, action to recover real property, and foreclosure of mortgages.
Another key law that impacts condominiums is the Rent Stabilization Act of 1986, which regulates the amount that a landlord can charge in rent for a stabilized apartment in NYC. Among other things, this law prohibits the landlord from raising the apartment’s rent by more than 20 percent in between tenants.
There are other regulations that apply to stabilized buildings, such as the requirement that any building services workers in a condominium must be paid prevailing wages as determined by the state Comptroller’s office. This regulation affects the entire NYC metro area, and it’s a good idea to make sure you’re purchasing an apartment in a building that is stabilized.
In addition, you should review the offering plan for any condo that you are interested in. The offering plan is an extensive document that explains the condo’s details to prospective buyers.
It will include information about the unit size, what quality the unit will have, the location of the building, the surrounding area and any other information that you’ll need to know. This document is a vital part of any condo’s offering process and needs to be read carefully by your attorney.
The offering plan can also contain a tax opinion letter that will detail the taxes that the condo will be paying. This letter is a must-read for anyone looking to purchase a condo in Manhattan and should be reviewed by their attorney.
This is a very detailed and complicated document that can be difficult to understand, especially if you’re not familiar with the condo’s governing documents. This is why it’s important to hire a competent lawyer who is well-versed in the laws governing NYC condos.
You’ll also want be sure to check out the offering plan of any co-op that you’re considering buying. The co-op offering plan will generally contain more information, such as the house rules that will apply to the co-op’s residents.
Seyfarth’s condominium and cooperative practice serves as general counsel to approximately 175 condominium and cooperative buildings, and is comprised of attorneys who are on the forefront of many of the legal issues confronting these structures. Our team is committed to assisting cooperative and condominium boards with the day-to-day challenges they face, as well as with litigation in housing court when necessary.
Our experience includes representing a wide range of cooperative and condominium property owners, including those who own residential and commercial properties. Our clients are often involved in acquisitions, development, leasing or reorganization of their condominiums and cooperatives.
In addition, our firm represents condominium and cooperative owners in connection with their responsibilities under the Offering Plans of these developments. These responsibilities include payment of maintenance and common charges, compliance with house rules, renovation and subleasing restrictions, and the like. In the event of a default, we have experience in enforcing those obligations by way of issuance of proper legal notices as required by the Offering Plan.
We also assist our clients in negotiating with third parties, such as developers, architects and engineers, as well as the various governmental and administrative agencies responsible for overseeing these developments. Our clients have included a wide array of individuals, corporations and financial institutions in connection with the ownership, management and financing of their condominium and cooperative complexes.
The reorganization of the board’s duties and responsibilities is important to ensure that those who own units in the developing complex have a strong voice in its governance. Our firm focuses on ensuring that the board’s duties and responsibilities are clear and understandable, with an emphasis on the underlying goals of the association and the needs of its residents.
Our attorneys have represented condominium and cooperative owners in matters involving a variety of claims, including the alleged violations of the Declaration and Bylaws of a condominium or cooperative, a breach of a lease or rental agreement, a claim of unlawful detainer, a dispute over a unit sale or purchase, and other types of commercial disputes. We have extensive experience in the handling of those matters, including obtaining favorable rulings in court and in arbitration proceedings.
Buying a home is one of the biggest decisions most people make. It can be overwhelming and confusing, but the good news is that you don’t have to make this decision alone. New York City has a vast network of real estate attorneys who can help you with your purchase. Whether you are a buyer or seller, these lawyers can provide you with the guidance and advice you need to make an informed decision about your next move.
Having the right representation can save you time, money and stress. Contact a New York City Condo Lawyer today to schedule your free consultation!
Our firm specializes in all aspects of co-op and condo law. Our attorneys have years of experience representing owners, boards and shareholders in disputes and litigation. We can also advise you on governing documentation and interpretation, such as rules, regulations, bylaws and declarations.
The legal issues that arise in residential cooperatives or condominiums are often unique. We understand the issues that our clients face and work to provide them with creative solutions.
While owning a co-op or condominium apartment can be a great asset, it also comes with many responsibilities and demands. It can be difficult to negotiate with your board or other residents, to hire or fire a contractor or subcontractor, or to deal with building maintenance issues.
A successful co-op or condominium owner needs legal representation that can handle all of these situations and more.
Avenue Law Firm
99 Park Ave 10th Floor, New York, NY 10016, United States