Condominium Attorney Guidance:
How to Purchase a Condominium
Purchasing a Condominium in New York State is a very unique type of acquisition. In fact, it is like no other acquisition in the entire world, including those in other states in the United States. A Condominium is particular to New York State and generally New York City. A Condominium is a creation of statute and governed by New York’s Condominium Act, Real Property Law and other New York Law and Statutes. Unit Owners hold Title to Units in fee, absolute and have an undivided proportion of common interest in the common elements. Common Elements are owned with all Unit Owners. Each Unit has a separate Tax Identification via a specific Block and Lot Number which has been assigned to it by the New York City Building Department/New York City Department of Finance. The Owner of the Condominium will pay Real Estate Taxes directly to the Taxing Authority that being the New York City Department of Finance. The Condominium Act of New York State provides for alternative methods for allocation of the percentages of common interest to each unit. They include fair value, square footage, equal percentage or a combination of such factors. As such, what should be immediately apparent is the need to have experienced legal representative to handle your Condominium acquisition. It is not unusual for many Attorneys not focused on New York City Real Estate to think that they are familiar with Condominiums. This is simply not the case. A purchase of a Condominium is not a purchase of a Unit in a Homeowners Association or to be considered like any other purchase of a Home.
More information on purchasing a condominium in New York City
- The Verbal Offer and the Acceptance- Not a Legal Binding Contract!
- Condominium Transaction Summary/Deal Sheet
- Condominium Purchase Process- the Four (4) phases
- Structure of a Condominium
- Closing Costs for a Purchase of a Condominium.