Long Island Condo Attorney –
Serving Long Island, New York City, and Westchester County
Purchase and Sale Transactions
The Law Office of Jeanne M. Reardon represents buyers and
sellers in the
purchase and sale of
handle your condo closing from beginning to end with the
highest standards of professional legal service. We will explain
all aspects of your transaction to you, and guide
entire process from contract to closing.
Ownership of condominiums has become one of the most
popular forms of real estate ownership. Even in New York
City, condominiums are becoming more popular as new
residential buildings are constructed.
Today, the vast majority of newly built New York City apartment
buildings are condominiums.
In general, condos offer
greater flexibility, but are often priced higher than comparable
condo is much like buying a house. As with a house purchase, each
individual condo unit has its own deed and its own tax bill. Each
owner is responsible for real estate taxes, mortgage payments, and monthly common charges for maintenance
of the common areas of the building. Your mortgage interest is tax deductible, and so are the real-estate
taxes for your unit. You are also allowed a tax deduction for your share
of real estate taxes on the common areas. A statement sent to you by the
owners' association will inform you of the amount. The monthly
maintenance fee is not tax deductible. Condominium buildings unlike coops do not have an underlying mortgage.
Each condo owner owns what is within the exterior walls of their units but not what is
outside those walls. They also own a proportional share of what is known
as the "common areas". Those areas include the outside walls,
driveways and roads inside the condominium complex, as wells as garages or carports, and all of
the land within the complex's boundaries, including the landscaping
around each unit. If there is a pool, tennis court, or clubhouse, those,
too, are held jointly by all the condo owners.
condos do require an application to be submitted to the
condominium's Board of Managers, the application process is much simpler than the Board approval process for co-ops. Much less financial and personal information is required and an in-person interview is generally not required. It is almost unheard of to be rejected by most condo boards.
of Buying a Condo
- In most cases, buyers can finance a larger
portion of the purchase price (up to 90%) and put less money down.
a condominium, you do not have to deal with board approval.
apartments can be freely sublet, giving you more flexibility.
maintenance fees for condos are much lower than for co-ops.
Disadvantages of Buying a Condo
are generally more expensive than comparable co-op apartments.
maintenance payments are not tax-deductible.
- There are fewer condos available in
the New York City real estate market, which limits your options.
- Closing costs for condos are typically higher than those for coops because the purchase of a condo that entails mortgage financing will require the payment of a mortgage tax.
Jeanne M. Reardon is an experienced New York
Condo Attorney who will personally handle your condo closing and guide you through the process.
For a free consultation to discuss a condo closing or other real estate matter
call our experienced real estate attorneys today at (516) 314-8433. Please
e-mail your questions or comments to us so that we may better assist you.
Jeanne Reardon is a condo purchase and sale attorney serving clients in New York, Queens, Brooklyn,
Bronx, and Staten Island, in New York County, Queens County, Kings County,
Bronx County, and Richmond County, as well as, Long Island, Nassau County,
Suffolk County and throughout Westchester County.
Tags: lawyer, condo lawyer, condo, closing, condo closing, common charges