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Long Island Co-Op Attorney –
Serving Long Island, New York City, and Westchester County
Representing Buyers and Sellers
The Law Office of Jeanne M. Reardon represents buyers and sellers in the
purchase and sale of
co-ops throughout Long Island, New York City and
Westchester County. Contact us today and let us help you with your co-op
purchase or sale. We are experienced
co-op lawyers and will explain all
aspects of your co-op
closing to you, and guide you through the entire
process from contract to
closing.
A co-op owner receives a
stock certificate and proprietary lease. The
larger your apartment, the more shares of stock within the corporation you
own. As a shareholder in a corporation, you are also entitled to a lease
from the corporation (the Proprietary Lease) giving you the right to live in the
apartment.
As a co-op owner you will be required to pay monthly maintenance
fees to the co-op
corporation which
consists of your proportionate share of the cost of operating the
building. You are entitled to receive a tax deduction for a portion
of your
maintenance payment
that is applied to the real estate taxes and interest on the underlying mortgage.
Monthly maintenance fees for co-ops are usually higher than for condos.
This is because the monthly fee includes part of the underlying mortgage
for the building. Also, many co-op boards limit the amount of the
purchase price that can be financed and require higher down payments
than are usually required for
condominiums.
All prospective purchasers of a co-op must be approved by
the Board of Directors. The co-op corporation is
governed by
an elected Board of Directors whose powers are derived from the
certificate of incorporation, bylaws, rules and regulations and the proprietary lease. The Board approval process is often rigorous and time-consuming -- it requires an application that calls for extensive information regarding finances, employment, and personal background. Your
co-op attorney should make provisions in the contract of sale for return of the contract down payment if your sale is not approved by the Board of Directors.
Jeanne M. Reardon is an experienced New York
Coop Attorney who will personally handle your co-op closing and guide you through the process.
Contact Us
For a
free consultation to discuss a co-op 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.
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Jeanne Reardon is a co-op 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.
