Law Office of
Law Office of
Jeanne M. Reardon
Jeanne M. Reardon
NOTICE: COVID-19 UPDATE, FIRM OPERATIONS CONTINUE UNINTERRUPED. WE ALSO OFFER CONSULTATIONS
BY PHONE OR EMAIL. PLEASE DO NOT HESITATE TO CONTACT US IF YOU HAVE ANY QUESTIONS.
Condominium Purchase and Sale
Representing Buyers and Sellers
The Law Office of Jeanne M. Reardon represents buyers and sellers in the purchase and sale of condominiums. We will handle your condo closing with the highest standards of professional legal service. We will explain all aspects of your transaction to you, and guide you through the entire process from contract to closing.
You have one chance to get it right when completing a real estate transaction. With so many considerations to worry about during the purchase or sale of real estate, you need an experienced attorney at your side. We have what it takes to properly represent you.
Contact us today for assistance with a condo matter.
Handling Condominium Closings in Long Island and New York City
What is a Condominium
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 coop apartments.
Buying a 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.
While most 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 coops. 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.
Advantages 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.
- With a condominium, you do not have to deal with board approval.
- Condo apartments can be freely sublet, giving you more flexibility.
- Monthly maintenance fees for condos are much lower than for co-ops.
Disadvantages of Buying a Condo
- Condos are generally more expensive than comparable co-op apartments.
- Monthly 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 real estate lawyer who will personally handle your condo closing and guide you through the process.
For a 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.
Click Here for All Practice Areas