Kiritsis & Associates

 

Buying a coop (cooperative) in New York City. Kiritsis Law Group 212 922 0005

Apr 16, 2021

Buying a Coop (or more appropriately worded buying into a Coop) is a decision involving thorough analysis of a number of legal issues. Unlike a condo, a Coop purchase does not entitle its owner with real property interests. It should be noted that New York City is an exception, with regards to coops outnumber condo units.

 

Some frequently asked questions with regards to this topic, include:

How would a prospective buyer plan to finance such a transaction?

Is the underlying property subject to a mortgage?

Are there any title issues with regards to the property?

Is property subject to any zoning restrictions?

Would a Limited Liability Company (LLC) be utilized with regards to transferring the property at issue?

Are there any peripheral legal issues surrounding the overall real estate deal (i.e. immigration, tax, anti-money laundering compliance, bankruptcy, foreclosure, divorce, eminent domain, re-development)?

 

Sources:

New York Real Property Law

HSTPA 2019

New York Landlord/Tenant Law

Internal Revenue Code

New York State Property Tax Regulations

NYS and NYC Executive Type Orders and Pronouncements

New York Martin Act

 

Whether buying, selling or leasing real estate in New York City, our firm may be able to help you with your legal needs. Feel free to call us for a free consultation at 212 922 0005.

 

Law Offices of Kiritsis & Associates

Phone # 212 922 0005

Manhattan Office (Main Office):

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New York, NY 10017

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Phone# 212-922-0005

 

 

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