Avenue Law Firm

Formerly Zinkovetsky Law Firm

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Why You Need An Attorney For Your Manhattan, Westchester, or Southampton Co-Op Purchase

There are homes of all kinds in New York, and all of them have both pros and cons. No matter what kind of home you are buying or selling, it is important to follow the proper legal channels to do so. The buying and selling processes can be complicated, and many people feel overwhelmed as they traverse the details of a home closing. This is especially true for those buying into or selling their share of a Co-Op home. Co-Ops are a wonderful option for many people, but it can be difficult to navigate the laws that surround this unique kind of property. If you are considering buying into a co-op or are ready to sell your portion, it is essential that you have a real estate attorney working with you.
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Understanding Ownership

To understand why real estate law surrounding co-op housing can be so complicated, it is essential to understand what co-op ownership really means. Rather than purchasing a home or a unit, you purchase shares of the co-op housing. The more shares you own, the more of the house you are entitled to. However, this does not mean that you can make changes as you see fit. As many people own the home, you must gain approval from the co-op board to make changes. This becomes tricky in a legal sense when you begin to determine shares of a home. There are often arguments over spaces in a house, how much or how little you can use, and what you can do with the property.

Applying To Buy Co-Op Shares

As you may imagine, there is a detailed application process to apply to buy shares in co-op housing. Often, the board or managing entity will require a myriad of different documents to prove your ability to contribute to the home. Depending on the co-op, there may be other criteria to buy shares as well. Assembling the correct documents can be difficult. Because co-ops are a popular option in the state of New York, shares can sell quickly, and you often need to move fast. Working with a real estate attorney affords you the ability to be fully prepared for application. We can help you assemble necessary documents and submit them to the correct offices by the appropriate deadlines. Because of the nature of co-ops, many people don’t have the experience to read and decipher application papers and contracts. With a real estate attorney from Avenue Law Firm, you can feel confident about the application process.
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Real Estate Attorneys For Co-Op Ownership

Navigating co-op ownership is intensely involved. There is an incredible amount of paperwork that needs to be signed and approved before ownership can take place. There is an approval process with most co-op boards and a process for approval that is unique to each cooperative. Having an Avenue Law Firm attorney by your side during this time is essential. Not only will all of the documents need to be thoroughly reviewed, edited, and redrafted, but you will also need someone to ensure that the agreements are fair and legal. Though co-ops aim to foster an environment of community, many times, tenants are taken advantage of due to inexperience with real estate documents.

Funding For Co-Op Ownership

Many real estate purchases involve bank approval and a mortgage agreement, which is what allows owners to pay off their debt over time. However, many co-ops do not allow financing options through a bank or loan. This means that you could be responsible for paying the entirety of your shares or fees on your own, without help from a financial establishment. Even if this is possible for you, it is essential that you have an attorney present during this time. Without the buffer of a loan or official lending establishment, you can easily be robbed of your money. If your agreement ends up being illegitimate or if there are any other issues with your co-op or other owners, it is possible you will have wasted your money. To avoid being scammed out of a large sum, it is best to hire a real estate attorney to help you review your documents and walk you through the process.
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Suing and Co-ops

There are situations in which a person who owns shares of a co-op may need to sue the board. It is important to note that this is possible; just because you own shares or are a part-owner does not strip you of your right to sue if an appropriate situation arises. At Avenue Law Firm, we work primarily with clients who are buying or selling property. As such, we commonly see lawsuits happen when a board is uncooperative or denies the sale of a tenant’s shares. Though co-ops are different from all other real estate purchases, you still have the right to sell your shares as long as you are following the terms in your contract.

If your co-op board continually denies your request, despite you following the rules, you may have grounds to sue. The best way to determine this is to work with a real estate attorney during every part of your buying and selling process. The attorney will be able to notify you of any criteria needed to facilitate your sale and can help you assemble the proper paperwork.

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Why Avenue Law Firm?

With our years of direct experience in New York real estate markets, we at Avenue Law Firm are supremely qualified to help you with your real estate transactions. We prioritize our clients’ wellbeing above all else and give personal attention and guidance for any type of housing contract. We operate digitally, meaning that there are no long commutes to our office or meetings if you need a simple document or have a question. We use innovative practices to help you with your real estate transactions from beginning to end; we are involved in every step and can give you sound legal advice throughout the entire process. From Manhattan to Southampton to Westchester, our firm can help you buy or sell your home. Don’t leave your co-op share purchase up to chance; contact our offices today.
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