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MANHATTAN CONDO REAL ESTATE ATTORNEY
Many types of housing options exist for the residents of New York. Whether you are in Manhattan or The Hamptons, there are always options when it comes to a place to live. As a resident of the most iconic area of the country, you must get what you want from your property purchase. Though condominiums are a popular housing choice, it is important to understand that they differ from other types of property when it comes to real estate law. As New York is home to thousands of condominium options, it is likely that you will come across such a property if you are looking to buy a home.
If you are selling your condominium, you will need to understand what makes your home different and how to legally navigate the selling process. Though condominiums are specific types of real estate, it is beneficial to have a real estate attorney on your side no matter what kindof property you are looking to buy or sell.
Assess The Property
Many people mistakenly believe that condominiums are automatically well cared for and in goodshape. Though one would hope this to be true, condominiums are often just as run-down or outdated as single-family homes can be. Before you sign any documents of any kind, be sure to assess the property. Look at the integrity of the roof, walls, ceilings, floors, etc. Observe any mold, bugs, or damage in the unit, and open and close windows to ensure that they are functioning. This may seem straightforward, but it is essential to know the state of the unit beforeyou draw up the papers. Whether you are buying or selling, the contracts will have to reflect the state of the condo that is for sale.
If they do not, there can be a sea of legal battles later on, and the whole thing can turn into a hugeheadache. Our attorneys can help assess your contracts and compare its contents with your experience in the home. If redrafts need to be made before signing, we can help you with that process too.
In most cases, condos are in charge of caring for common areas such as outdoor spaces, hallways, stairs, sidewalks, courtyards, and more. If the location has amenities, the condominiumassociation should take care of maintenance there too. However, sometimes associations operate on the assumption that they will care for the property without any legally binding obligation to do so. Make sure you ask about and see all amenities. Your Avenue Law attorney can compare your account with the amenities listed in your contracts to be sure that you have access to them and that the association is responsible for their upkeep and maintenance. This way, if the association fails to keep up with maintenance, you have legal grounds for recourse.
Because condos are often run by associations or boards rather than individuals, it is common for them to have a team of legal experts to help them navigate leasing contracts. However, this does not mean that their agreements are fair. Their attorneys can easily take advantage of potential buyers and sellers if they don’t have representation of their own to fight back. This makes hiring a real estate attorney even more essential. Without the expertise to understand your agreement and its terms, it is possible to be taken advantage of. What’s more, you are opening yourself up to contract disputes later on. If you have someone on your side who understands your contract agreement, you will be better prepared if a problem arises in the future.
Another common aspect of condo contracts is utilities. Unlike single-family homes, condominiums often have certain utilities included or available through the association instead ofthe utility company. It is important to understand what your condo offers before you sign any contracts. You can get fined for neglecting to set up utilities or could pay too little to the association if you don’t realize which utilities they handle. This kind of confusion opens you up to legal consequences in the future and can affect your credit standing as well. Your Avenue LawFirm attorney will walk you through all of these details and will get you prepared to pay your bills correctly after you sign your contract. We will also ensure that the condominium association’s policies are in line with the standard and ensure that you aren’t being financially taken advantage of.
Selling a Condo
Selling your condo presents unique challenges as well. Because you have a contract with the association, there are certain rules you must follow in order to sell. Failing to follow the protocol set forth in your agreement could result in a sale falling through or even legal action from your condo association. What’s more, it is entirely possible to find a buyer who then does not fit the criteria set forth by the association, and your house would have to remain on the market. Considering prorated HOA fees and other community obligations, the whole process can get complicated and drag out longer than you have time for.
Our attorneys have sold thousands of condos across Manhattan, Southampton, and Westchester. We can help you draft your sale contracts to be in line with your condominium’s standards and your contractual obligations. We will determine what guidelines you need to follow during the sale process and help you to do the process legally and with as little hassle as possible.
Contact Avenue Law Firm
Buying or selling a condo in the state of New York is not for the faint of heart. There are lots of restrictions and guidelines that can complicate your contract and make it difficult to understand what you are getting into. The safest and most straightforward way to sell your property is with an Avenue Law Firm attorney on your side. We have extensive experience in the New York markets and know how to draft contracts that fit the best interests of our clients. With our entirely digital system and cutting-edge technology, we can make your purchase or sale process as simple as it can be. Protect your finances, your family, and your sanity, and contact Avenue Law Firm today.