Points to Consider When Buying a Condo in New York City

legal-points-for-buying-condo-new-york-city-01What are some points to consider when buying a condo in New York city? Rent prices in New York City are astronomical. The average studio rents for over $3000 per month. The price of such an apartment is nearly three times as high as the mortgage on the average home in the United States.

Condos offer a more affordable alternative to renting in the city. With over 35 years of experience, David J. Aronstam stands ready to help solidify the contracts and resolve disputes in your quest for affordable living.

Are there alternatives to renting an apartment in New York City?

attorney-condo-purchase-nyc-02Apartments are expensive. This issue is not new. In fact, price controls from the 1970s targeted the skyrocketing cost of rent. In part due to this, New York City is one of the three most expensive locations in the country. The market devised several solutions to deal with prices for those seeking long-term ownership.

Condos and co-ops are the perfect solution to home ownership. While co-ops reduce costs by over forty percent, they carry strict regulations and place your shares under the control of an elected board. Condos may or may not reduce the price of living. If you are renting from a condo owner, the prices will surely be the same. However, depending on how much you are willing to pay up front, your cost of ownership can be drastically lower.

Buying a condo in New York City

At any given time, there are more condominiums on the market than co-op housing. They provide easy access for certain buyers looking for a permanent home in the city.

Condominiums in New York City are not inexpensive. The average price is nearly $800000. Still, for those with long term plans and a significant amount of capital can capitalize on potentially lower monthly rates.

What laws govern condomiums?

legal-points-buying-condo-nyc-03When buying a condo in New York city, the contract between the buyer and seller establishes price and can help guarantee the condition of the property. As a significant investment, it is necessary to cover every base. Buyers may want certain assurances and sellers want their exchange to work smoothly.

Owners and prospective owners may choose to rent their property as well. Investors are not discouraged from buying a condo as is the case with co-op housing. In this case, the state provides certain restrictions.

Condominium associations are governed by Article 9-b of the Real Property Act. Not every building is automatically considered a condominium under the Condominium Act either. A declaration and bylaws are required by state law.

Any transfer, governance, or obligation is managed by the Real Property Act and state law. Landlords must obtain insurance and offer leases for nearly one year. They must also deal with the condominium association. Rules imposed by the homeowners association are enforceable.

Contract and dispute resolution

Once a contract forms, disputes are not uncommon. Loopholes may cause an understanding to fall apart in court. New York is a four corners state. The contract is taken at face value but loopholes allow intent to take precedence.

I am an expert in resolving disputes without further damaging the relationship between parties. I help buyers, sellers, and associations reach common ground and cover every base in any property transaction.

If you are looking for a property or embroiled in a dispute, I can help. I am an expert New York City property attorney today.

David J. Aronstam
(646) 759-0400

https://aronstamlaw.com/

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Resources

Court Excludes Parole Evidence Where Contract is Complete, Clear, and Unambigouous. Freiberger Haber LLP. 21 Aug 2017.
https://fhnylaw.com/court-excludes-parol-evidence-contract-complete-clear-unambiguous/

IS it Worth Buying a Coop in NYC? Hauseit. 2019,
https://www.youtube.com/watch?v=9drLEEO-SDE&app=desktop

Im, Julius. 7 Important Facts About New York Landlord and Tenant Laws. Avail. 2 Apr 2018,
https://www.avail.co/education/articles/7-important-facts-about-new-york-landlord-and-tenant-laws

New York Property and Real Estate Laws. FindLaw. 2019,
https://statelaws.findlaw.com/new-york-law/new-york-property-and-real-estate-laws.html

New York Condo Association Rules. Griffen and Alexaner P.C. 2018, www.lawgapc.com/practices/community-association-law/new-york-condo-association-rules/

Rent Control. New York City Rent Guidelines Board. 2019, https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-control.page

Sarac, Florentina. Condo vs. Apartment: Which One Should You Choose When Renting? Rent Café. 21Nov. 2018. https://www.rentcafe.com/blog/renting/condo-vs-apartment-which-one-should-you-choose-when-renting/

Segal, Troy. What do real estate attorneys do? Investopedia. 16 Apr 2018,
https://www.investopedia.com/ask/answers/101314/what-do-real-estate-attorneys-do.asp

What is the Difference Between a Condo and a Coop? Law Offices of Craig Delsack, LLC. 2019,
http://www.nyccounsel.com/real-estate-condos-coops/what-is-the-difference-between-a-condo-and-a-coop/

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