NEW YORK REAL ESTATE ATTORNEYS

One who buys a Co-op is actually just buying shares in a corporation which owns the actual piece of property. The actual Real Estate you will live in is legally yours through a proprietary lease in which your are able to occupy a specific apartment. Taxes repairs, insurances and the such are all payed according to the shares you own directly to this corporation. The board of directors is the group who will approve or deny the sale. Potential purchasers should be ready to provide personal financial information, including one or two years of tax returns and bank statements, as well as personal and business reference letters. There are a lot of tax related laws that go with living in a CO-OP. If you find them overwhelming it may be a good time to call your real estate lawyer. "Flip taxes" and other management related fees are a common in coops. This tax is imposed by the corporation and is used for building related services. This tax often is in direct relation to the purchase price...

Primary location: Brooklyn United States