Real Estate
Co-op and condo closings across all five boroughs: board packages, proprietary leases, offering plans, flip taxes, and the tax differences between shares and real property. Every client works directly with their attorney.
Overview
The basics, what we do, and the issues we see most.
Quick Answer
Board approval is the step buyers underestimate and the step that most often moves a closing date. We work the legal file and the building file at the same time so neither one waits on the other. Here is what that covers.
Who we help
Every case handled directly by the attorney you speak with at intake.
Co-op and condo closings, board package review, contract negotiation.
Sale contract drafting, title clearance, post-closing matters.
New-construction sales, offering plans, sponsor unit closings.
Commercial purchases, build-out clauses, assignment provisions.
How we handle your case
The same attorney handles your matter from intake through hearing and closeout.
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Frequently asked
Direct answers from the attorney who handles these matters.
Most asked
A standard co-op purchase does not use an owner's title policy, because shares in a corporation are personal property rather than real property. The protection comes from a co-op lien search, a UCC search against the corporation and the seller, and the stock certificate and proprietary lease themselves. A condo purchase does carry title insurance.
The building's governing documents set the flip tax, and the contract assigns who pays it. It is most often charged to the seller, but plenty of buildings shift it to the buyer, and some sponsor units do. It can be a percentage of price, a per-share amount, or a flat figure, so read the number before the contract is signed.
Most buildings take three to eight weeks from a complete package to a decision, and the package is complete only when every reference letter, tax return and financial statement is in. Interviews are scheduled after the board reviews the file. A missing document is the usual reason a package sits.
No. A co-op loan is secured by a UCC-1 filing against the shares rather than by a recorded mortgage, so New York's mortgage recording tax under Tax Law § 253 does not apply. A condo loan is a recorded mortgage and does carry the tax, which is one reason a CEMA is available on condos and not on co-ops.
A completed application, the contract of sale, two to three years of tax returns, recent pay stubs and bank statements, a financial statement listing assets and liabilities, the lender's commitment letter and loan application, and personal and professional reference letters. Buildings publish their own list and reject incomplete packages.
Often yes, but it depends on the violation and on the lender. An open permit or a hazardous class violation can draw an objection, an escrow holdback, or a demand that the condition be cured before closing. The question is whether the item is a lien, a use restriction, or a condition that can be escrowed around.
An HDFC co-op is a corporation formed under Article XI of the Private Housing Finance Law to hold affordable housing. Purchasers must fall under an income cap set in the building's regulatory agreement, resale prices are usually restricted, and a flip tax runs to the corporation. Lenders treat these buildings differently.
Guides & resources
Articles and tools updated as NYC rules change.
DOF administers the City's tax system, including property taxes, business taxes, and other revenue collection.
HPD is responsible for ensuring New Yorkers have access to safe, affordable housing through enforcement, preservation, and development progr
Free case review
Tell us the building and the deal. An attorney reads every intake form and responds the same business day.
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Same lawyer from intake to close
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On most OATH and closing matters