Long Island Real Estate Lawyers - Condo/Co-Op

When you decide to purchase a condominium unit, you and your attorney should carefully review the Condominium Declaration, by-laws and the rules and regulations adopted by the board of managers, since these documents govern what you can and cannot do with the unit. The rights, obligations and restrictions contained in the Condominium Declaration, by-laws, and rules and regulations should be carefully considered before you decide whether to purchase a condominium unit.

Before purchasing a condominium unit, you should also inquire as to the amount of the monthly maintenance assessment on your unit. You should find out whether the board of directors of the association plans major repairs to the common elements which might cost you a substantial sum or might cause an increase in your monthly assessments or the imposition of a special assessment. You should review the condominium association budget and the previous year's financial statements and check whether provision has been made for adequate reserves for the repair or replacement of roofs, boilers, exterior renovations (i.e. tuck-pointing, window repairs) and so forth. Remember, you will be responsible for your share of any cost or expenses arising from the operation of the property. For these reasons, it is very important that you consult with an experienced Real Estate attorney.

The Law Offices of Richard Hochman is versed in all areas of Real Estate, Condominium and Co-op matters and will explain your rights and responsibilities as a member of the condominium association, and will make sure that your purchase contract gives you adequate legal protection.