Co-Op & Condo
SERVICES
Buying or selling a co-op or condominium in New York requires a heightened level of legal understanding that goes beyond a standard real estate transaction. Each building has its own rules, financial requirements, and approval procedures that can delay or derail a deal without proper legal oversight. Marano Law P.C. represents buyers, sellers, and investors in all stages of co-op and condo transactions.
CONTRACT REVIEW & NEGOTIATION
The contract is the foundation of every transaction and must reflect the distinct structure of a co-op or condo purchase. Unlike standard real-estate contracts, these agreements often include clauses tied to board approval, building rules, and proprietary obligations. A well-crafted contract protects clients from hidden costs, delays, and liability.
DUE DILIGENCE & BUILDING REVIEW
Thorough due diligence is essential before entering into any binding agreement. Reviewing the building’s financial health, management history, and legal status allows clients to make informed decisions and avoid inheriting future problems.
CO-OP BOARD APPLICATIONS & APPROVALS
Unlike condominium purchases, co-op buyers must obtain board approval before closing. The application process is rigorous, requiring detailed financial and personal disclosures. A properly organized and presented package increases approval odds and prevents unnecessary delays.
FINANCING & CLOSING COORDINATION
Co-op and condo closings involve multiple layers of coordination among attorneys, lenders, title companies, and managing agents. Each transaction requires precise timing, documentation, and verification to avoid last-minute issues.
SPONSOR, NEW DEVELOPMENT, & RESALE TRANSACTIONS
Sponsor and new development transactions are governed by New York State Attorney General regulations and require additional scrutiny of offering plans, construction warranties, and post-closing obligations. Resales demand close attention to board procedures, resale package requirements, and potential transfer restrictions.
SUBLETTING, LEASING, & OCCUPANCY RESTRICTIONS
Co-ops and condos have strict rules governing subletting, leasing, and occupancy. Violating these rules can lead to fines or board action. Both owners and tenants must understand their rights and limitations before entering into any lease arrangement.
TRANSFERS, REFINANCES, & ESTATE SALES
Ownership transfers in co-ops and condos require board consent and compliance with specific documentation and financial review. Refinancing or selling an estate-owned unit involves additional legal steps to ensure proper authorization and title clearance.
CO-OP & CONDO DISPUTES
Disputes between unit owners, boards, and managing agents can quickly escalate and disrupt ownership enjoyment or property value. Skilled legal intervention can resolve conflicts while preserving community relationships and minimizing financial impact.
CONVERSION & OFFERING PLAN COMPLIANCE
Converting a rental building into a co-op or condo is a complex process regulated by the New York State Attorney General’s Office. Proper legal structuring and compliance with disclosure and filing requirements are essential to protect both sponsors and purchasers.
GOVERNANCE & BOARD COUNSEL
Boards of co-ops and condominiums face ongoing legal responsibilities — from enforcing bylaws to managing disputes and financial oversight. Having experienced counsel helps boards operate effectively, comply with regulations, and reduce litigation risk.
