Buyers and sellers of condos play by a different set of rules.
Whether you are considering purchasing a condominium, selling a condominium or are one of the parties responsible for dealing with the association’s business, chances are at some point you will need legal assistance. Unlike single-family homes, condominium owners own their individual units but are shared owners with common property. Oftentimes, homeowners’ associations have stringent rules in regards to sales, purchases and even how your unit is painted and decorated on the outside.
ASSISTANCE TO CONDOMINIUM BUYERS
Before you purchase a condominium, it is important to have an attorney review the Homeowner Association documents. These documents often detail whether units must be owner occupied, what percentage of the units are investments, as well as Homeowners’ Association fees. In some instances, buyers of condominiums have faced challenges obtaining financing as a result of the caveats contained in these documents.
ASSISTANCE TO CONDOMINIUM SELLERS
When you make the decision to sell your condominium, the Association may have specific requirements regarding how the unit is listed, whether the unit must remain owner-occupied, or have other caveats that could impact the sale. Before you list a condominium for sale, is typically a good idea to have your attorney review all Homeowners’ Association documents.
Whether you are buying or selling a condominium, it makes sense to have an attorney knowledgeable about condos to ensure your transaction’s success. We encourage you to contact the law firm of Solomon Richman P.C. at (516) 437-6443 and speak with one of our experienced condominium attorneys.