Condo’s and Coop’s in New York require an attorney to perform a special amount of due diligence. There are certain documents attorney’s must request and review to ensure their clients are getting the best deal possible.
When you are entering into contract make sure your attorney has access to the following documents:
1. Offering Plan - Details regarding physical aspects of the building/complex
2. By-Laws – Relationship between shareholders and condo or coop
3. House Rules – Quality of Life Issues/Concerns
4. 2-3 Years of Financials – These are requested so the attorney can review the overall spending by the board, deficits, use of funds for repairs, etc.
5. Amendments
6. Board Meeting Minutes – This document highlights changes that are likely to occur within the building
7. Copy of Stock Certificate – This is essentially the deed for a coop.
8. Proprietary Lease – This is an agreement that grants shareholders in a coop the right to live in a particular apartment space.
9. Condo Docs – Include the Power of Attorney, Waiver of First Right of Refusal, and the Condo Fee
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