When you decide to purchase a condominium or co-op unit, you and your attorney should carefully review the appropriate Declaration, by-laws and the rules and regulations adopted by the particular organization, since these documents govern what you can and cannot do with the unit. The rights, obligations and restrictions contained in the Declaration, by-laws, and rules and regulations should be carefully considered before you decide whether to purchase a condominium or co-op unit.
Before purchasing a condominium or co-op unit, you should also inquire as to the amount of the monthly maintenance/common charge assessment on your unit. You should find out whether the Directors or Managers of the association plan 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 organiztion 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. pointing and 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.