In this article, you can find key information such as:
- Buying a condo or co-op in New York or New Jersey means you are either buying into a condominium association or shares of a corporation, respectively. Due diligence requires you to know what you are getting yourself into.
- To buy real estate in either New Jersey or New York, a real estate attorney is highly recommended.
- A real estate agent is also highly recommended.
What Real Estate Matters Does Your Firm Assist With In New York And New Jersey?
Stanick Law represents buyers, sellers, and real estate investors through the entire real estate purchase or sale transaction from the acceptance of an offer straight to the closing day.
What Are Some Things You Should Know Before Buying A Co-Op Or Condo In New York Or New Jersey?
Since you are either buying into a condominium association or shares of a corporation, proper due diligence is required with any co-op or condo transactions.
Some clients do not initially realize that when buying a co-op, a cooperative apartment in New York City, you are technically purchasing shares in a corporation that are allocated to the specific apartment, which entitles you to a proprietary lease.
For example, you might not purchase a condo in a building where individual owners were subletting the units to college students. Nor would you purchase a condo in a building where the land underneath the building reverts to the original owner in five to ten years.
Thus, it is highly advisable to have your attorney request and review the master deed, operating budget, financial statements, and condominium board minutes among other relevant condominium financial documents during the attorney review period.
Do I Need A Real Estate Attorney To Buy Property In New Jersey And New York?
Buying property in New Jersey and New York without a real estate attorney is similar to drafting a legal contract without any prior knowledge or experience with legal terminology informally referred to as legalese. Even surgeons don’t operate on themselves.
Since real estate transactions are highly dependent on the terms of the real estate purchase agreement, it would not be advisable to draft, negotiate, or accept the terms of the said agreement without the input of legal counsel or an experienced real estate attorney.
Will I Need A Real Estate Agent As Well In New York Or New Jersey If I Have A Real Estate Attorney?
Absolutely! Real estate agents offer their expertise and experience on the business aspect of the transaction and will be better equipped to assist with:
● Searching for property,
● Advising on market conditions,
● Putting in or accepting an offer to purchase,
● Liaising on your home inspection and walkthrough,
● Generally assisting with ensuring the transaction closes,
● And more…
For more information on Real Estate Matters In New York & New Jersey, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (201) 500-8164 today.