5 Things to Discuss With Your Real Estate Attorney When Buying a Condo in Manhattan
Buying a condo in Manhattan is complicated. With numerous details to consider, it's wise to consult with a real estate attorney to ensure that your interests are protected. Here are five things to discuss with your real estate attorney before you sign the closing papers.
1. How Do the Condo Bylaws Affect My Rights?
Most condominiums in Manhattan are subject to bylaws. These are rules that govern everything from parking restrictions to pet ownership. Contained within the legalese may be conditions regarding your rights and obligations if you decide to renovate and whether or not you may lease your condo to another party. Ask your real estate attorney to review these bylaws so that you don't receive an unpleasant shock.
2. What Do the Condominium Fees Cover?
Almost all condo communities charge monthly or annual fees. However, what's covered by these fees may differ. It's vital to understand whether or not utilities are included in these fees in addition to insurance premiums and real estate taxes.
3. What Are My Rights Under the Board of Managers?
Many condominium communities have a condo board and Board of Managers that sets rules and sees that they are followed. It's vital to understand whether or not they have the right to ask for a waiver of certain rules and to be aware of the extent of their rights. It also may be valuable to know how officers are elected and how often elections are held if the owner wants to be involved.
4. What Is Management Responsible For?
Whether the management company is on-site or off-site, it is advisable to ask your real estate attorney to review the items for which the management is responsible. For instance, are there certain repairs or projects that are the sole domain of the management, and are there certain items that are the responsibility of the owner? Knowing this ensures familiarity with all rights and obligations.
5. Are the Closing Documents Acceptable?
Most closing documents for condo sales are fairly standard. Nonetheless, it is sensible to ask a Manhattan real estate attorney to review them before signing on the dotted line. Your attorney will alert you to any clauses in the contract that are non-standard, and they also may suggest certain revisions to ensure the fairness and completeness of the agreements.
Contact the Sabra Law Group at (646) 472-7971 if you want to know more about buying a condo in Manhattan.