This course, led by attorney Matthew Lehrer, explores the complex issues involving the purchase and sale of co-ops and condos in New York. Mr. Lehrer addresses the differences in the two types of ownership, including closing costs, rights of the parties, and the pros and cons of each type of purchase. He also addresses the fact that the closings and the procedure leading to a closing are quite different in co-op versus condo transactions.
Mr. Lehrer also explains the importance of being able to articulate these differences (and the pros and cons of each) to clients who need to be properly advised. Though a "form" document has evolved into one currently used by many attorneys, it is ripe with issues that are either not addressed or still need to be negotiated. Additionally, changes have been made to the form and the use of an older form requires more scrutiny. This program covers the issues with the form contract and examines why the updates were made to improve upon the older version, as well as why such scrutiny is required. Furthermore, clients are entitled to have their attorneys perform the proper due diligence in the purchase or sale of co-ops and condos, which goes beyond simply the negotiation of the contract and the closing. Here, Mr. Lehrer will discuss what an attorney should do to protect clients throughout the process.
- Understand the difference between a co-op and a condo
- Identify how to explain the differences to your client
- Conduct proper due diligence
- Review financial statements for each
- Discuss how to best close the deal