Title-Purchase and Sale of Co-ops and Condos In New York: How to Properly Represent Your Client

The purchase or sale of a co-op apartment or a condominium unit involves much more than as might be assumed at first glance. While many attorneys consider residential transactions to be loss leaders, courtesy representation and/or something relegated to paralegals, to do so is, not only a disservice to the client, it is an invitation to a claim of malpractice. This course explores these complex issues.

First, the differences in the two types of ownership (including the closing costs and rights of the parties) are stark and it is important that the attorney be knowledgeable in the differences and able to explain the pros and cons of each to the client. A discussion and explanation of these differences will form the base for the discussion of the appropriate steps the attorney should take in the transaction.

Over the course of many years the “form” contract has evolved into the present printed document used by most attorneys. However, it is still ripe with issues that are either not addressed or need to be negotiated, depending on which side of the table you are sitting. We will address these issues, including looking back on how and why changes were made to the forms and why using an older form requires more scrutiny.

A client is entitled to have his/her/their attorney perform the proper due diligence in a transaction. This involves more than just the negotiation of the contract and going through the closing. We will discuss what an attorney should do to protect his/her client.

Finally, the closings and the procedure leading to a closing are actually quite different in a co-op and condo transaction. These differences will be presented and discussed.

This course is presented by Edward Feldman and Seth Feldman of Feldman & Associates, PLLC. This father and son firm has closed hundreds, if not thousands, of these transactions since Edward began practice over 40 years ago. Having represented sponsors, lenders, buyers, sellers and brokers, Messrs. Feldman have been on all sides of the table and are able to give the course participant insight into the entirety of these transactions.

Learning Objectives:  

1. Understand the difference between the two and explain it to your client
2. Learn how to conduct proper due diligence
3. Examine how to review financial statements for each
4. Explore how to close the deal
   

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