In the area of Real Estate Law, no two transactions are ever the same.
When it comes to different types of transactions, whether it is residential or commercial, they each have the milestones that they have to reach, but the path to each of these milestones can take extremely different ways.
We are often asked if there is a difference between co-ops and condos as opposed to buying a home.
When you buy a condo, you are buying real estate. The property may be a subdivision of a larger building or complex, but you are purchasing the property, so the transaction is very similar to that of buying a house. Co-ops are completely different.
How are Co-ops Different Than a Home or Condo?
With a co-op you are not buying a piece of property, you are buying into a corporation which then allows that corporation to lease a specific unit on the premises to you. Navigating through the process of buying into a co-op can be much more complicated than buying a piece of property. The process usually includes interviews with the board members, and there is an approval process even to allow you to buy into the co-op
The process of buying a co-op can take a little longer than a single-family home or a condo. There are certain advantages to co-op ownership; while it can be a little expensive, often, you can buy into a beautiful unit for less money than the cost of a condo or a house.
Single Family Homes
Transactions involving a single-family home can often be fairly straight-forward, however, on Long Island where so many towns grew rapidly after World War II, houses that are approaching 70 years old have quite a bit of history. When we are working on a home that would be considered a distressed deal, the property may have many exceptions on the title, such as judgments, parking tickets, or building code violations. All of these are issues that we will work to clear as we have to ensure that the title is clean before closing on the pro
With single-family home deals, the most common issue that we deal with is the lack of a Certificate of Occupancy on an extension, a deck, or other fixed structure on the property. These are issues that also need to be resolved before closing a transaction.
Get Personalized Service from the Law Office of Matthew Tannenbaum
At the Law Office of Matthew Tannenbaum, we pride ourselves on the personalized service, prompt and efficient representation and the knowledge that we are working hard, often behind the scenes to resolve all issues that would delay a closing, or even threaten to cause the closing not to happen at all.
Buying and selling a property is a complex endeavor. The right representation will, in most cases, lead to a smooth closing and a pleasant experience.
At the Law Office of Matthew Tannenbaum, we offer free initial consultations. Get the information and legal answers you’re seeking by calling (516) 683-1234 today.