Dear New York Purchaser:
Make sure you have your attorney on board to negotiate your contract. A contract negotiated with your needs in mind, will go toward experiencing a smooth closing.
But long before you are ready to close, your attorney will need to deal with any issues developed by the judgment and lien search, will need to review the financials and minutes of the cooperative (usually at the office of the managing agent) and report back to you about the status of the cooperative's finances, and the workings of the Board, review your Board package with you, because unless the Board agrees to the transfer, you will not have a closing.
So hire your attorney at the very start of the process.
The answer provided to you is in the nature of general information. The general proposition being that you should try to avoid a bad outcome if you can.
Consult with a coop and condo lawyer. The lawyer will review the contract, title report, etc. and represent you.
I am a former federal and State prosecutor and have been doing criminal defense work for over 16 years. I was named to the Super Lawyers list as one of the top attorneys in New York for 2012 and 2013. No more than 5 percent of the lawyers in the state are selected by Super Lawyers. Martindale-Hubbell has given me its highest rating - AV Preeminent - in the areas of Criminal Law, Personal Injury, and Litigation. According to Martindale-Hubbell”AV Preeminent is a significant rating accomplishment - a testament to the fact that a lawyer's peers rank him or her at the highest level of professional excellence." Fewer than 8% of attorneys achieve an AV Preeminent rating. I also have the highest ranking – “superb” – on Avvo. The above answer, and any follow up comments or emails is for informational purposes only and not meant as legal advice.
Depends on the issue. All issues are supposed to be resolved pre-closing. That is the purpose of the contract, title report, and inspection of the co-op.
Consult with a real estate attorney regarding your specific issue. Best of luck.
My direct line: 646-606-6002. www.thefalkowskifirm.com. If this answer is helpful and/or the best answer, then please indicate it as so. Thank you. This answer is provided for informational purposes only and does not constitute legal advice. You should not take action based upon this information without consulting legal counsel. This answer is not intended to create, and does not create, an attorney-client relationship.