Overview of condo lien priority rules in New York. Kiritsis Law 212 922 0005
The laws, rules, and regulations affecting lien priority on condominiums in New York City, are inherently complex, confusing and oftentimes perceived as self-contradictory.
Common Issues.As with any legal issue, the proper action to take (or not to take) will likely depend on several factors, with NO purported roadmap leading to a guaranteed outcome (there is a reason that law firm disclaimers contain language reiterating the prohibition of any guarantees). Any successful lien collection strategy, will very often succeed or fail, based on whether or not the proper lien priority legal research and lien search reports have been properly conducted.
Specific issues.Unlike a coop's legal ownership which does not necessarily bestow individual real property fee-simple styled ownership rights, in a condo legal ownership scheme -- the legal ownership of a condominium unit is practically a defacto real estate ownership interest. Collection strategies associated with condo type of real property ownership interests, would be somewhat similar (albeit not identical) with other non-coop real property ownership schemes.