When someone is buying a house, co-op, condo, apartment building or commercial real estate, there will be a real estate closing at the end of the process to finalize the sale. We protect our clients’ interests as they buy and sell many types of real estate. We work closely with our clients to prepare them for real estate closings — we represent them at the closings and provide them with closing statements shortly after the closing.
Whether you are buying a home or investment property, it is important to have an experienced real estate attorney by your side guiding and advocating for you throughout the course of any residential or commercial real estate transaction.
What You Can Expect
A closing is the grand finale of what is often a long process of finding the right property, applying for a loan and negotiating an offer. The closing finalizes the details of the sale and requires a good deal of paperwork at a summit meeting at which all the parties to the sale will be present. This includes:
- The buyer
- The seller
- The closing agent
- The seller’s real estate agent
- The title company representative
At the closing, all buyers need to be present, and bring a photo ID. It is also important that the buyers arrive at the closing having already conducted the final walk-through of the property to look for damage that may require additional negotiation with the seller.
Arrive Prepared
It is crucially important that buyers and sellers alike be prepared for the closing. For buyers, this means bringing all relevant paperwork. For the seller, this includes making sure that there are no outstanding liens on the property.
Payments
The buyer will need to settle the down payment and other costs at the closing. This can be done via cashier’s check or wire transfer.
The Role Of An Attorney AtThe Closing
During the closing, you should have a lawyer present to assist you in reviewing critical documents. Your attorney should make sure that the terms, rates and other information in your real estate contract are correct. At co-op closings, the buyer receives a stock certificate representing the shares of stock/interest in the corporation and a proprietary lease. Your lawyers should carefully review the stock certificate to ensure that it is accurate.
Helping You Avoid Surprises At Your Closing
We prepare our clients in advance for the real estate closing, so that you will know what to expect and there are no surprises. We will work to ensure you obtain proper ownership if you are the buyer. If problems arise at the closing, we will be by your side protecting your interests.
Attorney Frank Bruno, Jr. has over 24 years of real estate experience, including experience in extensive real estate closing experience. The law firm is located in Queens, and we represent clients throughout the New York City and Long Island areas.
Landlord-Tenant Law (you can keep this under the real estate law page)
Landlord-tenant law, litigation and negotiations in New York can often be a difficult and confusing process, leaving both parties with a number of questions or issues that arise as a result. With the help of the RIGHT law firm, however, you are able to avoid a number of common issues and bypass much of the “red tape” associated with the state of New York.
No matter what side you might be on, our firm will represent you – providing the highest quality legal counsel available today. Our experience affords us the ability to handle disputes, and negotiations from a unique perspective, few firms can match. We are experienced in handling:
- Terminations & Evictions
- Rent Control & Other Rental Rules
- Tenant Rights & Protection
- Security Deposits & Returns
- Landlord Disclosures and More
For more information on Landlord-Tenant Law & More, contact 718-418-5000
UNDERSTANDING CO-OP PURCHASES
A cooperative apartment (“co-op”) is one of the most common forms of residential ownership in New York City. Unlike purchasing a house or condominium, purchasing a co-op does not mean you are buying the apartment itself as real property.
Instead, you purchase shares of stock in the corporation that owns the entire building. Ownership of those shares gives you the exclusive right to occupy a specific apartment under a document known as a proprietary lease.
No Deed
When purchasing a house or condominium, ownership is transferred by a deed that is recorded with the county clerk. Co-op transactions are different. Because the building is owned by the cooperative corporation, there is no deed transferring ownership of an individual apartment. Instead, ownership is transferred through the sale of the cooperative shares allocated to that apartment, together with the proprietary lease.
Stock Certificate and Proprietary Lease
At the closing, the buyer receives documents evidencing their ownership interest rather than a deed.
Stock Certificate
The stock certificate represents the buyer’s ownership interest in the cooperative corporation. The number of shares assigned to each apartment is determined by the cooperative and often reflects factors such as the apartment’s size, location within the building, and relative value.
Proprietary Lease
The proprietary lease grants the shareholder the exclusive right to occupy a specific apartment. It also outlines the shareholder’s rights and responsibilities, including maintenance obligations, permitted alterations, occupancy rules, and other building requirements.
Your attorney will carefully review these documents to ensure they accurately reflect the transaction and properly identify the purchaser and apartment.
Learn more about Proprietary Lease here.
Why Board Approval Is Required
Unlike most home or condominium purchases, a co-op purchase generally requires approval from the cooperative corporation’s board of directors before the transaction can close.
As part of the approval process, the buyer typically submits a board package containing financial information, supporting documentation, and references. Many cooperatives also require an interview with prospective purchasers.
The board’s purpose is generally to determine whether the applicant satisfies the cooperative’s financial and residency requirements and will comply with the building’s governing documents. Until board approval is obtained, the transaction ordinarily cannot proceed to closing unless the cooperative’s governing documents provide otherwise.
Our office will guide you through each step of the process, review all closing documents, and work with the managing agent, lender, seller’s attorney, and cooperative corporation to help ensure a smooth and successful closing.