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Cooperative and condominium properties are unique unto themselves.  While condominiums, like homes, are issued deeds, the owner of the condominium unit has an obligations to the neighbors and the condominium association. 

 

Cooperative ownership is similar, however, no deed is issued, and the owners simply own shares in a corporation.  In both condominium and cooperative buildings/town-homes there tends to be a strict set of guidelines and rules to which all of the "owners" must adhere. 

 

When purchasing either a cooperative unit or a condominium unit it behooves the purchaser to review the "offering plan and amendments" as well as the historical minutes and financial statements to confirm that the entity they are buying into is "solvent" and one in which they can abide by the rules and regulations while living with their neighbors' and boards' idiosyncrasies.

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Our attorneys can assist with making a proper analysis of the property and entity within which you are interested in purchasing a small piece.  They can also assist in the sale of your unit.

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Mr. Milgraum, Esq. has personal experience being a board member.  He has represented coop boards against shareholder suits as well as representing minority shareholders when the Board members act improperly.

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Visit our FAQs page for additional information.