New York Condo Lawyer

Condominium Purchase and Sale Attorney Serving New York City

Condominium ownership has expanded rapidly across New York City over the past two decades, with new developments rising in every borough. Unlike cooperative apartments, which dominate the city's older housing stock, condos provide deed-based ownership of your individual unit along with a shared interest in common areas. This structure gives condo owners broader financing options, fewer restrictions on subletting, and no board approval requirement for purchases or resales.

Whether you are purchasing a resale unit or buying directly from a sponsor in a new building, every New York condo transaction proceeds through a defined legal sequence: purchase agreement negotiation, review of the condominium's offering plan and financials, title search and lien review, lender coordination for financed purchases, and a closing where the deed records and keys change hands. Sponsor purchases add complexity around offering plan amendments, construction warranties, and property tax abatement schedules that require careful evaluation.

At Agarunov Law Firm, P.C., we handle condominium transactions throughout New York City. Our office is located at 30 Broad Street, 14th Floor, in Manhattan's Financial District, with convenient access from all five boroughs. Schedule a free consultation to discuss your New York condo transaction.

Our New York Condo Legal Services

Contract Review for New York Condo Purchases

The condo purchase agreement specifies the unit being sold, associated parking or storage rights, common charge responsibilities, and any conditions the parties have negotiated. Sponsor contracts in new developments leave limited room for modification, so identifying problematic terms before you sign is essential. Resale contracts offer greater negotiation flexibility on financing contingencies, closing timelines, and remedies for breach. We examine every provision to safeguard your interests.

Offering Plan Review for NYC Condominiums

New York law requires every condominium to file an offering plan with the Attorney General. This document, along with any subsequent amendments, contains critical information about the building's finances, governance, and legal obligations. We examine the common charge formula, reserve fund adequacy, the sponsor's remaining commitments, insurance policies, disclosed lawsuits, and any proposed assessments. For newly constructed buildings, we compare the sponsor's projected operating budget with similar properties to gauge whether the numbers are credible.

Title Examination and Insurance for New York Condos

Because condominium ownership is deed-based, buyers need title insurance to protect against defects in the chain of ownership. We coordinate the title search and review the resulting report for prior mortgages, court judgments, open building permits, unpaid taxes, and other potential encumbrances. Condominiums present their own category of title risks, including improperly filed offering plan amendments, unresolved contractor liens tied to common-area construction, and discrepancies in unit boundaries as described in the declaration versus as-built conditions.

Condo Closing Representation in New York

We attend every closing in person to protect the buyer's or seller's interests. Our role includes verifying the deed, reviewing the closing statement for mathematical accuracy, confirming that transfer taxes and the mansion tax (applicable to purchases of $1 million or more) are correctly calculated, and reviewing all mortgage documents before signature. In sponsor closings for new construction, we also confirm that the developer has fulfilled every obligation specified in the offering plan before funds are released.

New Development Condo Purchases in New York

The pace of new condominium construction across New York City creates steady opportunities for buyers willing to purchase from a sponsor. These transactions come with sponsor-prepared contracts, offering plans that may be amended multiple times before and after construction ends, and closing dates contingent on the building receiving its final certificate of occupancy. Property tax abatement programs lower initial carrying costs but expire on a fixed schedule, after which your tax bill can increase significantly. We model the projected post-abatement tax burden so you can assess whether the unit remains affordable over time.

New York Condo Sales Representation

For New York condo sellers, we prepare or review the purchase contract, coordinate with the condominium association on transfer documentation, manage the lien search on the unit, calculate transfer tax obligations, and attend closing. We handle every legal detail to keep the sale on track from accepted offer through closing day.

What You Should Know About New York Condos

New York's condo market is segmented by neighborhood, building age, and amenity level, with distinct dynamics in each borough. Manhattan condos command the highest prices but often include tax abatements that lower initial carrying costs. Brooklyn's condo market has expanded rapidly, with new construction along the waterfront and in neighborhoods like Downtown Brooklyn and Crown Heights. Queens condos, particularly in Long Island City, offer proximity to Manhattan at lower price points. Buyers should understand the distinction between sponsor-controlled boards and owner-controlled associations, as this affects building governance during the early years of a development. They should also evaluate whether any tax abatement is in effect and when it expires, since the post-abatement tax increase can substantially change your monthly carrying costs.

Why New York Condo Buyers and Sellers Choose Agarunov Law Firm

• Attorney-led service: your condo transaction is managed start to finish by a licensed attorney who knows your file
• Centrally located: our Financial District office is accessible by subway from every New York City borough
• New York and New Jersey licensed: dual-state practice for clients with property interests in both states
• Experience across property types: new development sponsor closings, resale transactions, and investment purchases throughout NYC
• Fast response times: we reply to every client message within the same business day