NYC Condo Attorney

New York City Condominium Purchase & Sale Attorney

Condominiums have become an increasingly popular choice for New York City buyers seeking the benefits of real property ownership without the board approval requirements of co-ops. When you purchase a condo, you receive a deed to your individual unit plus an undivided percentage interest in the building's common elements — the lobby, hallways, roof, and shared amenities.

While condo transactions are often perceived as simpler than co-op purchases, they involve their own distinct set of legal considerations. Offering plan analysis, common charge structures, tax abatement status, sponsor obligations, and right of first refusal provisions all require careful legal review. New construction condos and sponsor sales add additional layers of complexity, including warranty issues, punch-list items, and certificate of occupancy concerns.

At Agarunov Law Firm, P.C., we represent condo buyers and sellers across Manhattan, Brooklyn, Queens, the Bronx, and Staten Island. Our attorneys provide thorough due diligence, skilled contract negotiation, and attentive closing representation to ensure your condominium transaction proceeds smoothly and your investment is protected.

Our Condominium Legal Services

Contract Review & Negotiation

Every condo purchase begins with the contract of sale. For resale units, we negotiate and review the standard form contract, ensuring that contingencies, deposit terms, closing timeline, and representations are appropriate for your transaction. For new development and sponsor sales, the contract is typically prepared by the sponsor's attorney and heavily favors the sponsor. Our role is to identify provisions that expose you to risk and negotiate modifications that protect your interests.

Key contract issues in condo transactions include the deposit structure and escrow terms, closing date flexibility, sponsor's right to make material changes to the offering plan, assignment provisions, representations about the unit's condition, and what happens if the closing is delayed.

Offering Plan Analysis

The offering plan is the foundational legal document for every condominium in New York. Filed with the New York Attorney General's office, it describes the building, its units, common elements, financial projections, bylaws, and the rights and obligations of unit owners. For both new construction and resale purchases, reviewing the offering plan and all amendments is essential.

We review offering plans with particular attention to the building's projected budget and common charges, the allocation of common interests among units, tax abatement status (such as 421-a or 421-g) and when abatements expire, any special assessments or capital improvement plans, the sponsor's retained units and ongoing role in the building, insurance coverage, and the condominium association's governance structure and reserve fund.

New Development & Sponsor Sales

Purchasing a condo directly from a sponsor or developer involves unique legal considerations that do not apply to resale transactions. The sponsor typically controls the condominium board until a certain percentage of units are sold, which means the sponsor makes all decisions about building management, finances, and common areas during this period. Additionally, new construction condos may have punch-list issues, delayed certificate of occupancy, or discrepancies between what was promised in marketing materials and what is actually delivered.

We protect buyers in new development transactions by reviewing the offering plan for unusual sponsor protections, negotiating contract modifications, ensuring proper escrow of deposits, identifying incomplete work or construction defects, and verifying that the unit and common areas match the offering plan specifications.

Title Examination & Insurance

Because condo purchases involve the transfer of real property (unlike co-ops, which transfer shares), a title search is a critical component. We coordinate the title search, review the title report for liens, judgments, easements, or other encumbrances, and work to resolve any issues before closing. We also ensure appropriate title insurance coverage.

Closing Cost Analysis

Condo closing costs in NYC can be substantial. We prepare detailed closing cost estimates that include NYC and NYS transfer taxes, mansion tax (for purchases of $1 million or more), mortgage recording tax, title insurance premiums, lien search fees, attorney fees, working capital fund contributions, and move-in fees. For seller clients, we calculate applicable transfer taxes, capital gains implications, and broker commission allocations.

Closing Representation

At closing, we ensure that all documents are accurate, that title is clear, that all contract conditions have been satisfied, and that funds are properly distributed. We review the deed, closing statement, mortgage documents, title insurance policy, and all transfer paperwork.

Condo vs. Co-op: Key Differences That Affect Your Transaction

• Ownership Structure: Condos convey real property ownership via deed; co-ops transfer shares in a corporation plus a proprietary lease
• Board Approval: Condos generally have no purchase approval requirement (only right of first refusal); co-ops require full board approval
• Financing: Condo mortgages are standard real property loans; co-op loans are technically personal property loans secured by shares
• Closing Costs: Condo buyers pay title insurance and mortgage recording tax; co-op buyers typically do not
• Subletting: Condos generally have fewer subletting restrictions than co-ops
• Tax Treatment: Condo owners receive their own tax lot and pay real estate taxes directly; co-op shareholders pay through maintenance

Areas We Serve

We represent condo buyers and sellers throughout New York City, including new developments and resale transactions in Manhattan (Hudson Yards, Financial District, Tribeca, Upper East Side, Upper West Side, Midtown, NoHo, SoHo), Brooklyn (Williamsburg, DUMBO, Downtown Brooklyn, Park Slope, Greenpoint), Queens (Long Island City, Astoria, Forest Hills), the Bronx, and Staten Island.

Serving New York and New Jersey

Agarunov Law Firm is licensed to practice in both New York and New Jersey. In addition to representing clients across all five NYC boroughs and Long Island, we handle real estate transactions in Northern and Central New Jersey including Bergen County (Englewood, Fort Lee, Hackensack, Teaneck, Paramus), Hudson County (Jersey City, Hoboken, Weehawken), Essex County (Newark, Montclair, Livingston), Passaic County (Paterson, Wayne, Clifton), and Middlesex County (New Brunswick, Edison, Woodbridge).

Our dual-state licensing allows us to represent clients in cross-border transactions and provide seamless legal counsel whether your property is in New York, New Jersey, or both.