NYC Co-op Attorney

New York City Co-op Purchase & Sale Attorney

Cooperative apartments make up roughly 75% of the housing stock in Manhattan and represent a significant portion of residential real estate across all five boroughs. Yet buying or selling a co-op is fundamentally different from any other type of real estate transaction. You are not purchasing real property. You are buying shares in a corporation and entering into a proprietary lease that grants you the right to occupy a specific unit.

This distinction affects every stage of the transaction: how the deal is structured, what due diligence is required, how financing works, what the board approval process entails, and what happens at closing. Without an attorney who understands the specific legal framework governing New York cooperative housing, buyers and sellers face unnecessary risk, delays, and potential deal collapse.

At Agarunov Law Firm, P.C., we represent co-op buyers and sellers throughout New York City. From initial contract review through board approval and closing, we guide our clients through every step of the co-op transaction process with the detail and responsiveness that these time-sensitive deals demand.

Our Co-op Legal Services

Contract Review & Negotiation

The purchase contract is the foundation of every co-op transaction and contains provisions unique to cooperative housing. Unlike a standard real estate purchase agreement, a co-op contract must address the allocation of shares, assignment of the proprietary lease, board approval contingencies, and specific closing conditions tied to the cooperative corporation's requirements.

We review every provision to ensure our client's interests are protected. This includes negotiating appropriate contingencies for financing and board approval, verifying share allocations and maintenance charges, ensuring proper representations and warranties, and identifying unusual terms that could create risk.

Board Package Preparation

The board package is one of the most important components of buying a co-op in New York City. Co-op boards have broad discretion to approve or reject prospective buyers, and a poorly prepared or incomplete application can result in rejection or costly delays. We help our clients prepare thorough, well-organized board packages that present their qualifications in the strongest possible light.

A typical board package includes a completed purchase application, two to three years of federal and state tax returns, personal financial statements, bank and brokerage account statements, employment verification letters, personal and professional reference letters, a personal statement or cover letter, and the signed purchase agreement. We review every element for accuracy, consistency, and completeness before submission.

Financial Due Diligence

When you buy a co-op, you are buying into a corporation, and the financial health of that corporation directly affects the value and stability of your investment. Our due diligence process includes a thorough review of the building's financial statements, including its balance sheet, income statement, and budget. We examine the building's reserve fund adequacy, underlying mortgage terms and maturity dates, any pending or threatened litigation, capital improvement assessments, and the overall financial trajectory of the cooperative.

We also review the co-op's offering plan and any amendments, the proprietary lease, house rules, and recent board meeting minutes to identify issues that could affect your purchase decision or negotiating position.

Proprietary Lease Review

The proprietary lease defines your rights and obligations as a co-op shareholder. It covers everything from maintenance payment obligations and subletting restrictions to renovation approval requirements and the circumstances under which the board can terminate your lease. We review it to identify restrictions or obligations that could affect how you use your apartment, including alteration policies, pet restrictions, subletting and assignment rules, flip tax provisions, and the board's powers in cases of shareholder default.

Closing Representation

Co-op closings differ from condo and townhouse closings in several important ways. Instead of receiving a deed, you receive a stock certificate and a proprietary lease. The transfer must be approved by the cooperative corporation, and the managing agent typically coordinates closing logistics. We represent our clients at closing, ensuring that all documents are accurate, that the share certificate and proprietary lease are properly assigned, that all financial obligations are correctly calculated, and that the transaction is properly recorded on the cooperative's books.

Co-op Sales

If you are selling your co-op, we represent your interests from listing through closing. We prepare and negotiate the purchase contract, coordinate with the managing agent on transfer requirements, ensure compliance with the building's transfer procedures, calculate and allocate closing costs including any flip tax, and represent you at closing to ensure a clean transfer of shares.

Common Co-op Issues We Handle

• Board Rejection Concerns: Advising buyers on strengthening applications and understanding their rights if rejected
• Financing Complications: Navigating co-op lending requirements, which differ from conventional mortgages
• Sublet Applications: Assisting shareholders seeking board approval to sublet their units
• Renovation Approvals: Reviewing alteration agreements and coordinating with building requirements
• Maintenance Disputes: Addressing issues related to maintenance increases or special assessments
• Transfer & Flip Tax Calculations: Ensuring accurate calculation and proper allocation of transfer-related fees
• Estate Transfers: Handling the transfer of co-op shares upon death of a shareholder, including board approval for heirs

Why Co-op Transactions Require Specialized Counsel

Not every real estate attorney has deep experience with co-op transactions, and the differences matter. Co-op law involves corporate governance, securities considerations, and a unique body of case law that does not apply to condo or townhouse purchases. The board approval process, proprietary lease structure, and financial due diligence requirements all demand specific expertise.

At Agarunov Law Firm, co-op transactions are a core part of our real estate practice. We understand the nuances of New York cooperative housing law and work efficiently to protect our clients and move transactions to a successful closing.

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.