Queens Attorneys Assisting in the Purchase of Co-ops
Since 1911, the law office of Gross & Levin, L.L.P., has offered sound legal advice on real estate to individuals and families throughout Queens. We have a well-earned reputation for service to the community.
When purchasing a co-op, you are actually purchasing stock in the corporation that owns the apartment and leasing the apartment from the corporation, rather than purchasing the property.
The assistance of attorneys experienced in the purchase of co-ops is crucial. Careful investigation helps to ensure that the corporation is financially stable and that the co-op's elected board of directors makes sound decisions regarding the rules and regulations of the property, as part of determining whether the co-op is a solid investment.
If you have questions about the purchase of a co-op, contact our Queens attorneys today to schedule a consultation.
Answering Questions Regarding Financing for Co-ops
In contrast to the purchase of a home, the bank does not grant you a mortgage in the purchase of a co-op. Rather, financing the purchase of a co-op requires that you use your stock certificate for your share in the corporation owning the property as collateral for the necessary loan.
The tax consequences of purchasing a co-op also differ and can become complicated. For example, you may receive a tax deduction for the interest on your loan taken to finance the co-op and also for the monthly maintenance fee paid to the corporation.
Our experienced attorneys can answer any questions you may have about financing your purchase of a co-op and how it will affect how your taxes are filed.
Elmhurst Lawyers, Assisting in the Sale of Co-ops
When selling a co-op, you are selling your stock in the corporation and terminating your lease of the property from the corporation, implicating contract liability and potential tax consequences.
Given our years of experience assisting New Yorkers in the purchase and sale of co-ops, we are able to provide sound legal advice and assistance on these matters.
Gross & Levin, L.L. P., a Long Island, New York, Real Estate Law Firm — You Are in Good Hands
As the oldest continually practicing law firm in Queens, New York, Gross & Levin, L.L.P., is seen as a trusted advisor.
Contact our experienced Elmhurst attorneys to discuss the sale of a co-op. You can be confident that we will faithfully serve your best interests, as we have done for the past three generations.