There are thousands of condominiums and co-ops for sale in New York's real estate market today. Many thousands of people are looking to purchase, too. But did you ever think to stop and review the co-op's minutes before purchasing? You may or may not have, and even then, you may not know what to look for. But with the right attorney experienced in these matters, a review of co-op minutes can be integral to purchasing the right home for you in New York.
Here, we provided a basic overview of why the review of these minutes can prove significant and why you need the legal guidance of a residential and commercial closings attorney to help you.
What can Co-op Board Meetings Tell You When Looking for a New Property in New York to Make as Your New Home or Rental Opportunity?
First and foremost, board meetings can provide an overview of:
- how the board operates;
- what the residents are doing in the building;
- concerns of the residents; and/or
- concerns of the board members.
Understanding these things can help you decide if the property is worth purchasing when you align what the board minutes say and what you want out of the property.
An example is short-term leases. Say you are purchasing the condo as a new home but you also want to rent out a room via a third party, like Airbnb or Vrbo. The board minutes may indicate where the residents and board are heading on this issue. Maybe residents are against allowing short-term leases in the building. Maybe short-term leases have been in use for some time but there has been a dispute here or there. The board minutes will identify how the board has handled these types of disputes. With this information, you can make informed decisions and not later regret your choice to purchase or not.
How Can a Real Estate Attorney Help You Review the Co-op Minutes for Your New York Real Estate Purchase?
The problem with board minutes, however, is that they can be long and filled with terminology that many of us do not know. As such, not understanding fully what you are looking for or not understanding fully what you are reading may render the review of minutes on your own as wasted time. A skilled real estate attorney can help.
Here are some ways a real estate attorney can help with your new real estate purchase in New York by reviewing the board minutes for you:
- Time. An attorney reviewing the board minutes can speed things along, make the process more efficient and effective, and prevent someone else from bypassing you and placing an offer on the place while you still continue to sort through the minutes.
- Costs. An attorney can identify key pieces of information that may benefit you in the long run. For example, a new fee may be taking effect in the future, and the seller – through negotiations with your attorney – may agree to pay that fee in full or part.
- Alignment. An attorney can help you identify what you want from a property and align those interests with the information attained from the review of the minutes.
If you are in the market to purchase a condominium or co-op, contact an experienced real estate attorney in New York to help you make sure your purchase is right for you.