Rather than purchasing a traditional home, many people choose instead to purchase a condominium to live in. While this can have many benefits, it can also come with significant legal issues, just like any other real estate transaction. But how exactly can buying a condo lead to legal issues, and what should you do about it?
What is a Condominium?
A condominium, or condo for short, is very similar to an apartment, in that it is generally a part of a larger building that has been subdivided into a number of separate units. The difference, however, is that you actually own a condo, rather than needing to pay rent to a landlord. The common areas of the condo, meanwhile, are maintained collectively by all of the owners in the same complex, with overall affairs typically handled by a Board of Managers.
Why Might You Buy a Condo?
For many people, a condo offers a preferable alternative to either traditional home ownership or renting an apartment. Condos are typically less costly than a single-family residence, for example, while still offering much of the same independence. Meanwhile, people who are accustomed to renting an apartment may prefer the collective ownership of a condominium complex, compared to needing to deal with a landlord.
What Legal Issues Could You Face?
The legal problems with buying a condo are, in some ways, very similar to those involved in buying a home, and you will need to go through the complications of negotiating. On the other hand, you will also need to deal with a set of regulations that applies specifically to condos, such as New York’s “Condominium Act,” also known as Article 9-b of the Real Property Law. Additionally, every condo has its own bylaws that all residents must abide by, which can further impact your ability to use and enjoy your property.
What Should You Do?
Buying a condo is a major financial decision, just like any other real estate purchase, and should not be taken lightly. That is why you should speak to the real estate lawyers at Elovich and Adell. They can help you craft a legal strategy that suits your needs, and help you get a contract that best serves your interests.
For more than 50 years, the New York lawyers at Elovich and Adell have represented clients like you in real estate cases. Our attorneys, conveniently located in Long Beach, handle personal injury, real estate, commercial transactions, criminal defense, and labor and employment claims all across New York State. For a consultation, please call us at 516-432-6263 or visit our contact page for more information.
