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About New York Condos
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Information Provided by a New York Real Estate Lawyer |
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 A condominium is a form of home ownership in which individual units of a larger complex are sold, not rented. These units may be renovated apartments, townhouses or even commercial warehouses. Contrary to popular belief, the word 'condominium' does not apply to the type of unit itself, but the legal ownership arrangement. Any multi-unit structure can 'go condominium,' meaning occupants must either vacate the premises or purchase their apartments outright.
Those who purchase units in a condominium technically own everything from their walls inward. All of the individual homeowners have shared rights to most common areas such as the elevators, hallways, pools and club houses. Since condo owners are able to use these common areas, the shared rights are different than those for owners of a house. Rights of a condo owner are also different than the rights of those who live in co-op housing. Maintenance of these areas becomes the responsibility of a condominium association. Every owner holds a share of interest in the condominium association, plus an obligation to pay monthly dues or special assessment fees for larger maintenance problems.
The New York real estate attorney at Pollack, Pollack, Isaac, and DeCicco, LLP works directly with clients who currently own or are considering buying a condominium. If any problem arises while living in a condo, our New York real estate lawyer can assist you with your case. He has years of experience in commercial law and can help you examine your case.
For more information on condo ownership, contact our New York real estate attorney today.
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