[Real Estate News]
We are proud to announce Fred A. DeCicco, Partner and Real Estate / Commercial Law Department Director, was featured in the very first series of Bamberger Answers by The Bamberger Group. Known as one of Murray Hill’s top real estate experts, The Bamberger Group created these real estate blog series to give their readers direct answers from experienced professionals from every corner of the real estate community. With over 30 years of experience as an attorney in the field of real estate / commercial law, Mr. DeCicco was chosen to provide his invaluable input, which was published on their website and newsletter to over 3,500 recipients.
Some of their discussions included home renovations in co-op buildings, Caveat Emptor, and the importance of securing buyers’ rights in a purchase agreement. The following is a highlight from Mr. DeCicco’s feature. To view the full feature, please click here.
Q: “You’ve represented many condo and co-op boards over the course of your career. What are some common mistakes that homeowners make when applying for a renovation?”
A: “An issue which commonly happens with alterations is, people fail to realize that the building has the right to approve contractors. So I’ve had clients go ahead and hire people to do work, only to find out that the building won’t approve that contractor, or that contractor doesn’t have enough insurance to meet the building’s requirements. So now you’ve given a contractor a $10,000 or a $20,000 retainer, and now a month and a half later you’re finding out that the contractor can’t be approved, or there’s much delays trying to get that contractor approved– whereas if the owner had taken the time to reach out to the managing agent and get a list of approved contractors, get a list of the documentation needed beforehand, the homeowner would have more control over the process and the timing and the completion of the work.”
Need Real Estate / Commercial Law Help?
Contact our prominent real estate / commercial law attorney, Fred DeCicco, by filling out our contact form online or by calling his office at 212-203-4795.