Buying or selling a co-op in New York can become stressful if things go wrong. Issues that arise causing difficulties for buyers may include unfavorable changes to your credit report that affect loan approval, a low appraisal, or a lender rejecting your mortgage application outright. You may also face interest rate increases, delays in loan approval, delays due to the seller’s death, misspelled or inconsistent names on loan documents, or delays with closing because the seller’s attorney did not order documents on time. You may also have problems coordinating the closing date due to scheduling conflicts or walk-through issues. You may also experience delays due to old UCC1 discharges, co-op board rejection, conditions on co-op board approval, and other problems.
Sellers can face issues as well, which may include tax liens or old UCCs recorded against the seller’s shares, lost proprietary lease and stock certificate, delays obtaining the stock certificate or proprietary lease, issues with your right to sell the co-op, delays due to the death of a buyer, issues related to FIRPTA for non-US sellers, problems related to the IT-2664 for non-New York residents, issues related to capital gains, problems with the walk-through, and problems coordinating a closing date due to scheduling conflicts.
A skilled real estate attorney can help protect your interests and navigate problems you encounter during your co-op purchase or sale. Call James H. Cook, Esq. at (646) 844-0425 for a free consultation.
James H. Cook, Attorney at Law 