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F the Property. Purchaser shall take the Property "as is" on the date of this Contract, except for reasonable wear and tear, and except further, the appliances shall be in working order at Closing. 3.5 At or prior to the time of Closing, Seller shall remove from the Unit all the furniture, furnishings and other personally not included in this sale, and repair any damage caused by such removal. 1.12.2 the "Balance" of the Purchase Price due at Closing (See Par. 2) is $ 4. Representations and Co.

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An apartment in a co-op building that experienced a vacancy after conversion is generally no longer subject to rent stabilization. If you are a rent-stabilized tenant who has occupied the unit when the building was converted to co-op, then the only way the unit remains under stabilization is if you stay as a tenant.

When you buy a co-op, you don't actually buy your apartment; instead, you are buying shares in a corporation that is your building. The size of your share depends on the size of your apartment; buying the shares allows you to occupy a unit in the co-op building.

Co-op house rules in NYC can be extremely strict and will regulate every aspect of your home life. Subletting is only allowed for one year at a time and that a fee of 10% of annual maintenance is levied in order to sublet. Furthermore, while pets are allowed they must be registered and approved by the co op board.

The elected board is the governing body of the cooperative. It has certain legal respon- sibilities to the members and others like financiers, and holders of marketing, sup- ply, or service contracts. The hired man- ager reports to the board and is responsible for the cooperative's day-to- day operations.

Steps to Selling a Co-op in NYC Hire a professional photographer immediately. ... Get a floor plan of your home. ... Write an elegant property listing description. ... Gather information and documents about your co-op. ... Purchase a flat fee RLS listing. ... Underprice your home. ... Respond to inquiries immediately.

Co-ops, also known as cooperatives, are owned by a corporation and are not considered real property. When buying a co-op apartment in NYC you are actually buying shares in the corporation that are allocated to that apartment and this entitles you to a proprietary lease.

The New York State Attorney General's Office Real Estate Finance Bureau is charged with enforcing Article 23-A of the General Business Law (the “Martin Act”) and governing regulations that regulate the offer and sale of real estate securities, including cooperative interests in realty, syndications, and intrastate ...

One of the biggest reasons to buy a co-op is that they typically sell for less than similar condos. You can often find co-op apartments in NYC for sale for 10-20% less than comparable condos. You'll also save on closing costs if you buy a co-op as you won't have to pay the mortgage recording tax or title insurance.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232