A Contract of Sale — Condominium Unit (approved by the New York City Bar Association's Committees on Cooperative and Condominium Law) is a legally binding document that outlines the terms and conditions of a real estate transaction between a buyer and seller. It defines the parties involved in the transaction, the price to be paid, the date of the closing, and any other provisions relevant to the sale of a condominium unit. In addition, the contract includes a statement of disclosure of all material facts and information known to the seller, such as the status of the condominium's financing, insurance and maintenance. It also provides for a cooling-off period during which the buyer has the right to cancel the contract. The types of Contract of Sale — Condominium Unit (approved by the New York City Bar Association's Committees on Cooperative and Condominium Law) include: the Standard Condominium Unit Contract, the Condominium Unit Contract with Final Agreement, and the Condominium Unit Contract with Right of First Refusal. The Standard Condominium Unit Contract is the most commonly used and requires the buyer to provide a deposit and sign the contract. The Condominium Unit Contract with Final Agreement is intended for buyers who are purchasing a unit with additional terms and conditions, such as an option to purchase additional units in the future. The Condominium Unit Contract with Right of First Refusal is a contract that allows the buyer to purchase the unit before it is offered to other buyers.
Contract of Sale - Condominium Unit (approved by the New York City Bar Association's Committees on Cooperative and Condominium Law)
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FAQ
Condo Rights The Condominium Act, or Republic Act No. 4726 (RA 4726), which was passed on June 18, 1966, permits persons to co-own land in addition to having complete ownership of their unit. This statute also indicates the scope of their power over the unit they acquired.
Whereas single-family homes are governed by a homeowners association, a condominium development is governed by a COA. What is COA? Simply put, COA means condominium owners association. This COA and its member homeowners work together to maintain the value of the units and shared common elements.
Beyond that, the offering plan has to first be approved by the attorney general's office (specifically the Real Estate Finance Bureau). The attorney general is New York's lawyer.
New York Condominium Act, N.Y. Real Prop. Law §§ 339-D through 330-LL: The Act governs the formation, management, powers, and operation of condominium associations formed under the Act. Most condominiums in New York are unincorporated associations formed under the Act.
The New York State Office of the Attorney General has promulgated regulations that govern the offer and sale of interests in cooperatives and condominiums. Sales of cooperative and condominium units are made pursuant to the terms and conditions of an offering plan.
New York Condominium Act, N.Y. Real Prop. Law §§ 339-D through 330-LL: The Act governs the formation, management, powers, and operation of condominium associations formed under the Act. Most condominiums in New York are unincorporated associations formed under the Act.
An important distinction between a co-op and a condo is that most co-op associations require a prospective purchaser to be approved by the co-op board. The upside is being able to pick your neighbors. The downside is that when you sell, the board must approve the buyer and that can delay the sale.