A self-managed building is a condo or co-op building which does not pay for the services of athird party ‘Managing Agent’ to run the day-to-day operations of the building. Self-managedbuildings in NYC are typically very small and have less than 15 units. If a building is self-managed, it means that the individual apartment owners take […]
While your lawyer reads the board meeting minutes as part of his/her duty when conductingdue diligence, we help prospective co-op and condo buyers in order for him/her to alsounderstand the issues prior to making an offer. It can also assist existing owners to keepabreast of the building’s issues, and if there are any festering problems. […]
Here’s a fact that might surprise you: A co-op board can turn down a buyer for any lawfulreason. And because the reason need not be divulged, this means that in practice, unlawfulreasons (race, religion, profession, sexual orientation, nationality, etc.) may also prompt arejection. (Note: If you buy an apartment directly from the sponsor, you will […]
