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CONDO BOARDS AND THE RIGHT OF FIRST REFUSAL

A condominium unit owner has significantly more freedom to transfer and sell her unit than a cooperative shareholder, who is restricted by his board’s broad power to veto a proposed sale by rejecting the proposed buyer’s application.  At the same time, a condo board’s...

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CONDO AND COOP RULES OF THUMB: WHEN OWNERS FALL BEHIND

Financial difficulty happens and even the best of people can fall behind, but when you live in a condominium, one owner falling behind on common charges can mean less money for maintenance and amenities, and ultimately, trouble meeting building operating expenses. ...

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CONDO AND COOP RULES OF THUMB: THE GOVERNING DOCUMENTS

Congratulations!  You have taken the plunge and bought into a coop or a condo building.  The next question is, what documents govern your rights and actions as well as those of your fellow shareholders or unit owners?  Coops and condos each have two main governing...

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CONDO AND COOP RULES OF THUMB: THE BASICS

Before purchasing an apartment in a building in New York City, it helps to understand the difference between the two main options:  a condominium and a cooperative building.  The biggest difference between the two lies in what ownership entails.  In a coop, a unit...

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CONQUERING THE DIVIDE: THE FINAL STEPS

So you have made the decision to proceed with a partition to divide or sell jointly-owned property.  Much like with any other litigation, the question of “how it works” naturally presents itself. First, you must establish your prima facie entitlement to partition by...

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