There are numerous aspects of condominium/cooperative law with which we can provide advice and representation.
Conversion of a rental property into a condominium or cooperative is a complex process requiring compliance with federal and New York state laws, rules and regulations. We can assist you in navigating this process.
Condominiums and cooperatives can only be created through compliance with governing laws, rules and regulations, and require approval of the New York State Attorney General.
We can represent developers and sponsors in connection with such process, tenants who are in occupancy of a unit in a building that is being converted, and boards of such condominiums and cooperatives, including:
- Filing suits over formation of development
- Serving as general counsel for cooperative/condominium boards
- Handling transactions within the cooperative/condominium
- Handling disputes over management of the cooperative/condominium
The Interstate Land Sales Full Disclosure Act requires that condominium developers strictly comply with rules requiring disclosure of information regarding a condominium development in order to protect buyers. If a developer fails to comply with the Interstate Land Sales Full Disclosure Act’s requirements, a buyer may be able to rescind their contract of sale and recover their deposit. We can advise you regarding whether a developer has complied with the Interstate Land Sales Full Disclosure Act, and assist you in rescinding your contract and recovering your downpayment.