New York: The founder of Sishodia PLLC and an estate lawyer, Natalia Sishodia, recently published an article about estate New York planning attorneys. In her article, she explained that an estate planning attorney is an experienced lawyer who specializes in the legal aspects of wills, trusts, and estates.
Specifically, the estate lawyer explains: “The goal of estate planning attorneys is to help clients plan for their future by ensuring that everything they own will go where they want it when they die. To do this, lawyers may draft up a will or trust document in order to designate beneficiaries and heirs. They also provide guidance on how best to transfer properties so that the client's wishes are carried out after death.”
Ms. Sishodia further discusses that real estate attorneys handle "real property" transactions. This includes assistance with the purchase and selling of single-standing homes, condominiums, or co-ops as well as land.
New York City transactions are often complicated. Many co-op transactions require background checks and qualifications while condos may involve tax abatement. These additional complexities mean that attorneys hired to assist with residential sales and purchases need to be familiarized with NYC's complex law.
Moreover, Ms. Sishodia comments on co-op specialists. In the article, she mentioned that by purchasing shares in a coop, a person is actually buying shares in a corporation that owns the building. According to the law, a person can live in an apartment provided that it is under their ownership through a proprietary lease.
The shares a person owns must be paid for taxes, repairs, and insurance. It is not easy to approve co-op applications and there are many times when a buyer will need to provide bank statements or tax returns. Professional references may also be required.
New York City’s co-op rules often restrict the way people can rent or sell an apartment. Additionally, NYC co-op tax laws can be complicated and require a good understanding of NYC laws and co-ops.
In addition to discussing co-op, the estate lawyer also discussed the difference between a condo and a co-op. A condo purchase, just like a co-op, has common areas such as hallways and elevators. In some buildings, there may also be a business center and a rooftop.
The main difference is that a condo buyer does not purchase stock in a corporation, but a title to real property. A deed is issued to the buyer for the condo unit and the owner is responsible for the mortgage payments and taxes. A condo transaction is often easier than a co-op, however, the cost may be higher.
To learn more about estate planning, visit Sishodia PLLC’s website.
About Sishodia PLLC
At Sishodia PLLC, they are an industry-recognized boutique law firm focusing on New York real estate law and dispute resolution. With extensive knowledge and experience in both residential and commercial real estate sectors, they offer a fine-tuned individualized approach to each client’s needs. Our goal is to alleviate any stress involved in purchase or sale transactions of real estate in New York, offering our clients peace of mind knowing that their interests are being represented each step of the way.
SOURCE: Press Advantage [Link]
Sishodia PLLC is a boutique New York real estate law firm offering experienced, individualized legal solutions to clients ranging from first-time homebuyers to seasoned real estate investors.