NYC Real Estate Lawyer Natalia Sishodia Discusses the Advantages of Owning a Condo in New York

NYC real estate lawyer Natalia Sishodia releases a new article (https://sishodia.com/what-are-the-advantages-of-owning-a-condo-in-nyc/) explaining the advantages of owning a condo in New York. The lawyer mentions that buying real estate in NYC offers a lot of options. Generally, a buyer will have the option of choosing between a condo and a co-op. The two may seem similar in structure but the process of buying them can be very different, and owning a condo can have significant advantages over owning a co-op.

“With the purchase of a condo, you are purchasing real property, unlike a co-op where you are purchasing shares of a cooperative corporation. With a condo purchase, you get a deed and own the unit in the building as well as a portion of the building’s common areas,” says the NYC real estate lawyer.

The lawyer explains that the homeowners association in a condominium cannot dictate how much money a buyer must put down, or the debt-to-income ratio of the buyer. They will still be expected to pay their monthly HOA fees towards the maintenance of the building but the board of directors will have no access to any of the buyer’s financial information. The board will also not be able to accept or deny a buyer because of their financial information.

Attorney Sishodia adds that another advantage of buying a condominium is that the condo board does not have the right to accept or reject the sales price the way a co-op board of directors does. A co-op will want to approve the sales price of a unit and will deny it if it is low enough to impact the value of other units in the building.

According to the lawyer, “A co-op can have highly restrictive rules. When you own a condo, there are fewer restrictions, and you typically have more latitude about what you can do with it. While you must abide by the rules and by-laws of the homeowners association, in most cases, condos can be sublet and used as investment properties as long as they comply with by-law restrictions.”

Lastly, attorney Natalia Sishodia emphasizes how important it is to seek the help of an experienced attorney when it comes to real estate transactions. Having a skilled real estate attorney may help ease the burden of understanding complex terms from the customer and may guide them into making a more informed decision.

About Sishodia PLLC

Sishodia PLLC’s team of professional New York real estate attorneys pride themselves on their ability to navigate complex real estate laws and intricacies to offer the most comprehensive advice and guidance possible for their clients. The lawyers at Sishodia PLLC take time to fully understand each client’s unique goals and circumstances, minimizing potential risks and issues. Call them today at (833) 616-4646 for a consultation.

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