Real Estate Attorney Long Island
At Milenkovic Law Group PLLC we represent purchasers, sellers and lenders in residential and commercial transactions.
We can handle all your legal real estate needs for individual buyers and sellers, as well as businesses and corporations. We handle both, commercial and residential transactions.
We can assist you with any of the following service areas:
Residential Closings
Commercial Closings
Bank Closings (Purchase, Refinance, CEMA)
Hard Money Representation
Residential Leases
Commercial Leases (retail, mixed use, office, etc.)
1031 Exchanges
Condominium Development Projects
Construction Contracts
Ownership Agreements
Drafting Lending Documents
Mortgage Financing and Refinancing Representation
Short Sales
Loan Modification
Note Purchase
Foreclosure Defense
Understanding the Types of Residential Properties
Much of New York is comprised of cooperative and condominium apartments with many areas of private homes. Each has distinct differences and advantages, which a prospective buyer must be aware of.
Cooperative Apartments
The basic consideration of cooperative ownership is that the individual residents do not own their apartments as real property; instead, they own a share of a corporation which gives to them the right to a long-term proprietary lease. Significantly, the tenant-owners, acting through the Board of Directors, have the right to approve or disapprove of all prospective owners, as well as any subleases contemplated. Because coops are corporations, New York has enacted significant statutory guidelines impacting their operations.
Condominiums
A condominium is real property that comes with a deed of ownership, yet what is owned does not include anything but the inside of the unit. The exterior space and common structures are all owned collectively by the individual owners. Although condos are typically easier to purchase or sell than are coops, condos do come with homeowners’ associations, which all individual owners must join. The association sets rules for a variety of activities and standards within the community, often referred to as CC&Rs, or covenants, conditions and restrictions. A condo owner in violation of the CC&Rs may be fined by the association.
Private Homes
Major issues in purchasing a single family or multi family home are a condition of the property and title issues.
Don’t let yourself be taken advantage of with your next real estate encounter, let an experienced attorney prepare, review and facilitate any contract or negotiation before you sign you name on any document.
Serving: Westchester | Queens | Bronx | Brooklyn | Long Island| Manhattan