Often, the traditional housing concept of purchasing a piece of land and building a colonial home doesn’t fit everyone’s lifestyle. Perhaps there’s an “empty-nester” looking to downsize from a traditional house and shed the duties of lawn maintenance and snow removal. Maybe there’s a young, busy professional who wants to build equity in his or her living space, but doesn’t want (or have time for) the responsibilities of upkeep and repair. Possibly there’s a builder who recognizes the need to enter this market to meet these needs.
The lawyers at Bousquet Holstein recognize this market and can help.
Condominiums in New York are strictly regulated as to their formation and operation. Typically, a condominium is a single space unit (for living or working) in a multi-space building, where the owner shares common areas with the other unit owners, while maintaining direct ownership of his or her individual unit. Once relatively rare in New York, condominiums (or “condos” for short) have gained popularity. However, the complex statutes and rules governing condominiums can be a trap for the unwary and could lead to serious legal consequences for those unfamiliar with them.
Our attorneys have aided in the formation of condominiums, gained approval for regulatory authorities and guided Condominium boards in carrying out their functions and duties. We have represented buyers and sellers of condominium units (both residential and office). Let our attorneys help you.