Purchasing or Selling a Cooperative Unit
The Best Co-Op Closing Lawyers in New York
Mekhtiyev Law Firm has the most seasoned and knowledgeable co-op closing attorneys in New York. Our attorneys can represent you in purchasing and selling cooperative units in the New York by offering diligent legal guidance throughout the real estate transaction. Whether buying or selling a cooperative unit, our attorneys have the expertise and foresight to ensure diligent and competent representation throughout the entire transaction.
Call for a Free Consultation Today!
Hire Seasoned Closing Lawyers in Real Estate
At Mekhtiyev Law Firm, we provide our clients with the highest level of legal expertise in residential and commercial real estate transactions. We understand that conducting real estate a transaction without sound legal guidance can backfire and result in damaging consequences that a client should never have to experience.
Our attorneys have extensive knowledge of the complex laws, rules and regulations involved in co-op transactions and will thoroughly review and discuss the implications of every document with our clients. With our attorneys in your corner, you can rest assured that you will never sign a co-op closing document without having first discussed it with your attorney.
Co-op Closing Services for Prospective Buyers
Below is an overview of our comprehensive co-op closing services for prospective buyers for cooperative units:
Starting the Initial Correspondence & Guidance
Initially, our attorneys will discuss and summarize all of the stages of a successful co-op transaction with you. Our attorneys will also go over the due diligence process and discuss the essential terms of the deal sheet and contract documents with you, so that you are thoroughly informed during the entire process.
Formulating & Explaining the Contract of Sale
We will then negotiate the contract terms with the seller’s and their attorney on your behalf. Your designated attorneys will go over the finalized contract of sale with you to ensure that you understand your rights and obligations under the contract
Ordering & Reviewing Lien Search
Then, our firm will order a lien search to reveal whether the sellers, cooperative unit and/or building has any open judgments, liens or violations against them. If any title issues are discovered, our attorneys will assist in resolving them with the seller and their attorney.
Performing Due Diligence
Our real estate attorneys will perform a comprehensive property due diligence, which will include, but not be limited to, these stages:
- Assessing the unit’s offering plans, last 2 years of financials, bylaws, rules and regulations, and board meeting minutes
- Reviewing its proprietary lease to ensure that the property has no unit occupancy, subsequent sale, or sublease restrictions
- Submitting a comprehensively written questionnaire to the co-op management company to ensure that the building does not have anticipated maintenance charges increases, special assessments in effect or planned in the near future, subletting restrictions, pending or anticipated litigation, hidden transfer costs, possible capital improvements, etc.
- Preparing a meticulous due diligence report for you that will effectively summarize significant findings on reviewing the building’s corporate documents, public records, and data gathered from the coops management company
Helping the Client Prepare Financing
Once you are satisfied with the findings and want to proceed with the purchase, our attorneys will assist you in preparing and reviewing your mortgage application. Our attorneys will also help you communicate with the lender, review the mortgage commitment letter, and ensure that the conditions outlined in the letter are satisfied prior to closing.
Offering a Final Walk-Through
We will make sure that your real estate agent will conduct a thorough final walk-through of the unit to ascertain whether the property’s condition has not altered since the contract execution date. The walk-through will also allow you to assess whether the seller has made the agreed-upon repairs and upheld the contract terms regarding the unit’s condition.
Preparing for & Executing the Closing
Lastly, our attorneys will review and discuss the final closing costs with you. These will include the closing costs, closing adjustments, mortgage tax, coop fees, other recording fees, etc. We will then represent you at closing to ensure that all of the closing documents are executed properly. Also, our attorney’s will ensure that the cooperative building issues a new stock certificate and proprietary lease that detail the new purchaser’s unit ownership and cancel the old seller’s stock and lease.
Our attorneys will ensure that all open mortgages are paid off and all liens and jusgments are cleared from title prior to closing. Moreover, we will prepare a closing package for you that will consist of the final settlement statement, closing costs and expenses, stock certificates, contract of sale, proprietary lease, and other related closing documents.
Co-Op Closing Services for Potential Sellers
Here is an overview of our co-op closing services for prospective sellers of cooperative units:
Offering Initial Guidance
We will begin the process by giving competent and sound legal advice to the seller regarding the closing process of selling their cooperative unit. We will review the clauses in the contract that affect the seller and offer all of the information they will need in order to make an informed decision.
Drafting the Contract of Sale
Then, we will draft a contract of sale that encompasses all of the essential agreed upon terms in the transaction.. We will review the final contract of sale with you before signing to ensure you understand and are aware of your contractual rights and obligations.
Reviewing the Lien Search Report
We will thoroughly review the lien search report prepared by the purchaser’s title company to ensure that there are no title-related issues that can potentially delay the closing. Our expert co-op closing attorneys in New York will also work with you to resolve all concerns highlighted in the lien search report.
Guidance during the Final Walk-Through
We will assist you in resolving any issues or concerns that might crop up when the buyer performs their final unit inspection.
Making Pre-Closing Arrangements
Our seasoned real estate lawyers will make sure that your lender (if you have one) deliver original stock certificates and the cooperative unit’s proprietary lease needed for closing as timely as possible.
Finalizing Closing Costs & Ensuring a Smooth Closing Process
Lastly, we will finalize all closing costs before the closing. These may include mortgage payoffs, payment of NYS and NYC transfer taxes, recording expenses, cooperative unit closing fees, and more. Then, our attorney’s will diligently represent your interests during the entire closing process.
We will ensure that all closing documents are executed and we have proof of all closing expenses and balances collected from the purchaser. Our lawyers will prepare a comprehensive closing package for you, consisting of the final settlement, closing costs, executed contract of sale, stock certificate, proprietary lease and more.
Contact Us for Expert Co-Op Closing Lawyers in New York
Mekhtiyev Law Firm is led by seasoned co-op closing lawyers who have handled all types of transactions for cooperative units in all areas of New York, including the boroughs of Manhattan, Queens, Brooklyn, Long Island, Nassau and Suffolk counties, and more!
Our real estate attorneys in New York will help you secure a successful co-op closing in no time.
Contact Us Today!
Contact us at anytime
GET ON THE LIST
Subscribe to our newsletter for exclusive news & events.