The Vessel marks the centerpiece of the gigantic real estate project located in Hudson Yards area of Manhattan, New York. The closing that our attorney, Fuqiang Zhang, Esq., attended as purchaser's attorney in March, 2019, marks the very first closing among thousands of transactions sprout from the Hudson Yards project.
Condominium Purchase - What are the Differences
Planning to purchase your first residence is both exciting and confusing thanks to the variety of real estate ownership in New York City.
Condominium, for example, is a form of ownership combining both individual real estate title and common element shared by multiple building owners. Here are some of the differences you might note during a transaction:
The condo offering plan, a book of hundreds of pages depicting in detail all aspects of the building and units. Over decades, the voluminous condo book given to buyers symbolizes the closing of the deal successfully. Recently, however, more and more newly-constructed condos start to adopt electronic version of the book and save some extra labor for both real estate agents, owners and buyers to carry it around during a transaction.
Condo board of directors, a group of people elected to manage the condo building. The board makes determinations on daily operations, budget, maintenance and repairs, etc. In addition, the board often hold the right of first refusal to all proposed transactions. Therefore, if you are buying a unit from the building, chances are you will see a waiver at closing which means the board is not stepping in and the residence from you.
Common Charge and special assessment, fees payable to condominium owner association to be spent on matters related to operation and management of the condo, such as roof repair and maintenance, hiring door man and security staff, defending lawsuits, etc. Essentially, you pay this fee so that you will not need to handle all the work yourself, which can be rather daunting according to some residential house owners.
Retaining the right attorney means more efficiency and peace in mind
With over ten years of experience, the Law Offices of Fuqiang Zhang, P.C. helps hundreds of clients each year acquire their dream residence. Call 718-321-7130 or fill out the form to get your consultation today.
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