Dilendorf & Khurdayan represents clients in connection with purchase and sale of cooperative units (“co-op”) in New York City. Our firm provides diligent representation through every step of closing a real estate transaction, whether the client is buying or selling a co-op.
Our Representation of NYC Coop Buyers and Sellers is Based on a Flat-Fee Schedule and Includes the Following Closing Services:
Real Estate Closing Services for Coop Buyers
1. Initial stage
Discussing with the buyer all stages of a successful coop purchase; going over the deal sheet and advising the buyer regarding the closing process for purchasing a coop apartment.
2. Contract of Sale
Negotiating contract terms with the seller’s attorney to protect the buyer’s interests. Going over finalized contract of sale with the buyer to make sure that the buyer understands his/her contractual rights and obligations.
3. Lien Search
Ordering and reviewing lien search to ensure that there are no open judgments or liens against either the coop building or the individual coop unit. If any title issues are discovered – resolving them with the seller’s attorney and the seller.
4. Due Diligence
Performing a detailed property due diligence that includes the following stages:
- Reviewing the building’s offering plan, bylaws, financials, rules and regulations, and minutes from the board meetings.
- Reviewing the unit’s proprietary lease to check if the building has any restrictions pertaining to the unit occupancy, sublease and/or subsequent resale.
- Submitting a detailed written questionnaire to the management company to make sure that the building does not have:
– special assessments planned or in effect
– anticipated common charges increases
– pending, anticipated or threatened litigation against the building
– sublet restrictions
– hidden transfer costs
– anticipated capital improvements
- Preparing a detailed due-diligence report for the buyer summarizing key findings based on review of the building’s corporate documents, public records and information gathered from the management company.
Assisting the client with preparing and reviewing mortgage application, communicating with the lender, reviewing mortgage commitment letter, and making sure that conditions outlined in the commitment letter are satisfied prior to the closing.
Guiding the buyer through the final walk-through of the coop unit to ensure that the property’s condition has not changed since the contract execution date, the seller made all the agreed-upon repairs in the unit, and the contract terms regarding the unit’s condition have been satisfied.
7. Closing Costs
Going over final closing costs with the buyer – transfer taxes (if applicable), recording and closing processing fees and closing adjustments.
Representing the buyer at closing. Ensuring that the coop issues new stock certificates evidencing the buyer’s unit ownership and cancels the seller’s stock certificates, making sure that open liens and mortgages are paid off, and disbursing balance of the purchase price to the seller.
9. Closing Package
Preparing a closing package for the buyer consisting of the final settlement statement, detailing closing costs and expenses, contract of sale, stock certificates, proprietary lease and all other ancillary closing documents.
Real Estate Closing Services for Coop Sellers
1. Initial Stage
Advising the seller regarding the closing process for selling a coop unit, going over the deal sheet terms to make sure that all the essential terms and conditions necessary to protect the seller are covered in the contract of sale.
2. Contract of Sale
Drafting a contract of sale and negotiating it with the buyer’s attorney to protect the seller’s interests. Going over finalized contract of sale with the seller before signing to make sure that the seller understands his/her contractual rights/obligations.
3. Lien Search
Reviewing the lien search report prepared by the buyer’s attorney to make sure that there are no title clouds on the property that can delay the closing; resolving lien search issues/concerns (if any) with the buyer’s attorney.
Resolving any issues and concerns that the buyer raises during the final unit inspection.
Making sure that the seller’s lender (if there is one) timely delivers original stock certificates and the proprietary lease for the coop unit’s closing.
6. Closing Costs
Going over all closing costs with the seller prior to closing, including mortgage payoff (if any), payment of NYC and NYS transfer taxes, coop closing fees, recording expenses and various closing adjustments.
Representing the seller at closing. Making sure that all closing documents required for the transaction are executed, accounting for all closing expenses and collecting balance of the purchase price from the buyer.
8. Closing Package
Preparing a closing package for the seller that consists of the final settlement statement detailing closing costs and expenses, contract of sale, stock transfer documents and all other ancillary closing documents.