Dilendorf Law Firm represents clients in connection with purchase and sale of cooperative units (“coop”) 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

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:

6. Walk-Through

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.

8. Closing

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.

4. Walk-Through

Resolving any issues and concerns that the buyer raises during the final unit inspection.

5. Pre-Closing

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.

7. Closing

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.