Many buyers are surprised by the sheer amount of paperwork involved in purchasing a co-op or condominium apartment in New York City.
As a real estate broker in Manhattan for over 20 years, I’ve personally completed and reviewed more than 1,000 condo and co-op purchase applications.
Having photographed some of these applications, I can visually demonstrate a striking difference between buying a co-op and a condo.
The New York Times has called NYC co-op board packages “infamous” and “dreaded,” and for good reason.
NYC co-op board packages usually comprises hundreds of pages and preparing a NYC co-op application is oftentimes the most challenging and labor intensive part of purchasing a co-op apartment.
The Top 5 most important things to know before buying an apartment in New York City.
People who purchase property through a Limited Liability Company (LLC) often do so to maintain privacy and limit personal liability in the event of lawsuits, divorces, or other legal matters. Owning property under an LLC is a common strategy for celebrities, high-profile individuals, and anyone who values discretion, as the LLC, not the individual, is publicly listed as the owner.
However, there’s a simple yet common mistake that many people make when forming an LLC, which can inadvertently expose their identity to the public.