Publish Date: June 26, 2011
With homeownership comes great responsibility. For co-op and condo residents, part of that responsibility means sorting through the seemingly mile-high stacks of documents handed to you before, during and after the purchase process begins. Those documents can be confusing, especially for first-time buyers. Becoming familiar with each piece of paper and what it means is an important part of that responsibility that comes with homeownership, and that knowledge can save a lot of time and grief down the road.
Start at the Beginning
So what are the main governing documents of co-op and condo buildings? Each has two primary governing documents. For the co-op, “Those are the by-laws of the cooperative corporation and the proprietary lease between the corporation and each shareholder,” says attorney Adam Leitman Bailey of the Manhattan-based firm Adam Leitman Bailey, PC, and author of Finding the Uncommon Deal. “In a condominium, the two primary documents are the condominium declaration and the by-laws of the condominium. In addition, both co-ops and condos have Rules and Regulations, sometimes called House Rules.” Download PDF
Subscribe To Our Video Blog and Newsletter
Get the LLG Real Estate Video Podcast and Quarterly Newsletter delivered to your inbox.
