Residential Condominium and Cooperative Units Contract of Sale (NY)

Summary

The process for purchasing and selling a residential cooperative or condominium unit differs significantly from that for a detached home. This practice note discusses key provisions of contracts of sale for these units in New York and includes practical guidance for drafting and negotiating the contract from both the seller's and the purchaser's perspective. Because it can be difficult to understand these contract considerations without a basic understanding of condominium and cooperative ownership, overviews of these ownership structures are also included. Although New York law governing residential real estate transactions is uniform, certain regional differences in contract drafting and transaction handling exist. These differences are beyond the scope of this practice note.