Finding Business, Real Estate, and Litigation
Solutions That Meet Your Needs

Ready to sell a condominium? Get the law on your side

A condominium is similar to a traditional home in that you can sell and buy it, but it's different because common areas are co-owned by the people who live at the property. Condominiums can be converted into apartments or vice-versa. Each one has the potential to be sold with an individual deed and is subject to a separate mortgage. The entire property does not need to be purchased as a whole.

As the owner of the condominium, you are part of the Condominium Association if you own part of the condominiums or live in one of the condos. The Condominium Association works like a landlord, and it's responsible for collecting maintenance fees and dues. A condominium that is sold completely with you retaining no part of it will mean you give up your interests in the condominium.

If you own a condominium and want to sell it, your property can be sold like any other home or property, but the person who purchases it needs to abide by the Condominium Association's rules. Each person who owns one of the condominiums is part of the association, which makes it possible to know, understand and change rules along with other owners of the condominiums. On the whole, the association is there to enforce rules in common areas, like hallways, yards and other shared areas. The association collects fees to maintain these areas and to help support the maintenance of other features on the property, like shared pools or other structures.

Since you want to sell your condominium, it's a good idea to talk to your attorney about presenting information to prospective buyers. They need to know what they're buying into, which can help you make a sale to the right party. Our website has more information on the steps to take to sell your property.

No Comments

Leave a comment
Comment Information

Office Location

Turek Roth Grossman LLP
377 Fifth Avenue
Sixth Floor
New York, NY 10016

Phone: 212-223-3562
Fax: 212-223-3614
Map & Directions