Choate & Seletski assists our clients with real estate transactions in New York, New Jersey and Pennsylvania, including: sales, purchases, leasing, LLC and trust formation and title documents. Our Firm also assists our clients with 1031 Tax Deferred Exchanges when selling and buying real property. Choate & Seletski provides guidance and legal assistance for foreign purchasers of the residential and commercial property located in the Unites States and Ukraine or Russia. Choate &Seletski provides legal assistance on all real estate property transaction (residential and commercial) located in Ukraine.
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Residential Property
Buying or Selling a House. By purchasing a house, a homeowner has control over his or her property.
A homeowner can remodel or make changes to the house or to rent it. A homeowner is responsible for all maintenance and improvement inside and outside of the property, including care and upkeep of the yard and trees. A house also allows for extra indoor and outdoor space, which is more conducive to accommodating families, children and pets. A house can provide more privacy, because it can be fenced off or built in far proximity from neighbors.Buying a house is also a great investment for local and foreign buyers alike.
Please contact us if you need a legal assistance in buying, selling or financing a house or any other real property.
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Buying or Selling a Condominium Apartment. Condominium apartments differ from co-op apartments. You will own real property, like you would own a house. The purchaser is given an actual deed to the property purchased. The rest of the building (hallways, basement, staircase, garage and parking, etc.), which are called common elements, is owned by a condominium association.
Each individual condominium apartment receives a separate tax bill from the county and/or city where it is located. Condo owners are required to pay monthly common charges and other assessment to upkeep the common elements.
Please contact us if you need a legal assistance in buying, selling or financing a condominium apartment.
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Buying or Selling a Co-operative Apartment. Co-operative apartments (co-ops) are owned by a corporation. When a person buys an apartment in a co-op building, he or she does not buy real property. The buyer is in fact, buying shares of the corporation. These shares will entitle the buyer to a proprietary lease to an apartment. In other words, a person who buys a co-op apartment is not the outright owner of his or her apartment (unit), but owns a number of shares of corporation.
As a general rule, the co-op board must approve a potential buyer of a co-op apartment. The co-op board sets their own standards in terms of the approval process as well as how the building is managed. Co-op boards also require an interview with a potential buyer and can ask any questions regarding the buyer’s information and person. They can approve or deny any applicant as they choose.Co-op shareholders pay a monthly maintenance fee to cover building expenses and upkeep like heat, hot water, insurance, staff salaries, real estate taxes and the mortgage debt of the building.
Subletting of a co-op apartment may be restricted in a co-op building. Likewise, some co-op does not allow pets.
Buying a co-op apartment is more complicated process than buying a condominium or a house.
Please contact us if you need a legal assistance in buying or selling or financing a co-op apartment.
Commercial Property
At Choate & Seletski, we represent individual and institutional clients, assisting them in every aspect of the acquisition and financing of commercial real property assets. Whether the property in question is an office building, a warehouse, a hotel, or other building, and whether you require assistance in buying, selling, leasing, or financing, we have the expertise to accomplish your goals.
Please contact us if you require a legal assistance in buying, selling or financing commercial property.
