What does 'right of first refusal' mean when you are selling a NYC condo?

… board which has much broader authority over deals But condo boards have what is called the right of first refusal This … from a seller at the same price as the sales contract Condo boards are typically keen to waive this rightwith a … for coops In theory a coop could make amendments to the buildings governing documents and add a right of first …

By Brick Underground |May 16, 2024 - 2:30PM
What's a reverse mortgage—and how common are they in NYC?

… level a reverse mortgage is what it sounds like a home loan where the bank pays you based on your homes value … in their home by giving them muchneeded cash in exchange for equity in their apartment But they can make it difficult for an heir to …

By Celia Young |April 2, 2024 - 3:30PM
What is a working capital fund contribution for condos? Are these common in NYC?

… raise money to pay for its operations or as outlined in the buildings bylaws says Jane Rosenberg a partner at Seiden Schein a real estate development law firm Most buildings will ask new buyers to contribute one to two … youre looking to buy you really have to understand that buildings underlying condominium documents because it might …

By Celia Young |October 9, 2023 - 1:30PM