New York real estate attorney Natalia Sishodia (https://sishodia.com/what-is-a-proprietary-lease-in-new-york/) of Sishodia PLLC has published a comprehensive article on proprietary leases in New York City. The article provides readers with valuable insights into the legal framework, key features, and the importance of understanding proprietary leases when considering purchasing a cooperative apartment in the city.
In the first paragraph, New York real estate attorney Natalia Sishodia clarifies that proprietary leases are legal documents that outline the rights and responsibilities of co-op shareholders in New York City. The lease serves as a hybrid between a lease and a deed, granting the shareholder ownership rights to their unit, but also requiring compliance with rules and regulations established by the co-op board.
New York real estate attorney Natalia Sishodia further explains the differences between owning a co-op apartment and owning a condo or single-family home. When purchasing a co-op apartment, the buyer is actually acquiring shares in a corporation, becoming a shareholder in the cooperative rather than buying real property. The proprietary lease outlines specific rights and obligations for shareholders, such as the right to sublet their unit and the responsibility to maintain their unit and the building's common areas.
Attorney Natalia Sishodia emphasizes the importance of thoroughly reviewing a proprietary lease agreement before signing it. She states, "Before signing a proprietary lease agreement, it's crucial to review it carefully to fully understand the cooperative's duties and the shareholder's responsibilities." The article highlights key aspects of proprietary leases, including ownership, duration, maintenance and repairs, subletting, and termination.
The article delves into the legal framework of proprietary leases in New York City, discussing the New York Business Corporation Law (BCL), which governs cooperative apartments, and the roles of case law and lease agreements themselves in defining the terms and conditions of proprietary leases. Court decisions, such as Levandusky v. One Fifth Avenue Apt. Corp., have helped clarify and interpret the BCL's provisions for cooperative apartments.
It's evident that understanding the intricacies of proprietary leases is crucial for prospective co-op buyers in New York City. This in-depth article by Natalia Sishodia offers valuable information to help readers navigate the complex world of co-op ownership and make informed decisions when purchasing a cooperative apartment.
For anyone considering buying a co-op apartment in New York City, this article serves as an essential resource. Make sure to read the full article by New York real estate attorney Natalia Sishodia to gain a better understanding of proprietary leases and their implications for co-op apartment buyers.
About Sishodia PLLC:
Sishodia PLLC is a New York-based law firm providing legal services to clients in the areas of real estate, business law, and litigation. With a focus on delivering personalized and effective representation, the firm is committed to helping clients navigate complex legal issues and achieve their goals. New York real estate lawyer Natalia Sishodia, is dedicated to providing experience guidance and support to clients throughout the city.
600 Third Avenue 2nd Floor, 600 3rd Ave Second Floor