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In
addition to representing individual
buyers and sellers, we also
work with co-op boards and managing
agents, helping them with real
estate transactions and advising
them on building operations.
Real
estate transactions
For co-op buildings, we provide
advice to the board of directors
on matters such as what factors
they can consider when weighing
whether or not to approve a
prospective buyer, if the building's
bylaws allow absentee owners
and how to evaluate a buyer
who is relying on a third-party
guarantee. For some co-ops,
we'll also conduct the closing
for sales in the building.
General
corporate advice
Much of our work for buildings
involves advising managing agents
and co-op boards on operational
and financial issues. We essentially
help interpret the building's
bylaws to determine what the
board can and cannot do —
for instance, how directors
should be elected, what their
role entails and what information
needs to be reported to shareholders.
We also offer guidance on financial
matters, like refinancing the
building's mortgage, imposing
a flip tax (a fee imposed on
shareholders who sell their
apartments), or negotiating
service contracts and management
agreements.
Shareholder,
employee and neighbor issues
We also advise co-op boards
on how to address disputes between
shareholders, handle concerns
shareholders have about the
building and deal with the co-op's
employees. In other cases, we'll
provide counsel on working with
outside contractors, complying
with state and local regulations
and handling disputes with neighboring
buildings. If necessary, we'll
pursue or defend against litigation.
To
learn more about our other services,
click one of the following headings:
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