Co-op Closing Attorney in New York

Professional legal assistance for co-op purchases—navigating board approvals and stock transfers in NYC and beyond. We prepare complete board packages, coordinate with managing agents and lenders, and keep your co-op closing on schedule

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Two people at a desk review documents; sunny office setting.
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What It Means to Buy a Co-op

When you buy a co-op, you purchase shares in a corporation that owns the building plus a proprietary lease granting the right to occupy your unit—you are not receiving a deed to real property. This structure affects financing, due diligence, and closing documents. We explain each step in plain English and protect your interests from contract to keys.

Board Application & Approval—What We Do

The co-op board has broad discretion to approve or reject buyers. We help you present a complete and accurate file:

  • Prepare and quality-check the board package (financial statements, tax returns, reference letters, employment and landlord verifications)
  • Flag financial ratios and liquidity issues before submission
  • Coordinate with the managing agent on requirements and timing
  • Prepare you for the board interview with practical guidance
  • Track the file and follow up to keep your approval moving

Co-op Due Diligence & Documents We Review

  • Co-ops are rule-driven communities. We review:
  • House rules and proprietary lease terms (sublets, renovations, pets, pieds-à-terre)
  • Building financials, budgets, reserves, arrears, and pending flip tax policies
  • Meeting minutes, alteration policies, insurance, and litigation history
  • Lien and UCC searches (different from title insurance on condos)
  • If financing, the Aztech Recognition Agreement and lender conditions
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NYC to Westchester—Experienced Co-op Counsel

Our attorneys handle co-op closings across Manhattan, the Bronx, Brooklyn, and Westchester. We know building-by-building expectations, standard rider terms, and how to sync lender, building, and buyer timelines so you can plan move-in with confidence.

The Co-op Closing Timeline (Step by Step)

Attorney review & contract negotiation

We tailor riders, contingencies, and timelines to your profile.

Due diligence

We examine financials, minutes, proprietary lease, and house rules; surface any issues early.

Board package & interview

We assemble the board package and prepare you for the interview.

Financing & recognition agreements

We coordinate appraisal, bank conditions, and the Aztech Recognition Agreement.

Clear to close

We secure board approval, coordinate payoff letters, and schedule closing logistics with the managing agent.

Closing day

You receive the stock certificate and countersigned proprietary lease; funds disburse and the building records your ownership.

Special Notes for Sellers

We confirm payoff and lien releases, obtain managing agent statements, address flip tax obligations, prepare transfer documents, and ensure your release from the proprietary lease and any share loan.

Why Work With Stieglitz & Welch

  • Hundreds of residential closings across New York State
  • Deep co-op experience (NYC and Westchester) with responsive, practical guidance
  • Flat-fee options for most co-op matters
  • Clear checklists and communication so you always know what’s next

FAQs: Co-op Purchases in New York

  • How is a co-op purchase different from a condo?

    A condo conveys a deed to real property; a co-op conveys shares and a proprietary lease. Co-ops involve board approval, managing agent procedures, and rules that affect renovations, subletting, and occupancy.

  • What is involved in the co-op board approval process?

    You submit a detailed board package and may attend an interview. The board reviews finances, references, and fit with building policies. We assemble and vet your package and prepare you for the interview.

  • What is a co-op recognition agreement?

    The Aztech Recognition Agreement is a three-party document among the lender, co-op corporation, and borrower recognizing the lender’s interest and certain rights if you default. We review and negotiate where appropriate.

  • Do co-ops have closing costs like condos?

    There’s typically no mortgage recording tax (no deed), but buyers can expect application fees, move-in deposits, lender charges, and potential flip tax policies. We’ll estimate your co-op closing costs before you commit.

  • How long does co-op board approval take?

    Often several weeks after submission, depending on the board and managing agent workload. Financing, package completeness, and interview scheduling can affect timing.

  • Can I rent out my co-op after buying?

    Each building’s proprietary lease and house rules control subletting. We’ll review restrictions and discuss realistic options before you sign.

Ready to Move Forward Confidently?

Don’t sign a co-op contract or pay application fees without legal guidance—have our attorneys review your deal first.