Reena Gulati Blog

Buying a co-op in New York City can be a daunting experience. However, if you are prepared and understand the process, it can alleviate some of the anxiety often associated with purchasing a co-op. There are a few things to keep in mind, depending on whether you are a buyer or a seller of a co-op.

Generally, when we talk about a Will, it refers to a document that distributes your financial assets upon your death. Often though, people believe a Living Will is the same thing as a Will. These are two separate and distinct estate planning documents. As just stated, a traditional Will, more formally known as the Last Will & Testament, transfers your financial wealth to your heirs or your distributees, including individuals and/or charities, you determine should receive your assets upon your death. A Living Will on the other hand, is a document that informs your health care agent (i.e., a person you choose to make health care decisions for you when you are unable) what your wishes are regarding your end-of-life care.

Your relative (the decedent) died and left a will. The distribution of the decedent’s estate under the will is different from what you thought it would be. Maybe it excluded you completely or severely minimized your share. That can cause anger and resentment and can feel unjust. But the real question is if that was the decedent’s wish or was the decedent influenced in any way. Can a legal claim be made for undue influence?

What is a shared meter condition? It is when the utility meter that measures gas and electric or steam provided to a tenant also includes common areas that are the responsibility of the owner but are being billed on the tenant’s meter. This is in contravention of the current New York Shared Meter Law. Shared meter conditions can arise accidentally or intentionally. Either way, they are not permissible. The shared meter condition must be eliminated, or the meter must be placed in the name of the owner/landlord and the owner will remain responsible for all charges. This law cannot be waived by the tenant, owner, or utility company. Shared meter conditions are contrary to public policy.

Solar panels are a good source of energy and good for the environment. However, they can wreak havoc with the closing process if they are not fully owned by the seller.