When purchasing real estate in a community with a homeowner’s association (“HOA”), the buyer must assess these fees in estimating the cost of maintaining their property. Such a fee does not exist for single-family homes outside such communities. The HOA fee is mandatory. Once you acquire the property in the homeowner’s association, you are automatically a member of the association and subject to the HOA fee and/or assessments.
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.
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.
For most people, their house is their biggest financial asset, so avoiding costly mistakes is critical. The same is true of buying other real estate since it usually involves a substantial amount of money. No matter if it is your first time or the sixth in buying real estate, problems can arise. However, you can minimize the risks by having the right team of professionals, including your real estate broker, inspector/engineer, attorney, and/or lender to help guide you through the process and ensure a smooth closing.
The Administrative Code of the City of New York § 7-210 imposes a nondelegable duty on the owners of commercial property to repair and maintain the sidewalk to their property. However, in certain cases, if there is an injury or death due to the sidewalk being in disrepair, a residential tenant at the property could be held liable to the owner and must indemnify the owner of the property for any damage resulting from that injury. It depends upon how the lease reads. Therefore, a “standard lease” must be carefully reviewed to determine if that liability is knowingly being assumed by the tenant. The tenant must understand whether he or she is responsible for maintaining the sidewalk because assuming it’s not the tenant’s responsibility may result in finding out the hard way that they are liable.
