Cooperative Financial Statements

New York City Lawyer Helping You Understand Cooperative Financial Statements 

The economics of buying a  cooperative apartment can be very complicated. This is because in addition to dealing with individual costs such as a downpayment, financing, and insurance, you must also examine the cooperative financial statements and other papers carefully to determine whether the cooperative is well managed and financially sound. This may require consulting a New York City cooperative attorney who can protect your interests.

The financial stability of the cooperative corporation will effect whether or not a lender provides financing for your purchase.  Also, a poorly managed cooperative or one that has yearly deficits may require additional funds to operate thus resulting in increasingly higher monthly maintenance fees to the tenant - shareholders and possibly the imposition of additional assessments to cover short-falls.

As a cooperative attorney in New York City, I have represented many clients in connection with their purchase or sale of a cooperative apartment.  Such representation includes a review of the cooperative financial statements and other papers to ascertain the economic soundness of the transaction.  I work closely with my clients to complete a successful transaction.

Call (212) 355-2575 or e-mail for an appointment with a New York City cooperative lawyer.

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