Flat-fee representation for NYC condominium transactions — buyer and seller representation, sponsor sale negotiation, offering plan analysis, title and declaration review, and closing across all five boroughs.
Average quote turnaround: under 1 hour · Free consultation, no obligation
A condominium is real property. When you buy a NYC condo, you're buying a deed to your individual unit plus an undivided percentage interest in the building's common elements — the lobby, hallways, roof, mechanical systems, and any shared amenities. The legal framework is closer to a single-family home purchase than to a co-op purchase, with one important addition: the condo declaration, bylaws, and house rules govern what you can and can't do as a unit owner, and they're worth careful review.
Three structural differences from co-ops drive the day-to-day work. First, condo buyers don't go through board approval. There's a right of first refusal in most condo declarations — the building can technically buy the unit on the same terms as the buyer — but this is almost never exercised. Closings move faster as a result, typically 45-75 days from contract signing rather than the 60-90 days common for co-ops. Second, condo closings involve title insurance, mortgage recording tax (when financed), and full title work, all of which add to closing costs but also add legal protection. Third, the dominant complication in condo closings isn't board approval — it's the offering plan and the underlying building documentation, which can be 200+ pages of dense disclosure for new construction.
For new construction (sponsor sales), the legal work shifts substantially. The developer drafts the contract and tilts it heavily in the developer's favor — pass-through costs (sponsor's attorney fees, NYC and NYS transfer taxes that resale sellers normally pay), warranty limitations, closing date flexibility (construction delays should not put the buyer's deposit at risk), and price adjustment clauses. We negotiate against the most aggressive of these terms.
For resale condos, the seller's attorney drafts the contract; the buyer's attorney reviews and negotiates. The framework is similar to other NYC real estate — financing contingency, inspection rights, deposit (typically 10%), representations and warranties, default provisions. For sponsor sales (new construction), the developer's attorney drafts the contract and the buyer's attorney pushes back. Sponsor contracts are heavily one-sided by default; substantive negotiation is expected and often successful, particularly on cost pass-throughs and closing date flexibility.
For new construction, the offering plan is the foundational document — it discloses everything material about the building, the sponsor, the projected operating budget, the unit-by-unit breakdown, and the legal structure. Plans run 200-400 pages. We review for: projected common charges (and how they were calculated — sponsor estimates often understate true operating costs once the building is fully occupied), assessment plans, planned amenities and their funding, sponsor obligations and post-closing reserve commitments, and any disclosed defects or issues with the property. For resale condos, we review the existing declaration, bylaws, house rules, and recent financials and minutes — same exercise, less paper.
Title insurance is part of every condo closing. The title company runs a search, reports any liens, judgments, easements, or other encumbrances, and issues a title insurance policy at closing. Most NYC condo titles are clean, but issues come up — unpaid common charges from prior owners, mechanic's liens from disputed renovations, judgments against prior unit owners, easement issues affecting common elements. We coordinate with the title company to resolve any issues before closing.
Most condo buyers finance some or all of the purchase. We coordinate with the lender on the buyer's behalf — providing condo questionnaires (Fannie Mae and FHA both require building-level disclosures from many condos), responding to underwriting questions, scheduling the appraisal, and tracking the mortgage commitment. Mortgage commitment typically issues 30-45 days after contract signing.
NYC condo closings typically happen in person at the seller's attorney's office (resale) or the sponsor's attorney's office (new construction). The buyer signs loan documents, the seller delivers the deed, the title company issues the title insurance policy, and funds change hands. The deed is recorded with NYC immediately after closing. New construction closings sometimes have a punch list of incomplete items — minor finishes, fixture installations, paint touch-ups — that the sponsor commits to completing within a defined window after closing.
NYC condo closing costs are higher than co-op closing costs because of three additional cost categories: mortgage recording tax (~1.925% of loan amount on financed transactions), title insurance (~0.5% of purchase price), and (for sponsor sales) developer pass-through costs (sponsor's attorney fees, transfer taxes, working capital contributions — these can add 1-2% of purchase price beyond resale equivalents).
For a resale condo buyer, expect roughly 4-6% of purchase price in total closing costs (financed transactions; cash buyers are lower). For a sponsor sale buyer, expect 5-8% because of the pass-throughs. For sellers, total costs run 8-10% of sale price (broker commission alone is typically 5-6%, plus transfer taxes ~2%, attorney fees, and miscellaneous costs).
For specific calculations, see our NYC buyer closing cost calculator. For comprehensive background, see our complete guide to NYC closing costs.
"Tatiana was amazing from the very beginning. Truly one of a kind experience."
Resale condos typically close 45-75 days from contract signing. The variables are lender timing (mortgage commitment is usually the longest single step at 30-45 days) and any title or property issues that need resolution. New construction (sponsor sale) closings have less predictable timing because they're tied to construction completion — a unit might close on the date in the contract or 6+ months later if construction is delayed. We negotiate sponsor contracts to limit the buyer's exposure to construction-related delays.
The offering plan is the master legal document for a new construction or sponsor-owned condominium. It runs 200-400 pages and discloses everything material about the building, the sponsor, the projected operating budget, the unit allocations, the sponsor's post-closing obligations, and any known issues. Reviewing it is essential before signing a sponsor sale contract. We focus on the projected common charges (sponsors often understate these), the post-closing reserve and warranty commitments, and any disclosed property defects or sponsor-related issues.
Yes, more than buyers often realize. Developers draft heavily one-sided default contracts, but they expect negotiation and frequently agree to changes — particularly on cost pass-throughs (sponsor's attorney fees, transfer taxes, working capital), closing date flexibility (construction delays), warranty terms for new construction defects, and (in some cases) price reduction. The leverage depends on how much unsold inventory the project has. Buildings with substantial unsold inventory have more flexibility; buildings nearly sold out have less.
Yes. Cash buyers skip the lender coordination step but everything else is the same — contract review and negotiation, due diligence on the unit and the building, title work, closing. Cash buyers actually face more risk than financed buyers in some respects because there's no lender doing parallel diligence to catch issues. We provide the same scope of work for cash and financed transactions and price the flat fee similarly.
It depends on the problem. Building-wide issues (structural defects, common element failures, sponsor-related problems in new construction) are governed by the offering plan, the declaration, and any sponsor warranties. Unit-specific issues (defects in the apartment) are governed by the contract of sale's representations and warranties — most resale contracts have an 'as is' provision that limits the seller's post-closing exposure, but specific representations about working systems are typically enforceable for a defined period. We review what's covered and what isn't before contract signing so you know your post-closing recourse.
Flat fee set in writing before any work begins. Standard resale condo closings price predictably; sponsor sale closings price higher because of the additional contract negotiation and offering plan review work. Get a free quote in under an hour by submitting the contact form.
Free 20-minute consultation. Quote in under an hour. No obligation.
Get your free quote →