Q: We are about to buy a co-op, and one of my friends asked me if I was going to do an inspection. Do I need to do this for an apartment in a building?
A: A home inspection is not generally done for a co-op apartment because the co-op is responsible for the structure of the building. The only time I would recommend an inspection is if your apartment is located on the top floor or below street level and there is evidence of structural issues.
In either case, it is almost always the responsibility of the co-op to repair any structural problems. You can personally check things like appliances and water leaks and save yourself several hundred dollars of home inspection fees.
Q: Why do I need a lawyer to buy or sell?
A: In many other states, lawyers are not used for transactions. This is usually handled by the brokers and title companies. Using a government-mandated form, you only have to sign a simple agreement and you are in contract.
In the New York metropolitan area, lawyers are very important due to the overwhelming amount of paperwork required to enter into contract and subsequently close a transaction.
This can be even greater if there are banks involved. An experienced attorney will be able to protect your interests and keep you out of bad situations that can cost you money.
Send your real estate-related questions to jambron@bhsusa.com.
