Search Site
A Coop Contract And An Assessment

So you enter into a contract to purchase a co-op and at the interview with members of the Board   discover that an assessment of $150 is will go into effect by the time you are expected to close your purchase. Do you have the right to cancel this contract?

The standard co-op contract of sale includes a representation by the seller that it has no actual knowledge of and has received no written notice of’ any assessments not stated in the contract.

So, if the seller is a board member and knew of the impending assessment, or if the board had already notified shareholders of the assessment, you probably can cancel the contract.

Even if the assessment became known only after the contract was signed, the board itself might re-examine the buyer’s application and revoke its approval of the sale.

The Law Office of William J. Reinhardt, Jr. has been representing buyers and sellers of co-ops in New York for over 27 years. Call 718-377-8880 to request legal representation on your transaction.


Share this:

Like this:



Leave a Reply

Your email address will not be published. Required fields are marked *

Client Reviews
  • "My name is Emilio. When I was buying my property, I hired Mr William J Reinhardt Jr as my Real Estate Attorney, it was one of the best decision I ever made because he did everything in his power to make sure my purchase was successful. For example, The utilities bills left over by the person who owned the property before me. I said thank you to Bill for not allow me to pay these costly bills." - 5.0 stars | Posted by Emilio Bien Aime | October 1, 2019

  • "Mr. William Reinhardt Jr. is my lawyer for many years. My family and I bought and sold properties with his help and were very satisfied. I recommend Mr. Reinhardt to anyone. I give him a 5-star review." - 5.0 stars | Posted by Diana | September 19, 2019

  • "My husband and I loved working with William. He was very professional, efficient and went above and beyond to help us. We would HIGHLY recommend." - 5.0 stars | Posted by Leeann | September 13, 2019

Contact us

Quick Contact Form