In January 2023, the New York City Bar Association and the New York State Bar Association approved a new form of contract for the sale of co-op apartments, referred to as the New Contract.
The New Contract has been updated to incorporate current laws and commonly practiced customs in New York co-op transactions. It maintains the same format and paragraph order as the previous contract but includes several revisions aimed at:
Clarifying Provisions: The form has been updated to clarify certain provisions, making it easier for buyers and sellers to comprehend what they are reading and signing.
Expedited Negotiations: The New Contract includes provisions that are commonly added in supplemental contract riders prepared by attorneys in co-op transactions. This is expected to expedite the negotiating process between attorneys.
Comprehensive Format: The co-op contract has been made more comprehensive, making it more accessible for attorneys who may not participate in co-op transactions on a regular basis.
The new Contract of Sale – Cooperative Apartment can be accessed through the following link: Contract of Sale – Cooperative Apartment
The New York City Bar Association has also provided Explanatory Notes to the 2023 Cooperative Contract of Sale.
These notes can be accessed through the following link: Explanatory Notes to 2023 Cooperative Contract of Sale
For more articles like this, explore our blog.
Syd Harewood is a real estate professional with a passion for NYC’s architectural gems. For inquiries, call or message Syd Harewood at 📞646-535-3819. Experience the finest in NYC real estate with Syd’s expert guidance and deep knowledge of the city’s most exquisite properties.
We hope you found this information helpful. If you have any other questions or need more details, feel free to contact us.