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Co-op Termination

We Understand the Complex New York Co-Op Apartment Market

Perhaps no area of New York real estate law is more complicated than that regarding the acquisition, sale and financing of Co-operative Apartments. Unlike most other forms of real estate transactions, the purchaser of a co-op is actually buying shares in a commonly owned corporation. When a purchaser-borrower decides to purchase shares in a co-op organization, he or she will receive stock certificates and a lease or occupancy agreement to the apartment of their choice. Frequently, the shares and lease are assigned, at closing and held thereafter as security and collateral for the repayment of a co-op loan granted by a lender. Our firm is well-versed in the intricacies and complexities of such transactions.

Co-op Apartment lien terminations, (UCC-3 Terminations) and the sale of the borrower's interest in the corporation, generally calls for the services of a highly skilled attorney with specific experience in the co-op market — not only for the buyer and seller, but also for the lending institution.

If you are a lender who needs representation in a co-op apartment financing or lease termination, call George J. Haggerty and Associates, PC, at 516-874-3510 or 1-888-771-4127, toll-free for more information.

Follow Up and Follow Through

We represent and protect our client's interests in co-op terminations, ensuring that the transaction is zero-balanced and that the bank's goal has been achieved. We do that by making sure that no task is left undone and that no detail has been missed:

  • We can directly accept borrower's calls, reducing labor and easing pressure on our client's customer service and processing departments
  • We can initiate files for lenders and advance the forms to the borrower via secure electronic transmission
  • We draw up UCC-3 terminating statements, hold-harmless and indemnity statements
  • We follow up on system variances and track packages for delinquency
  • We personally attend the closing and can act as local agent for the receipt of final payment
  • We increase cash flow by collecting important servicing fees for our lender clients up front and monitor subsequent payment through termination

With over 25 years of experience in co-op loans, co-op terminations and refinances, we have become a trusted industry resource and receive many requests for our collateral transfer and co-op termination service from other attorneys and lenders.

Contact Us — We're Here to Help

To learn more about how we can help your institution with co-op financing, refinancing or terminations, or to schedule a free initial consultation with our lawyers, please contact us by e-mail or call us at 516-874-3510 (1-888-771-4127, toll-free).