Linda is purchasing a resale condominium unit in Yonkers. During the transaction, she discovers the seller owes three months of unpaid common charges. Under New York law, who is typically responsible for these unpaid charges at closing?
Correct Answer
D) The seller must pay all outstanding charges
Under New York law, the seller is typically responsible for paying all outstanding common charges and assessments through the date of closing. This is usually handled at the closing table with funds from the sale proceeds, and the buyer takes title free of these pre-closing obligations.
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Mark owns a penthouse condominium unit in Manhattan that includes exclusive use of the rooftop terrace. He wants to install a hot tub on the terrace. The terrace is designated as a limited common element in the declaration. What approval does Mark need under New York law?
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Sarah purchases a condominium unit in Manhattan. As a New York condominium owner, what type of ownership interest does she acquire in the common elements of the building?