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?
Correct Answer
D) An undivided percentage interest as a tenant in common
Under New York law, condominium owners hold real property ownership of their individual units plus an undivided percentage interest in the common elements as tenants in common. This percentage is typically based on the unit's square footage or value relative to the entire building.
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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?
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Michael owns a condominium unit in Brooklyn and wants to sell it to his nephew for below market value. The condominium board objects to the sale. Under New York condominium law, what authority does the board have regarding this transaction?