Hi Tom: Thanks for the rapid reply. I wish we were free to contact JA customers directly, but our rules do not permit it. I am an attorney/r-e broker, but in the Midwest, not NY, so I am not an expert in NY coop or condo laws. I recently completed a conversion of a condo with 17 owners of high end free-standing homes (shouldn't have been a condo in the first place) into a platted real estate subdivision. This was done because of appraisal
problems that condos now have. In effect all I did was change the Condo unit numbers into subdivision lot numbers. Not a single blade of grass was altered. It sounds simple and easy (i.e. cheap) to do, but in reality, it was an extremely expensive proposition for the association
. Again, I can't be too specific on NY law, but your state statutes governing coop dissolution or reorganization will have to be followed because essentially that is what you'd be doing. Typically, any action like that usually requires the affirmative consent of every coop shareholder. That is because they all have vested interests in being coop shareholders. Also, the consent of every mortgage
holder/lien holder will most likely be required. (It took me nearly a year just to get 8 or 9 mortgagee consents since most of my 17 owners had no mortgages.) Then you have to structure the new condo regime with the new engineering, and new CCRs. If you are in a smaller county, your local platting procedures might be simpler than mine were in a large city, but no matter what they are, they probably won't be simple. I had the able assistance of one of my homeowners
, a very competent development attorney, who was the liaison with the owners. Also had help from our title insurance attorney. Just my time and the filing fees were over $20k. I don't know how much the engineering or title work ended up. While I can't say how similar this would be if done in Sullivan County, NY, My guess is that the legal process will be somewhat similar because all real estate laws are fairly similar in this regard. You can consult Martindale.com for reference material on lawyers in every area of practice throughout the US. I would be careful about hiring someone who has not done exactly what you plan to do, and you may, I suspect have difficulty finding someone who has done it. I'll leave it up to you to rate my answer, or not if you haven't benefited from it. I'm heading home for dinner, but will be back on line late this evening.