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The huge presence of cooperative apartments in New York City is one of the many things that makes the local Real Estate market truly unique. However, the complex nature of coop ownership can sometimes be daunting to would-be purchasers–or even present owners. Since each coop is in essence its own independent corporation, individual buildings can distribute communal responsibilities quite differently.

This article, from the New York Times, explores the relationship between a coop board and the rest of its residents. First, how much control do residents who are not on their coop board have over renovations and other potentially costly decisions? And secondly, how can a coop determine who serves on the board and who does not–especially if no one wants to?

It is always important for a prospective purchaser to have a good sense of the workings of the building into which they hope to purchase, so don’t be afraid to ask questions and discuss any due diligence with your Real Estate Broker and Attorney.

On October 1st, a change in New York Mortgage Tax law went into effect. Mortgages guaranteed by or participated in by an IDA, or Industrial Development Agency, are no longer exempt from all mortgage taxes, but will now have to pay New York’s special additional mortgage tax.

The special additional mortgage tax applies to New York City, as well as all other counties in New York which make up metropolitan commuter transportation districts. Outside of these counties, however, the tax is not applicable. Depending on the Transportation district, the tax consists of .25-.3 percent of the mortgage amount. You can find the information promulgated by the NYS Department of Taxation and Finance here.