The attached article, albeit from 2009, seems even more relevant as 421-a tax abatements are coming to an end. As such tax abatements are set to expire, unit owners will find themselves with larger tax bills which may interfere with an owners ability to satisfy common charge requirements. Naturally, this could lead to higher rates of owner defaults which in turn could force non-defaulting owners to pick up the tab. Before closing on a real estate transaction, your attorney should diligently review both building financial statements and building minutes to ensure that there are no significant owner defaults. Just remember, hiring a “budget” attorney who fails to carry out proper due diligence could end up costing you significantly in the long run! http://www.nytimes.com/2009/02/08/realestate/08COV.html?pagewanted=1&_r=3&em&
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