Q: We have friends (married couple) who thought of the idea of buying a multi-family 2 unit townhouse together. What steps would need to be taken to buy, to protect ourselves? Would we create a condo association with a trust account for the benefit of the property, for instance, if the roof needed replacement? Have you ever helped facilitate such a purchase? Would banks allow 2 separate mortgages on the property?
A: You really have to think about buying something with friends. It’s great when you agree, but over time, people’s priorities and goals change. Condominium Law is very specific and highly regulated in New York, and especially in New York City via the Department of State and Attorney General’s office. Before you do anything, you must consult an attorney who has experience in this field. If you wish, we can assist you in this important decision making process.