Most members of condominium and co-op boards in New York are volunteers. They are doing the job because they want to be involved and work for the betterment of the residential development in which they live. The tangible benefits of condo and co-op board membership are few or nonexistent, and perils exist. One of these perils is the potential for conflicts of interest. The mere perception of a conflict of interest can undermine the credibility of the entire board. In some cases, a conflict can land a board member in serious legal trouble.
Purchasing or selling residential real estate in New York requires careful attention to the legal details. Real estate transactions are subject to a variety of state statutes, common law and local codes and ordinances. Federal anti-discrimination statutes can also come into play. Even in a relatively straightforward transaction, there are pitfalls that can trap those who are unprepared.