Legal Question in Real Estate Law in New York

The condo on top of ours is in foreclosure and the bank is now going to auction it. Our apartment has had major damage from upstairs. The owner (previous) owes 20,000 in maintenance and is bankrupt. Can we approach the bank to be responsible for the damage to our apartment?


Asked on 4/16/10, 9:25 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

If the previous owner was discharged in bankruptcy, you will probably not be able to hold the bank responsible for the damage to your apartment.

However, the issue of maintenance is different. Assuming the bank signed a subordination agreement with the cooperative, there should be a lien on the shares. In other words, the cooperative may have the right to withhold assignment of shares until maintenance fees are paid in full.

Mike.

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Answered on 4/21/10, 10:56 am


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