How to Sell Your New York Condo for Cash

Quick answer: Yes, you can sell a New York condo to a cash buyer, and Fair Offer NY buys condos as-is. Before you accept any offer, ask the managing agent for a statement of unpaid common charges and check the building’s declaration and bylaws for a right of first refusal.

What a cash sale of a New York condo looks like

A cash sale means the buyer is not relying on a mortgage to pay for your unit. When the buyer purchases as-is, you sell the condo in its current condition, without fixing it up or staging it for showings.

A condo is not quite the same as a single-family house, though. Your unit sits inside a building run by a board of managers, you pay common charges toward the building, and the building has its own declaration and bylaws. Each of those can affect your sale, so it helps to understand them before you sign anything.

The sections below walk through the pieces that are specific to condos: unpaid common charges, the statement you can request from the building, and the board’s right of first refusal.

Condos, yes. Co-ops, no.

Fair Offer NY buys houses and condos for cash, as-is. We buy condos, not co-ops. If your home is a co-op apartment rather than a condo, we are not the right buyer for it.

The difference matters beyond our own policy. A co-op board can reject a buyer. A condo board generally cannot approve or reject a buyer, and condo boards generally have much less control over sales than co-op boards do.

We look at condos across the city and the surrounding area, whether you are selling a home for cash in Manhattan, selling a property for cash in Brooklyn, or getting a cash offer on a home in Queens, as well as in the Bronx, Staten Island, Long Island and Westchester.

Unpaid common charges and what New York law says

If you have fallen behind on common charges, New York Real Property Law section 339-z is the place to start. A few points in it are worth knowing.

First, the board of managers has a lien on each unit for unpaid common charges plus interest. That lien comes ahead of other liens on the unit, with a few exceptions: tax liens, the first mortgage, and certain subordinate mortgages held by state housing agencies.

Second, the board can foreclose that lien by suit, in the way a mortgage is foreclosed.

Third, the law speaks to what happens at a sale. When a unit is sold or conveyed, unpaid common charges are to be paid out of the sale proceeds or by the buyer. In other words, arrears are dealt with at closing. If your unit has other debts attached to it as well, our guide on how to sell a house with liens covers the broader picture.

Request the statement of unpaid charges first

Section 339-z also gives sellers and buyers a useful tool. Either one may ask the board or the managing agent for a statement of the unpaid common charges accrued against the unit.

That statement carries real weight. Neither the seller nor the buyer is liable, and the unit is not subject to a lien, for unpaid common charges accrued before the sale beyond the amount shown in that statement. Getting it in writing early gives everyone the same number to work from.

While you are in touch with the managing agent, it makes sense to ask for a few more things at the same time:

• The statement of unpaid common charges accrued against your unit
• The building’s current common charges for your unit
• Any special assessment that has been approved or is pending
• A copy of the declaration and bylaws, if you do not already have one

Ask about special assessments by name, and have your attorney review whatever the building sends.

The board’s right of first refusal

Some condo buildings give the board a right of first refusal. This is the right to buy your unit on the same terms as the outside buyer’s signed contract. If the board uses it, the board steps into the buyer’s shoes at the same price and terms.

Whether your building has this right depends on its own declaration and bylaws, so it differs from one building to the next. The simplest way to find out is to ask the managing agent or read the bylaws yourself.

In practice, boards rarely exercise it. The board usually issues a waiver, and the sale goes ahead at the contract price. If the bylaws allow it, a board may also assign its right to a designee.

A right of first refusal is not the same thing as co-op style approval. A co-op board can turn a buyer down. A condo board with a right of first refusal is generally limited to buying the unit itself on the same terms, not deciding who the buyer may be.

What to line up before you accept an offer

A little preparation puts you in a stronger position to judge any offer. Before you say yes to any cash buyer, including us, gather the following:

• The written statement of unpaid common charges from the board or managing agent
• Information on current charges and any approved or pending special assessment
• The building’s declaration and bylaws, so you know whether a right of first refusal applies
• A New York real estate attorney to review the offer and the building’s documents

Your attorney is the person who can tell you how these documents apply to your unit and what to expect at closing. Bring them in before you commit, not after.

How a Fair Offer NY offer works for a condo

Our process is simple to describe. You share the address and some details about the unit and the building. Within 24 hours, we send you a written, no-obligation cash offer.

From there, you decide what to do. If you accept, you choose the closing date, whether that is as soon as you like or whenever you are ready. Selling to us involves no agent commissions, and we do not charge you fees.

The offer price is not automatically the amount you walk away with. Closing costs, unpaid common charges and anything else owed on the unit still have to be accounted for, so review the written offer with your attorney before you sign. You can read more about cash offers for homes in New York City on our main city page.

Where to start

If you are weighing a cash sale, begin with the building: request the statement of unpaid common charges, ask about current charges and any special assessment, and check the bylaws for a right of first refusal. Then bring those documents to your attorney.

When you are ready, tell us about your condo and we will send a written, no-obligation cash offer within 24 hours.

Frequently asked questions

Does Fair Offer NY buy co-ops?

No. Fair Offer NY buys houses and condos for cash, as-is, but not co-op apartments.

What happens to unpaid common charges when I sell my condo?

Under New York Real Property Law section 339-z, unpaid common charges on a unit that is sold are to be paid out of the sale proceeds or by the buyer. In practice, the arrears are dealt with at closing.

How do I find out exactly how much I owe in common charges?

Ask the board of managers or the managing agent for a statement of the unpaid common charges accrued against your unit. Neither you nor the buyer is liable for pre-sale unpaid common charges beyond the amount in that statement.

Can my condo board block the sale to a cash buyer?

A condo board generally cannot approve or reject a buyer the way a co-op board can. Some buildings give the board a right of first refusal to buy the unit on the same terms, but boards usually waive it, so check your declaration and bylaws.

How does a Fair Offer NY cash offer on a condo work?

You share the address and details, and we send a written, no-obligation cash offer within 24 hours. There are no agent commissions or fees from us, you choose the closing date, and you should review the offer with your attorney.

This article is general information, not legal advice. Talk to a New York real estate attorney about your specific situation.