Fireplace toolset10/7/2023 Coopersmith typically reviews about three years of financials and minutes for a co-op purchase. ![]() To avoid these issues in the future, once your offer is accepted, you want to make sure your closing attorney reviews at least two years of the co-op’s financial statements. However, she adds: “Each project is different and the cost to get these fireplaces working and compliant will depend on the actual work to be done as both the flue and the lining are refurbished on a floor by floor basis.” Finding the right closing attorney Karp says that a $20,000 price tag for renovating a fireplace does not seem unrealistic. Keep in mind, with energy-efficiency a priority for boards needing to comply with the city’s emission rules under Local Law 97, you may find your building pivoting away from fossil fuels in favor of low-emission electric heating and cooling. If the appeal of a fireplace are its crackling logs, there are alternatives including gas and ventless fireplaces. The agency also claims fireplaces do not burn as cleanly as EPA-certified wood heaters, creating 20 times the amount of air pollution. “Just a handful of buildings are able to use them, and under specific conditions,” says Anna Karp, CEO and co-founder of renovation firm, Bolster (a Brick Underground sponsor).Īccording to the Environmental Protection Agency, drafts from wood-burning fireplaces can pull warm air up the chimney, making them one of the least efficient heating methods. They have been banned in new construction since 2014. ![]() Wood-burning fireplaces are being phased outĪlthough wood-burning fireplaces are an attractive selling point in a prewar building, the city is phasing them out as part of a clean-air initiative. If you believe your attorney bears some responsibility, you should carefully review any agreement you entered into with the law firm. Keep in mind, these types of issues often lead to litigation-because neither party wants to lose the deposit-so you will need to decide if that's a path you want to take. “Buyers under these contracts may have a claim that the seller has made a material misrepresentation, particularly if there is any evidence the seller knew about the potential assessment,” Coopersmith says. However, in some contracts the seller states maintenance and assessments will be a certain amount. In these situations, as a buyer, you accept the risk that costs may change over time. If the language in the contract makes it clear it is the buyer's responsibility to independently verify assessments and maintenance increases, which would include costs associated with fireplace remediation, you will not be able to get out of the contract. Your rights will be outlined in the contract “Sellers often include a term in the contract which states that buyers are not excused from their obligations to close if there are any increases in maintenance or assessments,” says attorney Hal Coopersmith, a partner at Coopersmith & Coopersmith. ![]() This is why it is important you find the right attorney who is thorough in their due diligence before you go into contract. Your rights between contract and closing will depend on the wording of the contract, our experts say.
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