An attorney discusses alteration agreements

An alteration agreement is a contract between a shareholder in a co-op or a unit owner in a condo and the building, in which the owner promises to do certain things in connection with their renovation to assure the building that it is not damaged. While ultimately these requirements help everyone concerned, they have become increasingly complex documents of sometimes more than 30 pages. Recently, a committee of the N.Y. Bar Association redrafted the form. While this new document is not required, it has been heavily borrowed from by fellow counsel representing co-op and condominium buildings. Many shareholders and unit owners mistakenly assume that if these documents are so long and elaborate, the building is watching out for them. However, the building is watching out for the building and the other shareholders who may be adversely affected by any work. They are not the apartment owner's partners in the process. The owner must have his own team to work with to ensure that the outcome is successful, which should include legal counsel. What I often see are people who are ready to pay significant sums of money for renovations, but who hesitate to spend the time and money necessary to iron out any wrinkles in their arrangements for these renovations. C. Jaye Berger, Esq. is an attorney at the Law Offices C. Jaye Berger, Manhattan, N.Y.