New York-based Title Agency Launches Coop/Condo Service
February 23, 2010
TitleVest, a Manhattan, N.Y.-based provider of title insurance and related real estate services recently launched its Coop/Condo Due Diligence Service. TitleVest’s new service provides real estate attorneys who are representing buyers of cooperative apartments and condominium units, with a transcript or abstract of any references to more than 50 relevant issues in the minutes of the Board of Directors’ and annual shareholders' meetings over the prior two-year period. In addition, TitleVest will interview the coop/condo’s managing agent on a pre-set list of other key issues.
The benefit to attorneys is that they obtain essential due diligence without having to leave their office. For those attorneys who prefer to conduct their own review of the complete minutes on site at the office of the managing agent, TitleVest’s due diligence reports can offer the benefit of a “second set of eyes” and mitigate the possibility of any oversights.
Prior to launching this new service, TitleVest consulted with several coop/condo attorneys and compiled a list of issues that could impact their clients’ purchase decision. The result is a approach to what can otherwise be a subjective review process.
“With the launch of our Coop/Condo Due Diligence Service, now real estate attorneys have a compelling alternative to the time consuming and often tedious task of reviewing the board minutes themselves," says Bill Baron, TitleVest’s president. "Once our clients experience the thoroughness of our review, many will be hard-pressed to pay another site visit to a managing agent’s office."