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  • What Do You Need To Know About A CEMA Loan?
    What Do You Need To Know About A CEMA Loan?

    What Is A CEMA Loan? CEMA (Consolidation, Extension, and Modification Agreement) is a loan usually given to New York citizens that are refinancing their mortgage, and it allows them to save money on mortgage recording tax. CEMA is primarily for loan refinancing, but in some cases, homebuyers can take advantage of CEMA too and reduce […]

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  • Co-Op Financial Requirements in NYC
    Co-Op Financial Requirements in NYC

    Co-op financial requirements in NYC include a sizable down payment, a healthy debt-to-income ratio, and proof of post-closing liquidity (money you have left after you have made the down payment and paid most of the closing costs). When you buy a condo, you are buying a piece of real estate that’s your own. But when […]

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  • A Homebuyer’s Guide To Deposit, Earnest Money, And Down Payment
    A Homebuyer’s Guide To Deposit, Earnest Money, And Down Payment

    What Do Homebuyers Need To Know About Deposit And Earnest Money When you are signing a contract to purchase property in NYC, you need to put down a certain amount of money out of your own pocket. This money is called the deposit or an initial deposit. It’s also called earnest money because it shows […]

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  • What Is Due Diligence And Why Is It Important When Buying A Property/Apartment?
    What Is Due Diligence And Why Is It Important When Buying A Property/Apartment?

    Due Diligence Is The Legal And Financial Research And The Document Inspection That Your Attorney Conducts Before You Sign The Contract To Purchase A Property In Nyc. Your Attorney Will Prepare A Due Diligence Report That Indicates Whether There Are Any Legal Or Financial Complications In The Property Or If It’s Clear For Purchase. When […]

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  • What Is An Exclusive Listing?
    What Is An Exclusive Listing?

    An exclusive listing is when just one real estate agent or broker is allowed to market a property, show it to prospective buyers, and sell the property (if the owner agrees). This happens when a seller signs an exclusive agreement with the agent and agrees that no other listing agent will market their property and […]

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  • What Is An HDFC Building?
    What Is An HDFC Building?

    A Housing Development Fund Corporation (HDFC) building is a cooperative or co-op building in NYC made up of affordable apartments for low to middle income individuals and families. Co-ops are generally more affordable than condos. And HDFC co-op buildings are even more affordable as compared to other co-ops. They are sometimes called income-restricted apartments because […]

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  • Liens On Properties: What Do Buyers And Sellers Need To Know About It?
    Liens On Properties: What Do Buyers And Sellers Need To Know About It?

    A lien on an NYC property is an individual’s, a government department’s, or someone else’s legal claim on a property for some unpaid debt that the property owner may have. Unless liens on a property are settled, it can be very difficult for the property owner to sell it. In order to understand liens better, […]

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  • What Is A Managing Agent?
    What Is A Managing Agent?

    Managing Agent A managing agent is a person (or company) hired by a co-op or condominium board to oversee the management of their property and keep it functional. They represent the interest of the board, which is ultimately made up of residents of the building – Co-op shareholders and condo owners. The word managing agent […]

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  • An NYC Buyer’s Guide To Mortgage Pre-Approval
    An NYC Buyer’s Guide To Mortgage Pre-Approval

    Mortgage Pre-Approval Mortgage pre-approval is when you apply for a mortgage, and based on your credit score and financial standing, the lender will approve your mortgage application and issue you a letter stating that they will lend you a certain amount of money if you meet their conditions. The pre-approval letter is usually valid for […]

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