Mortgage pre-approval is the conditional commitment of a lender to issue a mortgage loan to a potential buyer, making them more attractive to sellers.
A managing agent is crucial to the healthy operations of a co-op or condominium building and allows for minimal board intervention for maximum resident satisfaction.
A property in NYC can have several different types of liens, and until these liens are paid off or settled, it will be very difficult for the property owner to sell that property.
An HDFC building is subsidized housing for low to medium-income families, mainly for owner-occupation.
An exclusive listing in NYC is when only one broker has the exclusive rights to list and market a property. This gives them the surety of earning the commission.
Due diligence is the process of looking at the financial and legal issues of the property you are trying to buy, and it’s usually conducted by an attorney.
When buying an apartment in NYC, a buyer needs to put down about 10% of the property price as deposit/earnest money and more as a down payment at the time of closing.
Co-op financial requirements in NYC are stricter than the requirements for buying a condo and you might need to save much more than the usual 20% for down payment, to meet the financial requirement for a co-op board.
CEMA loans are available for people who want to refinance their mortgage (and sometimes to buyers) and allows them to save money on mortgage recording tax.
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