Assessment is an additional monthly expense that can be levied over co-op or condo unitholders to meet an expense for which there is not enough money in the reserve funds.
Net effective rent or amortized rent is calculated by dividing the total rent you have to pay (after discount) over the term of the lease by total months in the lease.
The alteration agreement specifies all the rules and regulations regarding alterations in any apartment in the building and has to be signed before alterations are made.
Buying a property in an all-cash transaction, unlike buying with financing, allows buyers to close on a property much faster and makes the whole process relatively simpler.
Air Rights or development rights refer to the building/selling rights a lot owner in NYC has for the maximum buildable area they haven’t utilized yet.
ACRIS allows buyers, property owners, brokers, and attorneys to look at and gain insights from property documents like deeds and mortgage records.
An HVAC system is responsible for circulating hot and cold air inside a building and maintaining the indoor temperature at comfortable levels.
Property appraisal is the process of evaluating a property to determine its fair price in the current market. It’s performed by third-party professionals called appraisers.
LEED buildings are energy-efficient and eco-friendly structures that are awarded a LEED certificate. Different LEED certifications indicate how green a building is.
