How Much Are Closing Costs?
Closing costs can range between 2-4% of the property price for buyers and 8-10% for sellers because they have to pay the brokers’ commission.
Written by: Brett Ari Fischer - The New York City Broker
What Is A Certificate of Occupancy (C of O)?
In NYC, a Certificate of Occupancy is issued by the Department of Buildings and determines the use and occupancy status of a building. Read on to find out more.
Written by: Brett Ari Fischer - The New York City Broker
What Is A Capital Gains Tax?
When selling a property (an asset) for a profit, you will have to pay capital gains tax, the amount of which is determined by several factors.
Written by: Brett Ari Fischer - The New York City Broker
What Is A CAP Rate
Cap rate is the ratio of an income-producing property’s Net Operating Income and market value, which gives a simplistic idea of the property’s return potential.
Written by: Brett Ari Fischer - The New York City Broker
What Is Board Approval?
Board approval is the permission you need from the condominium or co-op board before purchasing and occupying (or renting out) an apartment in the building.
Written by: Brett Ari Fischer - The New York City Broker
What Is An Aztech Document?
The Aztech document allows co-op apartment buyers to get financing, while lenders and co-op board agree on mutually beneficial terms.
Written by: Brett Ari Fischer - The New York City Broker
Astoria
Astoria is home to a lively and diverse population, great restaurants, and a few must-see attractions.
Written by: Brett Ari Fischer - The New York City Broker
What Are Real Estate Assessments?
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.
Written by: Brett Ari Fischer - The New York City Broker
What Is Amortized or Net Rent?
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.
Written by: Brett Ari Fischer - The New York City Broker
