A condop is a co-op building with both commercial units (usually on the ground floor) and residential units, each governed by separate boards, unlike a typical co-op building that only has one board looking over the whole building. A condop basically consists of two condos – One consisting of all the commercial space, while the […]
What Should You Look For In A Townhouse Or Single Family In NYC? One of the first things you should look for in a single-family townhouse is whether it has been legally converted for a single-family (with the right certificate of occupancy). You can also look for townhouses with multiple residential units if you want […]
Mortgage (Financing) Contingency A mortgage contingency or financing contingency saves a buyer from losing their deposit money if they are unable to get a mortgage within the time stated in the purchase contract, through no fault of their own. The mortgage contingency clause is an important part of NYC real estate purchase contracts, and it […]
Mortgage Recording Tax (MRT) is collected by NYC and New York State whenever a mortgage is taken out on a “real property.” For residential property buyers, real property includes condos and townhouses, not co-ops, because co-ops are classified as legal corporations and are not considered real property. The tax is paid by property buyers since […]
An inspection or a home inspection is a detailed examination of a property by a licensed professional that checks a property’s structure, condition, appliances, and heating, cooling, plumbing, and electrical systems to see if there are any problems. These inspections are quite common before buying a property. They are more common in single-family homes than […]
Homeowner’s Association (HOA) A homeowner’s association is made up of members elected by the residents of a community, which can be an apartment building, a gated community, or simply a group of homes sharing the same developer. The main responsibility of this association is to ensure the general well-being of the community it’s serving. This […]
In NYC real estate, an estate sale refers to a property that is being sold after the death of its original owner (the deceased). Some people also include real estate properties that are on the market when their owners permanently move to a facility due to old age, which implies that they are unable to […]
A condo questionnaire is a comprehensive form/questionnaire about a condominium building. When you are buying a condo with a mortgage, your lender will send this condo questionnaire to the sponsor (if they are still managing the building) or the condominium manager to fill. It includes questions about: Basic information about the condominium, including whether it’s […]
What Are Closing Costs? Closing costs are what buyers and sellers have to pay when they complete a real estate transaction, and the property changes hands between the buyer and the seller. These costs can be 2-4% of the purchase price for the buyer and are paid out of their own pocket. Closing costs are […]
There are many aspects involving purchasing or selling when it comes to new construction, conversion or heavy renovation. It involves complicated legal procedures and lots of paperwork. You also need to have the right permits and documents on hand before someone can legally move into their new home. One of those documents is a Certificate […]