What Is An Estate Sale?
Estate sale refers to the real estate that is being sold by the heirs or a trust (or the state) after the passing of the owner of the property.
Written by: Brett Ari Fischer - The New York City Broker
What Is A Condo Questionnaire?
A condo questionnaire is a document used by mortgage lenders to assess condominium buildings a prospective borrower is trying to buy a condo in.
Written by: Brett Ari Fischer - The New York City Broker
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 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
What Is An Alteration Agreement?
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.
Written by: Brett Ari Fischer - The New York City Broker
What Are All-Cash Transactions?
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.
Written by: Brett Ari Fischer - The New York City Broker
