HOA fees and condo common charges are paid to the managing bodies responsible for the community, while property taxes are paid to the city government.
A flip tax is a transfer fee (usually between 1% and 3%) that co-op sellers have to pay when selling their apartments.
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.
A condo questionnaire is a document used by mortgage lenders to assess condominium buildings a prospective borrower is trying to buy a condo in.
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.
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.
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.
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.
The Aztech document allows co-op apartment buyers to get financing, while lenders and co-op board agree on mutually beneficial terms.
