Depending on the renovation you are planning, you may need to secure a permit before you can hire a contractor to perform the necessary work.
New development is usually a newly constructed or heavily renovated structure that is for sale directly by the developer responsible for the construction/renovation.
Mortgage pre-approval is the conditional commitment of a lender to issue a mortgage loan to a potential buyer, making them more attractive to sellers.
A managing agent is crucial to the healthy operations of a co-op or condominium building and allows for minimal board intervention for maximum resident satisfaction.
A property in NYC can have several different types of liens, and until these liens are paid off or settled, it will be very difficult for the property owner to sell that property.
An HDFC building is subsidized housing for low to medium-income families, mainly for owner-occupation.
Due diligence is the process of looking at the financial and legal issues of the property you are trying to buy, and it’s usually conducted by an attorney.
When buying an apartment in NYC, a buyer needs to put down about 10% of the property price as deposit/earnest money and more as a down payment at the time of closing.
Co-op financial requirements in NYC are stricter than the requirements for buying a condo and you might need to save much more than the usual 20% for down payment, to meet the financial requirement for a co-op board.
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