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BUYER GUIDE
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Buyer Guide - Buying a home can be one of your most significant investments in life. Our expertise provides detailed information to enable your intelligent and informed decision.
- Pre-qualification
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Visit your bank or mortgage broker so that you will know exactly how much mortgage you can afford. We have many sources of banks and mortgage brokers to suggest if needed. You will receive a pre approval letter from your lender so that the search for your new home can begin.
- Coop vs. Condo vs. House
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Coop ownership refers to owning shares in the building’s corporation. Over 80% of apartments in New York City are coops and most all of prewar apartments are also coops. Shareholders are given a proprietary lease to the unit they are purchasing and they do not own real property. Sponsor units in a coop do not require board approval. Non sponsor units require approval by the board of directors prior to the purchase of the coop apartment. Coops cost less than condos and coops typically cannot be rented out as an investment property. It is common in coops that the down payment be at least 20% of the purchase price.
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Condominium ownership gives the owner title to real property. The cost per square foot is higher than in coop ownership but this ownership allows more flexibility as an investment. Condominiums are mostly new construction and financing can be done with as little as 5% down. There is no board approval as in the case of a coop non sponsor apartment.
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Private Dwellings can be a single family or a two family home. There is no maintenance cost associated with this ownership and you are responsible for everything from the trash ordinances to the maintenance of the sidewalk. Tax rates in New York City are the lowest for one and two family homes and they can be excellent owner occupied investments.
- The Contract
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New York City real estate attorneys represent both buyer and seller. The seller's attorney draws up the contract for the buyer's attorney. The buyer's attorney reviews all aspects of the purchase details (due diligence) for the buyer. The buyers sign the contract and forward the contract with a deposit of 10% of the purchase price. The sellers execute the contract with the seller’s signature. The contract is binding only after both parties have signed it.
- Neighborhood Guide
- Mortgage Calculator
- Contact Us Phone:(212)367-8788 Fax:(212)367-7868
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All information furnished regarding property for sale,
rental or financing is from sources deemed reliable,
but no warranty or representation is made as to the
accuracy thereof and same is submitted subject to
errors, omissions, change of price, rental or other
conditions, prior sale, lease or financing or
withdrawal without notice. All dimensions and all
square footage are approximate. For exact dimensions,
you must hire your own architect or engineer.
