Buying in NYC Archives - Page 15 of 39

Procuring cause in NYC real estate is negotiating an accepted offer and being materially involved until closing. Legal definition, disputes & more inside.

What Constitutes Procuring Cause in NYC Real Estate?

By Sonja Gosine, Spokesperson at Hauseit® / February 20, 2020

A broker is said to be the procuring cause of a real estate transaction if he or she brought about a "meeting of the minds" between the buyer and the seller, and was a direct cause of a sale being [...]

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There are many risks of buying a coop in NYC, including corrupt or inept board members, a lazy managing agent who accepts kickbacks, assessments & more.

The Risks of Buying a Coop in NYC

By Sonja Gosine, Spokesperson at Hauseit® / February 12, 2020

The risks of buying a coop in NYC include many factors which may be outside of your control, such as a poorly managed building or an inept co-op board. There may be crazy neighbors down the hall or on the

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Reviewing condo and coop board meeting minutes in NYC is a critical step of the due diligence process. Where can you find them? How far back do minutes go?

Condo and Coop Board Meeting Minutes in NYC Explained

By Sonja Gosine, Spokesperson at Hauseit® / February 7, 2020

Reviewing condo and coop board meeting minutes is a critical step of the due diligence process. We’ll explain everything you need to know about board meeting minutes from where to find them to how far back they go in this

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New York Department of State clarifies position on new rent laws. Landlord's agents no longer allowed to charge tenants a broker fee. Text of ruling & more.

Tenants No Longer Required to Pay Broker Fee per NY DOS

By Sonja Gosine, Spokesperson at Hauseit® / February 6, 2020

On January 31st, 2020, the New York Department of State (DOS) released revised guidance for real estate professionals concerning the new rent laws enacted in NYC in 2019. In the revised guidance, the New York DOS clarifies that a landlord's

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How much money you need to buy an apartment in NYC depends on whether you’re buying a condo or co-op, the amount of your down payment and whether you’re financing the purchase.

How Much Money Do I Need to Buy an Apartment in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 29, 2020

You need to have 22% to 26% of the purchase price saved for a condo and 21% to 22% of the purchase price saved for a co-op (assuming 20% down) to buy an apartment in NYC. These figures exclude mortgage

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The average down payment for an apartment in NYC is 20% of the purchase price. Most co-ops and some condo buildings in New York City have minimum down payment requirements for buyers.

What Is the Average Down Payment for an Apartment in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 29, 2020

The average down payment for an apartment in NYC is 20% of the purchase price. While it’s possible to put down 10% or less on many condos in the city, most co-op apartments have stricter financial requirements which require a

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How to Make an Offer on a Condo in NYC

By Sonja Gosine, Spokesperson at Hauseit® / January 29, 2020

Knowing how to make an offer on a condo in NYC is something you should learn well in advance of finding your dream apartment. Preparing your condo offer documents at the beginning of the search can put you in an

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REBNY Financial Statement Template

By Sonja Gosine, Spokesperson at Hauseit® / January 24, 2020

The REBNY Financial Statement is almost always required when submitting an offer on a co-op apartment in NYC. The REBNY Financial Statement is a high-level summary of your assets, liabilities, income and projected expenses. Submitting a REBNY Financial Statement along

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What Is a Co-op Special Assessment in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 22, 2020

What is a co-op special assessment in NYC? Are assessments tax-deductible? Is the buyer or seller responsible for paying current assessments? Are assessments negotiable? We explain everything you need to know about co-op special assessments in NYC in this article.

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Buying a coop in NYC can be a daunting process. What are the pros and cons of buying a coop apartment? When should you start working on the board package? What's the board interview really like? We take you step by step through the co-op buying process, from finding the perfect apartment to guidance for closing day.

The Complete Guide to Buying a Coop in NYC

By Sonja Gosine, Spokesperson at Hauseit® / January 22, 2020

Buying a coop in NYC takes around 3 months from the time you sign a purchase contract on an apartment. Co-op buyer closing costs are between 1% to 2%, which are much lower than the typical ~4% for condo apartments.

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