Buying in NYC Archives - Page 21 of 39

A Letter of No Objection in NYC is used to verify the legal use of a property built before January 1st, 1938 which does not have a DOB Certificate of Occupancy.

What Is a Letter of No Objection in NYC Real Estate?

By Sonja Gosine, Spokesperson at Hauseit® / January 30, 2019

A Letter of No Objection in NYC is used to verify the legal use of a building constructed before January 1st, 1938 which does not have a Certificate of Occupancy on file with the DOB. Properties built in NYC prior [...]

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Buyer closing costs in NYC are 1.5% to 6%. Buyer closing costs are higher for condos than co-ops. New developments have the highest closing costs.

How Much Are Buyer Closing Costs in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 25, 2019

Buyer closing costs in NYC are between 1.5% to 6% of the purchase price. Buyer closing costs are higher for condos vs. co-ops, and closing costs are the highest for new developments (also known as sponsor units). The largest buyer

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Typical co-op buyer financial requirements in NYC include 20% down, a debt-to-income ratio between 25% to 35% and 1 to 2 years of post-closing liquidity.

NYC Co-op Financial Requirements

By Sonja Gosine, Spokesperson at Hauseit® / January 17, 2019

Typical co-op buyer financial requirements in NYC include 20% down, a debt-to-income ratio between 25% to 35% and 1 to 2 years of post-closing liquidity. Debt-to-income is a measure of what percentage of your income goes towards housing expenses (mortgage

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No purchase applications, condo boards or petty neighbors with a townhome. No dealing with building maintenance with a condo. Townhome vs condo explained.

Townhome vs Condo – Which Is Better in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 16, 2019

A townhome is preferable if you don’t want to deal with petty neighbors or a condo board, and you’re comfortable with managing a building. A condo is a better idea if you don’t wish to deal with building maintenance and

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3-6 reference letters per applicant. Ask for references as soon as you have a signed contract. NYC co-op board package reference letter samples & tips.

NYC Coop Board Package Reference Letter Samples and Tips

By Sonja Gosine, Spokesperson at Hauseit® / January 10, 2019

A typical NYC co-op board application will require three to six personal and professional reference letters per applicant. It’s important to ask for these reference letters as soon as you have a fully executed purchase contract. As a precaution, you

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What Qualifies as a Legal Bedroom in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 8, 2019

A legal bedroom in NYC must have minimum dimensions of 8 feet on either side, including a minimum ceiling height of 8 feet and must be at least 80 square feet in size. Furthermore, a legal bedroom must have at

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Co op Rules and Regulation in NYC

By Sonja Gosine, Spokesperson at Hauseit® / January 7, 2019

Co op rules and regulations in NYC can be extremely onerous for residents. Since owners of co-op apartments are technically tenants vs owners of real property, the board of the co-op corporation which actually owns the building has enormous power

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Land lease buildings are known to trade at a discount because of the uncertainty associated with lease renewals. But what happens when a land lease expires?

What Happens When a Land Lease Expires?

By Sonja Gosine, Spokesperson at Hauseit® / January 4, 2019

If a land lease expires without being successfully renewed, then the land and everything built upon the land reverts back to the landowner. This means the condo or co-op building and everything else attached to the land belongs to the

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Why are commission rebates not more common in NYC? What are some common reasons why most real estate agents refuse to give buyer rebates?

Why Do Real Estate Agents Not Give Commission Rebates in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 3, 2019

The vast majority of real estate agents do not give commission rebates in NYC because customers who demand rebates are generally more difficult to work with, and because buyers can re-negotiate the rebate amount and fire the buyer agent at

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What is the purpose of an Aztech Recognition Agreement and why do you need one in order to get a loan for your co-op apartment purchase in NYC?

What is an Aztech Recognition Agreement?

By Sonja Gosine, Spokesperson at Hauseit® / January 3, 2019

An Aztech Recognition Agreement or an Aztech form is a tri-lateral contract between the buyer of a co-op, the buyer’s bank and the co-op corporation that is required if a buyer wishes to purchase a coop apartment with financing. The

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