Frank Sinatra sang about his “vagabond shoes” taking him to New York. These days if you want to rent an apartment in New York, chances are there won’t be anything vagabond about you — particularly where your bank...
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Jeff VasishtaThings to consider before buying a groundfloor apartment
If you live in an old NYC walk-up or a townhouse that is split into apartments you probably dread traipsing up flights of stairs at the end of the day. And if there are bags, packages or furniture involved, let alone...
marketproofRejected offer: what to do next
Rejection in real estate, unlike many other professions, usually comes down to one thing, money. If your offer for a home was rejected the owner wanted a higher price. Of course, there are exceptions but money tends to...
At what point does a real estate broker earn their commission?
According to New York’s Department of State website if a broker procures an eligible buyer they are entitled to a commission: “Although a broker is generally entitled to a commission when he produces a buyer...
Homeowners insurance: what you need before closing on your condo or co-op
As Al Pacino famously said in The Godfather Pt 3, “Just when I think I’m out, they pull me back in!” Don’t worry, when you buy a home in NYC you won’t have to fret about swimming with the...
Condo board application example
PURCHASE APPLICATION REQUIREMENTS Please send the complete purchase application package to the address above. The following is required: Two hundred and fifty ($250) processing fee for preparation of condo documents...
Real Estate buyer’s agent fees
Technically the real estate buyer’s agent fees are free to the buyer because they are baked into the commission that the seller pays their agent. So, whether a buyer utilizes an agent in their home search or not...
Real Estate listing agent fees
A real estate listing agent’s fees are a percentage of their broker’s fee. This is usually around 60 percent of the broker’s total commission (the broker gets the remaining 40 percent). If there is no buyer’s agent the...
What you should look for at a final walkthrough
The purpose of a final walkthrough of a property is to check that it is either in the same condition as it was when you last saw it, eg. before going into contract or during the home inspection. If repairs were...
Real Estate offer letter explained
In a competitive market like New York City, a real estate offer letter can be an important tool in having you offer accepted. They need to include some vital information and should be vetted and written in conjunction...
Mortgage Commitment Letter: All you need to know
A mortgage commitment, or a loan commitment, is a document stating that the lender prepared to lend you money as long as certain conditions are met. What information does a mortgage commitment letter contain? A mortgage...
Open Listings For Rentals: Everything you should know
What is a rental open listing? A rental open listing allows several agents to market an apartment, as opposed to having an exclusive agreement with just one agent. The result of an open listing arrangement is that one...
