A financing contingency is a clause in a sales and purchase agreement. It states that the purchase of a property is contingent on a buyer securing a mortgage with which to buy the property. Why is a financing...
Category - Buyer’s Guide
Navigate the complex and nuanced world of NYC real estate with Marketproof’s Buyer Guide. We’ll give you everything you need to be your own real estate expert!
Jeff VasishtaBlock and lot: What is it and where do I find one in NYC?
A block and lot survey system is used in the USA and Canada to locate and identify land. It is usually used in areas of dense population, such as towns and cities. It’s also known as the recorded plat survey system or...
Condo Board Package: When your building gets to know you
Most people are familiar with the concept of a co-op board but not a Condo Board Package. The former has been depicted in the media as a snooty hierarchy of residents keeping the undesirables out by enforcing an extreme...
What happens on closing day for the home buyer?
Many home buyers stress about a real estate closing. However, the mere fact that there is a closing means that most of the hard work has already been done. The lender has approved a loan, assuming there is a loan. If...
Mortgage Commitment Letter: What is it and why is it important?
This is the final step towards getting a lender to commit to giving you a loan. How does this differ from a Mortgage Pre-Approval? For a commitment letter to be issued a purchase property needs to have been identified...
Home inspections: What you need to know
Home inspections are generally loathed by home sellers. It’s the chance for a buyer to put a magnifying glass up to their prospective purchase and find out exactly what’s wrong with it. In most cases, even if the owner...
