A land lease is an agreement where the owners of a condo, co-op, or commercial building do not own the land their building sits on. Instead, they rent it from the landowner. There’s a number of reasons a developer...
Category - Buying
Real Estate Commission Rebates: How They Work
In the US, for better or worse, real estate commissions are negotiated between the listing agent and the seller. You, the buyer, have no say in the commission paid. As a result, some brokers that are will to work for...
Rent to Own an NYC Condo
With unsold condo inventory high in NYC, some sponsors in larger buildings with many units to sell, are offering ‘rent to own’ options to potential buyers. In NYC, rent to own are basically ‘try before you...
Things 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...
Fair housing laws in NYC: Why it is important for buyers to know them
Housing discrimination in a progressive and diverse place like New York City might seem like a non-issue in 2019. That’s not the case. According to the National Fair Housing Alliance, New York City ranks third in the...
Should I use a buyer’s agent or work directly with the sponsor (developer)?
Working directly with the sponsor instead of with a buyer’s agent is bound to split opinions. Agents will always insist it’s better to work with them. However, if you already found a condo you want to buy much of...
Square footage in NYC: Separating fact from fiction
In New York City where real estate can be exorbitant, square footage is as precious as fine jewelry. Postage size rooms can add hundreds of thousands, sometimes millions of dollars on to the price of property. It’s...
Proof of Funds: What can be used and how does it work?
Often abbreviated to POF, a Proof of Funds, is, as the name suggests, a document showing that the buyer has the money available to proceed with the transaction. This usually occurs in the form of a bank statement or any...
Financing contingency: What are the risks?
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...
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 media commonly depicts the former as a snooty hierarchy of residents keeping the undesirables out by enforcing an extreme and...
