A real estate exclusive listing agreement is a sales agreement in which a specified real estate agent is chosen to sell a property and will gain a commission if that property is sold within a certain time frame —...
Latest
marketproofCo-op flip taxes: Everything you need to know
There are two things to know immediately about NYC Co-op Flip Taxes. They are not taxes and they do not apply to house flippers. Flip taxes are a fee charged to co-op owners who sell their co-op. In this way, they are...
Building mechanicals: what you need to know before buying
The wow factor, as in “Oh wow, that’s beautiful,” is very rarely administered for heating or plumbing systems. Instead, it’s usually reserved for spectacular kitchen or bathrooms, for a slab of glinting granite or...
Co-op underlying mortgage: what you should know before buying
An underlying mortgage is an original loan taken out by a housing cooperative to finance the purchase of the land or building that it occupies. It’s called “underlying” because it comes before (or under) any personal...
Homeowners insurance: What condo owners need to know
A homeowner’s insurance policy on a condo has crucial differences from a policy on a single-family home. With a condo, the policy (normally) only covers the interior of the unit. The HOA/maintenance fees cover the...
New State and Local Tax (SALT) tax deduction explained
Homeowners who itemize deductions on their federal income tax returns have been able to deduct, without limit, New York State and NYC real estate taxes for decades. With recent changes to...
HUD-1 Settlement statement: what’s in it?
The HUD-1 Settlement Statement is a government form that was used widely before 2015 when buying, selling and refinancing real estate. It lists all the charges and credits to the buyer and seller in a real estate...
The STAR Program explained
What is the STAR Program? The School Tax Relief (STAR) program provides eligible property owners in New York City with relief on their property taxes. How does it work? The STAR program is open to any homeowner whose...
Floor Area Ratio (FAR) Explained
The FAR is the relationship between the total amount of usable floor area that a building has or has been permitted to have and the total area of the lot on which the building stands. How is FAR calculated? FAR is...
What happens at a real estate closing?
The fact that there is a closing means that all of the hard work has been done. The lender has approved a loan, assuming there is a loan. If there’s no loan and the purchase is all cash then the process is even more...
Kael GoodmanCleared to close: What happens next?
After the arduous process of finding a home and qualifying for a loan, getting a Cleared to Close (CTC) letter from the bank providing the mortgage, is a huge relief. It means that any conditions or stipulations (often...
Real Estate Deal Sheet explained
Once an offer has been accepted on a property, a deal sheet is prepared. This is usually done by the seller’s agent or broker. If you are wondering what exactly a deal sheet is and what goes into it, this should...
