Getting a good deal on a new New York City condo unit often involves savvy negotiation for concessions rather than haggling over the base price. That’s because developers are much more comfortable providing ‘off-deed’ concessions to buyers, since they don’t affect the publicly-recorded price-per-square-foot of the apartment or future resale values. So, how can you […]
First, the bad news: receiving that mortgage commitment letter does not mean that you’ve definitively secured the loan for your New York City property. In fact, you should often think of it as a first step. That’s because there are often key contingencies in place (as you’ll see in the sample below) that must be […]
If you’re a prospective co-op buyer, you’ve likely come across the term “proprietary lease” during your buying journey. You might be wondering what exactly it entails and why co-op boards seem so diligent in extending their expiration dates. First, let’s demystify the term. A proprietary lease is a legal document that grants a shareholder (you, […]
