Whether you’re buying a co-op or a condo resale, your purchase usually must be approved bythe building’s board. This involves submitting a 45-page-long, invasive, much bemoanedapplication package assembled by you and your broker that includes tax returns,recommendation letters, financial statements and much, much more. Some applications onlyreach back a couple of years; others go all […]
Though we wish it weren’t the case, we’re hearing about more instances where condo boardshave abused their right of first refusal to effectively discourage a potential buyer fromcompleting their purchase. A condo board typically has 30 days to respond with a right of firstrefusal after a condo purchase application has been submitted. However, if the […]
The Right of First Refusal is a privilege that is rarely exercised by condo boards primarilybecause it is exceedingly difficult to raise funds either through a special assessment or a loanto be able to purchase a multi-million dollar condo in NYC. Furthermore, even if it werepossible to raise the funds, there would likely be severe […]
Condo board approval typically takes around 4 weeks from the time you submit a completedboard package. Most condos typically have between 20 to 30 days to waive their right of firstrefusal and approve your purchase. Here’s where it gets interesting: while a condo cannot reject you outright without buying theapartment, they can delay issuance of […]
Virtually all condo buildings charge buyers an application fee between $300 to $1,000.Buildings usually ask for a move-in fee and/or a move-in deposit as well as a move-out feeand/or a move-out deposit from the seller. The typical move-in or move-out fee is ~$500,while the average deposit is between $500 to $2,000. Unfortunately, there is steep […]
Assembling the various documentation for a condo board package can be accomplished in aslittle as an hour if you’ve done your homework. As the buyer, you’ll already have access tomost of the information requested such as tax returns and bank statements. How quickly youcan put everything together depends on how efficient your record-keeping is.If the […]
It’s a common misconception among buyers in NYC that a board package is only required fora co-op apartment. While a condo does not have the same broad discretion as a co-op toreject buyers, most condos still require buyers to complete and submit a board package.The condo board package in NYC is primarily an administrative exercise […]
Co-op or condo buyers or tenants in New York City should be aware there are a particular setof policies. The governing policies are called house rules. The house rules govern day to day normal behavior throughout the building. After all, many people, often with entirely different backgrounds, are living vertically in tight quarters in New […]
Most co-ops have very strict policies about subletting, which does not make them an idealinvestment opportunity and can present a serious challenge if your job suddenly relocates toLondon, for instance. The rules vary, but owners are usually allowed to sublet their apartmentfor no longer than 1 to 2 years in any 5-7 year period. The […]
A self-managed building is a condo or co-op building which does not pay for the services of athird party ‘Managing Agent’ to run the day-to-day operations of the building. Self-managedbuildings in NYC are typically very small and have less than 15 units. If a building is self-managed, it means that the individual apartment owners take […]
