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, […]
In the New York real estate world, buyers often find themselves in fierce competition, contending with multiple offers on coveted properties. In a seller’s market, it’s not uncommon for sellers to consider waiving contingencies to sweeten their deals. Let’s explore how buyers can understand and potentially navigate contingency waivers in this high-stakes environment while being […]
In the competitive world of Brooklyn real estate, where all-cash buyers seem to hold a distinct advantage, aspiring homeowners often find themselves wondering how to level the playing field. One strategy that has gained popularity in recent years is waiving the mortgage contingency. Let’s take a look at what the mortgage contingency is, what it […]
In the bustling world of New York real estate, where every dollar counts, it’s surprising that a money-saving strategy often overlooked by condo buyers and sellers exists. Known as a Purchase Consolidation Extension and Modification Agreement (PCEMA), or simply a “splitter,” this ingenious technique, borrowed from the realm of commercial real estate, can potentially […]
FISP Local Law 11 NYC The NYC Facade Inspection Safety Program (FISP), formerly known as LocalLaw 11, requires NYC buildings taller than six stories to have their facadesinspected and repaired every five years.In this article, we discuss the history of FISP and explain how Local Law 11affects you as a buyer of New York City […]
When it comes to vetting the track record of a developer (and much like anything else these days), a Google search won’t be enough. After all, you’re making a significant investment and you need to know that you’ll be in good hands. Let’s talk about the process of uncovering a developer’s history so that you […]
Yes, walking around in someone’s home and judging whether it’s right for you is a surreal experience and knowing the etiquette can not only make it easier but, more importantly, a better experience for you — not to mention making yourself stand out as a serious buyer. With those goals in mind, here are some […]
A lot line window is a unique feature in buildings that are constructed alongside property lines. This type of window provides a glimpse into the neighboring property and allows natural light to flow into otherwise dark interior spaces.
Anyone who’s lived in New York long enough to get invited to a dinner party knows what a reliable go-to topic of conversation real estate is in this city. Who bought where, who overpaid, and who has an in with co-op board are as normal as talking about the weather in other places. So it’s […]
