Let’s talk tax abatements in New York City. It may not be the most exciting topic, but it’s important to understand how it affects the housing market and buyers like you. Basically, a tax abatement is a break on property taxes for buildings or apartments. It sounds simple, but in reality, it’s a bit […]
Real estate is filled with (some might say riddled with) its own terminology — much of which can be confusing for the first-time buyer. And even if you’ve bought elsewhere, buying in New York City means learning about all kinds of arcane and wacky processes you may never have encountered. One of these is the […]
So, you’ve finally found the perfect co-op apartment and you’re ready to secure a mortgage to make it yours. But now you’ve hit a roadblock: your bank is asking for a co-op questionnaire to be filled out, and you’re left with a few worrisome questions. Does this mean the bank hasn’t approved things yet? Why […]
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, […]
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 […]
