What is a Condo

April 23, 2015

A condominium is a multi-unit property in which the people hold absolute ownership to individual units and an undivided interest in common areas. The average price is approximately $2,000 per square foot. Monthly common charges range from less than $1 to $4 per square foot.  The common charges do not include real estate taxes. When […]

Condo Closing Costs for Buyer

These are estimates and you should consult your real estate attorney or financial adviser for specifics. These may not be the entirety of potential costs, and are only to be used as a guide. Real Estate Attorney $1,500+ Managing Agent Fee $1000+ Mansion Tax 1% if $1M+ Credit Report $100+ Common Charges Pro-Rated Bank Attorney […]

What is a Co-op

January 22, 2015

A co-op is an apartment building owned by a corporation, in which each owner purchases shares representing the value of a single apartment unit and receives a proprietary lease as evidence of title. The average price is approximately $1,000 per square foot. The average monthly maintenance is approximately $2 per square foot, and it includes […]

Co-op Board Requirements

The minute that you decide to purchase a co-op you should start getting ready for your board approval. Every co-op is different so there is no clear cut formula to find out what all co-op boards in Manhattan are looking for in a perspective buyer. The number one item that they focus on in a buyer is their financial stability. This includes work history, debt to income ratio, and liquid assets. Before submitting an offer you should ask the listing agent or the seller about the board requirements.

Co-op Board Package Guidelines

Co-ops have very specific requirements and guidelines for preparing the board package.  If you are working with a real estate broker they will prepare the package for you and guide you through this process. REQUIRED DOCUMENTATION Letter from employer or accountant position and income. Last 2 Pay Stubs Tax Returns (Last 2 Years) Bank/Brokerage Statements […]

Co-op Board Reference Letter Guidelines

Reference letters are a very important part of the board package, and should be taken seriously.  The board typically requires two personal letters, and a professional letter from your employer or accountant if self employed. Reference letters should be written by a person who knows you very well, and can speak about you with authority. […]

Co-op Board Interview

The interview is the board’s opportunity to meet you and ask specific questions about your application. The style of the interview can range from an informal gathering of board members in an apartment, to a formal interview with board members lined up at a table with you seated opposite them. Review your board package prior […]

Timeline for Buying a Co-op

General timeline for purchasing a co-op: Offer Accepted (1 day) The buyer and seller agree to a sales price. Contract of Sale Prepared (1 to 3 days) The seller’s attorney prepares the contract, and the buyer’s attorney receives contract. Legal Due Diligence (1 to 5 days) The buyer’s attorney reviews the minutes of the board, […]

Co-op Closing Costs for Buyer

These are estimates and you should consult your real estate attorney or financial adviser for specifics. These may not be the entirety of potential costs, and are only to be used as a guide. Real Estate Attorney $1,500+ Managing Agent Fee $1,000+ Mansion Tax 1% if $1M+ Credit Report $100+ Maintenance Prorated Mortgage Fee $1,000+ […]