Articles

What You Need to Know About Buying an Apartment in NYC from a Sponsor/Developer

A newly constructed condominium or a conversion of a building from a rental apartment building into cooperative ownership or a condominium is handled by an entity called a sponsor (also known as a developer). The sponsor most follow very strict regulations governed by the New York State Attorney General Office when offering apartments for sale.

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15 TIPS TO BE READY TO SELL YOUR APARTMENT OR HOME

All sellers have a basic knowledge of what they must do to their apartment or home to make it look more desirable to a purchaser. However, most sellers do not know what things to think of and what documents they should have available when they put their property on the market. Once you have decided

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Post Closing Occupancy Agreements

Working out the logistics of a seller moving out of one apartment and into a new apartment can be very sensitive and complicated. If the two closings cannot be handled simultaneously, then the seller will need to move out of the existing property, place his or her belongings in storage and stay in a hotel

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Legal Representation For Real Estate Purchases and Sales

The selection of a seasoned, competent and communicative attorney may be the single most important relationship in a real estate transaction. Now more than ever choosing an attorney who is sufficiently competent and whose fee is reasonable and customary is not the only two criteria to select a lawyer. A seller or purchaser should retain

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New Construction Buyers Need To Be Wary Of Timing

There is an extraordinary amount of new condominium construction occurring in Manhattan at this time. Many projects are well underway and are currently in the closing stage, while others have not even broken ground. With the shortage of inventory of residential apartments in Manhattan, many purchasers are entering into purchase agreements to buy newly constructed

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DECIDING TO PURCHASE A CONDOMINIUM OR COOPERATIVE APARTMENT

Before purchasing a condo or co-op apartment, it is imperative that the Purchaser understand the significant differences between the two types of ownership. There are numerous legal and financial differences. A. Cooperatives A co-op is a multi-unit apartment building where each resident has an interest in the entire building, and a lease (or contract or

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PREPARING FOR YOUR CO-OP BOARD INTERVIEW

Anyone who wants to own a cooperative apartment in New York City will most likely need to be interviewed by an admission committee of a co-op. It is a right of passage like a bar/bat mitzvah, a confirmation. The process for each co-op can differ greatly. Some Boards meet prospective buyers only after they have

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Apartment Combinations In NYC

The concept of combining co-op or condo units into a single dwelling unit has become more prevalent over the last few years due to several factors. In 1997, the NYC Department of Buildings (“DOB”) amended the Building Code to make it significantly less difficult to obtain approval to combine residential apartments.

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