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Mini Dragon Group (ages 6-7)

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Wyatt Roberts
Wyatt Roberts

Buy Condo New York

It usually takes between 30 and 60 days to close on a condo in New York City. You should also factor in the time it will take you to find a suitable home. Most buyers will spend at least another month or two searching NYC condos for sale online and going to open houses and private showings. That means it typically takes anywhere from two to six months to buy a condo in NYC.

buy condo new york


A real estate attorney can help you take the right steps as you move forward with purchasing a condo. The real estate lawyers at the Law Office of Yuriy Moshes are highly experienced in a variety of real estate transactions, including those involving condos. We are deeply invested in the happiness of our clients and have been able to achieve successful outcomes for many. Contact our firm today to discuss how we can help you during the condo-purchasing process.

The process of purchasing a condo, which consists of multiple steps, does not have to be arduous. Many of the steps mirror those involved in purchasing a house. Differences can be attributed to the fact that the condo, by virtue of existing within a complex, involves living in a community and working with a condo association. You will want to make sure that you do your research and work with the appropriate professionals to ensure that you complete each step.

You will want to shop around before committing to a condo. Research the overall market and think about whether it is the right time to buy a condo. Figure out the districts or areas of the city that you are interested in. Think about the kind of amenities and features you want. Consider your finances and the price range that would be compatible with your particular situation. When thinking about finances and budgeting, you will want to take into account the condo closing costs in NYC, which are often around two to five percent of the purchase price. These additional costs are typically composed of:

Evaluate individual condos of interest in the relevant markets. You will likely want to make physical visits to make sure the living situation is to your liking. Depending on how stringent your criteria are, it may take several months for you to find what you are looking for.

As a part of the condo association approval process, you will likely have to submit to a background check. The background check will give the HOA information about your criminal history and the opportunity to conduct a credit check. You may also have to provide some sort of financial statement that includes information related to your credit cards, loans, money market accounts, and investments. It is also likely that you will have to undergo a condo association interview as well. Condo boards will use the information from your background check to determine whether you would be an appropriate addition to the community and able to timely make the monthly dues.

You also want to take certain steps on your own to make sure that your finances will accommodate a condo purchase. You may, for instance, want to get prequalified for a condo mortgage to provide evidence of your ability to pay.

Once you pass the background check and are confident about a particular condo unit, it is time to make an offer that provides your desired terms for the purchase. You will usually have to negotiate a bit, and counteroffers are common. Once an offer is accepted, a deal sheet will be prepared.

A deal sheet involves a summary of the terms and contact information for the relevant parties and attorneys. At this point, you will want to have your attorney conduct due diligence on the condo building to make sure that there are no financial or legal issues affecting the condo. As part of the due diligence process, your attorney will conduct a title search to make sure that there are no encumbrances affecting the condo. You will then need to look into purchasing title insurance, as it will provide some protection against unforeseeable problems.

If you are financing your purchase, you will want to apply for a mortgage. The mortgage application process takes several weeks, so start your application as soon as you have finalized the contract for the condo.

You want to make sure that you have done your due diligence before closing on a condo. Prior to closing, you will want to examine the property a final time to make sure that everything is working properly and that any necessary repairs have been completed.

The real estate attorneys at the Law Firm of Yuriy Moshes are highly experienced in a wide range of real estate matters, including the process of purchasing a condo in NYC. We have an excellent track record, having achieved successful outcomes for many clients. Our real estate attorneys will ensure that your rights and interests are represented throughout the purchasing process. Contact our firm today to discuss how we can help you.

The real estate attorneys at the Law Firm of Yuriy Moshes are highly experienced in a wide range of real estate matters, including the process of purchasing a condo in NYC. We have an excellent track record, having achieved successful outcomes for many clients.

The HomeFirst Down Payment Assistance Program provides qualified homebuyers with up to $100,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City.

New condo developments there include 150 Rivington St., which has a 1,570-square-foot, landscaped roof terrace, a fitness center, bike storage, and individual storage; 196 Orchard St., which has a two-story, 30,000-square-foot Equinox Fitness Center, a 4,400-square-foot rooftop terrace, and a 24-hour attended lobby; and 242 Broome St., which will include Essex Street Market, parks, a movie theater, and the Market Line, a marketplace modeled on classic European food halls.

The family must attend home buyer education classes and be credit-qualified and pre-approved by a mortgage lending institution. The family must not have defaulted on a previous mortgage. The type of home a family may purchase utilizing Section 8 Voucher assistance includes single-family, co-operative, condominium or manufactured homes. The home that the family chooses to purchase must pass a Housing Quality Standards (HQS) inspection before voucher assistance can be authorized. The family must also arrange and pay for an independent professional inspection of the home, and provide a copy of the inspection report to the local Section 8 Program. Based on findings in the professional inspection report, the local Section 8 Program reserves the right to authorize voucher assistance.

Overall, the decision between a condo and a co-op is a personal one. Both have their pluses and minuses. Condos often cost more but allow a greater degree of freedom and flexibility than co-ops, and an easier approval process. With co-ops you can save on closing costs, afford more square footage and have lesser monthly fees, but you may lose the flexibility that is offered by condos.

Multiple buyers have opted to upsize from a one-bedroom to a two-bedroom unit or from a three-bedroom to a four-bedroom unit at One United Nations Park in Manhattan, said Melanie Estrada, sales director for the condo building.

In the past, less expensive, smaller condo units typically sold quickly and more expensive condo units were among the last to sell, Ms. Wyse said. That trend appears to be reversed now. For example, at Front & York in Dumbo, the four-bedroom units, which span 2,345 to 3,268 square feet and are priced up to $8.75 million, are all under contract. Buyers who planned to buy a one-bedroom for $1 million to $2 million opted to extend their budget for a two-bedroom priced from $1.85 to as much as $4 million for one with a private terrace, she added.

Another Waldorf Astoria purchaser, who lives nearby on Park Avenue, bought a studio just for the sentimental value and prestige of owning in the iconic building, Mr. Tubb said. After construction started, she decided to make the condo her permanent residence and upgraded to a large two-bedroom unit with a view of the Chrysler building.

At Vandewater, a new 33-story condo tower in Morningside Heights in Manhattan, eight of the approximately 100 buyers so far chose to upsize their units, said Peter Denby, sales manager at the project.

These are examples where the additional costs of creating a condominium regime and the potential headaches of dealing with co-owners of the building are out-weighed by the benefits of the condo structure. While there are numerous articles and books on the legal aspects of condominiums, the point of this article is to highlight several practical issues involved in the purchase or master lease of a commercial condo unit:

B) It's much harder to finance building wide capital improvements in a condominium. New York's condo statute permits borrowings by the board of managers but its unwieldy. If a building needs significant work, be prepared to pay your share of the cost out of your pocket or from a mortgage on your unit alone;

C) If the unit is leased to space users, review the leases to be sure they reflect the differences inherent in a condo regime. I can't tell you how many commercial leases of a portion of a condo unit recite, for example, that "landlord" shall repair after a fire when the "landlord" is merely a condo unit owner and only the board of managers of the condominium has the right or obligation to repair after a casualty;

D) Read the fine print to see how costs are allocated and the condo is governed. Does a ground floor retail owner pay for an elevator used only by the upstairs office unit owner? Who collects trash and cleans the sidewalk? Are you entitled to a board seat? The questions are endless and only a review of the condominium's declaration and by-laws will answer the questions; 041b061a72


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