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    Types Of Ownership  

In New York City there are three types of residential purchases the buyer may consider:
Condominiums, Cooperatives and Townhouses.

What is a Condominium?
A condominium is real property and the buyer gets a deed. An owner will pay real estate taxes for the apartment. A condominium elect a Board of Manager’s who set the by-laws of the condominium, determine the operating expenses and sets the monthly common charges.

Advantages of a Condo

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  Buyers Guide in Detail  
 
   
  Katie Rodgers is a licensed Real Estate Broker
Katie Rodgers Disclaimer
 

•        Speak with a Mortgage Lender/Broker. This helps you determine your purchasing power and enables you to act
         expeditiously and with confidence when you identify the property you would like to purchase. Pre-approval assures
         the seller that you are qualified.
•       Cash deals can be negotiated and closed quicker since there is no loan involved, however the board package must
         still be submitted.
•       As New York City has complex real estate laws choose an attorney specializing in real estate.

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  Closing Costs  

COOPERATIVE APARTMENT

FOR SELLER

Broker Typically 6%
Own Attorney $2,800.00 and up
Managing Agent $600.00
Flip Tax (if any) Consult Managing Agent
Stock Transfer Tax .05 per share
Move-Out Deposit or Fee $1,000.00
New York City Transfer Tax 1% of price up to $500,000 or
  1.425% of entire price when price exceeds $500,000
New York State Transfer Tax .4% (.004) of price

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  Katie’s Tips for Sellers  

1.      Speak with your accountant and lawyer to understand the financial and legal impact of the sale or
2.      Research and compare recent sales in the building and neighborhood before you list your property
3.      Understand the current state of the market in order to be be realistic in setting a fair market price . If you are not
           realistic the property will sit which is not a
           good in any market.

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  Katie’s 12 Step Program for Buyers  

1.      Determine budget and type of property, number of bedrooms
2.      Decide on neighborhood
3.      See apartments
4.      Financing Cash or mortgage or both

MORE DETAILS HERE

     
 

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