Legal Information for Large and Small Business Owners
Real Estate, Condos & Coops
How to Prepare Your Home (or Condo or Coop) For Showings—Perception Is Reality
Apr 30th
In most cases, you have one shot at impressing potential buyers. Don’t take it personally separate yourself from the personal feelings you have about the home (it’s not your home now, it’s a commodity you intend to market). If you were buying the condo, coop or home, what would you think about the home? Take a close look at the condition of your home and prepare your home (condo or coop) for showings. You may be rewarded with a faster sale at a higher price.
Start with the basics. Everything from floors to windows must be spotless (including your appliances). Have the apartment professionally cleaned. Offensive odors are a BIG turn-off – eliminate bad odor sources.
Eliminate the clutter. Hide small kitchen appliances and other items that are sitting on countertops and tables; remove photographs from table-tops and organize the closets. Pack up the bulk of large, personal collections.
Make it more spacious. Remove excess furniture to make rooms more spacious. Consider storing boxes and unnecessary furniture in a temporary off-site mini-storage space.
Expose Desirable Features. Remove rugs if they expose nice hardwood floors; remove heavy drapes that keep out natural light.
Repair and repaint. Apply a fresh coat of neutral colored paint; replace broken lighting, bath and kitchen fixtures; use bright bulbs; fix all squeaks and leaks; patch walls; and make sure all doors operate smoothly.
Create an Atmosphere. On days of showings: turn on all the lights, and fill the home with a pleasing smell by placing fresh-cut fragrant flowers on a table or by simmering a small pot of water with vanilla extract.
You should consider hiring a New York real estate lawyer early in the process. He or she will guide you through the home (condo or coop) selling process by preparing and negotiating the real estate broker agreement, drafting the contract of sale, answering your legal and tax questions, and arranging for the documents necessary to complete the sale, among other things.
What is the Difference Between a Condo and a Coop?
Apr 30th
Cooperative apartments (“coops”) differ from condominiums (“condos”) in several ways. When you buy a coop, you buy stock in the corporation that owns the apartment building. The building then “leases” the coop to the buyer under a long-term proprietary lease. Coop owners pay monthly maintenance to the building corporation for items such as the expenses of maintaining and operating the building property, property taxes and the underlying mortgage on the building (if any).
When you buy a condo, you buy an individual parcel of real property, like a house or townhouse. The condo building is divided into individual condos and a common area. A condo owner owns its apartment and an undivided interest in the common area and is responsible to pay its own real estate taxes and its share of the common charges for the expenses to maintain and operate the common areas. Unlike a coop building, there is no underlying mortgage on a condo building.
Generally, a condo has a higher value than a comparably sized coop; however, a condo buyer has additional closing costs for title insurance and mortgage recording taxes. Depending on the coop building, the tax deductibility percentage of the monthly maintenance charges may differ.
You should consider consulting with a New York condo attorney or coop lawyer once you find an apartment you want to buy. He or she will guide you through the home buying process by preparing or reviewing the contract of sale, advising you about financing and title insurance, answering your legal and tax questions, and arranging for the documents necessary to complete the purchase.
How to Buy a Condo, Coop or Real Estate in New York
Apr 30th
Manhattan home ownership—whether a condo, coop, or townhouse—can provide you with many benefits, including, a long-term investment and tax advantages. Of course, a home is also a major financial commitment. There are ways to avoid costly pitfalls that can strain your budget and your patience.
At the time of the closing, you will have to pay the price for the home and closing costs. Thereafter, you will need to budget for insurance premiums, maintenance, monthly loan payments, property taxes, utility bills, and repairs. Prior to entering into a contract of sale, it is recommended in some cases that a buyer conducts an inspection of the home, which includes, checking the age and condition of appliances, plumbing, roof, structures and wiring, and other physical elements of the home.
A New York real estate lawyer guides you through the home buying process by preparing or reviewing the contract of sale, advising you about financing and title insurance, answering your legal and tax questions, and arranging for the documents necessary to complete the purchase.
You should not sign a contract of sale unless it protects your rights. Your New York condo lawyer reviews and amends the contract of sale accordingly. Any conditions that must be met before you complete a home purchase should be stated in your contract of sale. For example, many buyers make their home purchase contingent upon obtaining financing.
The “closing” of a contract of sale completes the purchase and takes place at a meeting in the offices of the New York coop attorney representing the seller or lender, if any, or at a location designated by the coop corporation. At the closing, the buyer, seller, and lender sign a deed and mortgage (for a condo or townhouse) or the stock and proprietary lease documents and the security agreement (for a coop), pay the purchase price and exchange documents. At the closing, the buyer may receive a title insurance policy, along with a statement of closing charges and the keys to the home. Your NY real estate lawyer attends the closing to assure that the documents and computation of closing costs are accurate.
Using a Real Estate Broker to Sell Your Condo, Coop or Home
Apr 30th
