The Complete Guide to Buying a Condo in NYC: https://www.hauseit.com/buying-a-condo-in-nyc/
Buying a condo in New York City is a more straightforward process compared to buying a co-op apartment. Buying a condo means that you are purchasing real property instead of shares of a corporation, which is the case if you are buying a co-op in New York City.
While buyer closing costs are higher for condos than for co-ops, condos are a more flexible form of ownership. Condos are more valuable because they have fewer subletting restrictions, and unlike for co-ops, there is virtually no risk that a condo building will reject your application to buy an apartment.
How does a Right of First Refusal work in NYC? https://www.hauseit.com/how-does-a-right-of-first-refusal-work-nyc/
Buyer's Agents
Have you researched the role of buyer's agents? Are you aware that you can save money on your purchase by requesting a Hauseit Buyer Rebate?
Request a Hauseit Buyer Rebate: https://www.hauseit.com/nyc-broker-commission-rebate/
Working with an experienced buyer's agent can increase your chances of a successful deal. Better yet, you can save thousands on your purchase by requesting a legal and tax-free buyer broker commission rebate. To request a rebate, head over to https://www.hauseit.com
What happens once you are in-contract to buy a condo in NYC?
Having a signed contract means that you can begin work on your mortgage application. It usually takes two to four weeks to receive a mortgage commitment letter.
Most condos in NYC also require buyers to complete a purchase application. While co-ops can reject buyers at will, the only way a condo can reject a buyer is if the building agrees to exercise its right of first refusal and purchase the apartment under the same transaction terms as your deal. A condo typically has 30 days to waive its right of first refusal and permit you to close on the apartment.
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