Hauseit Blog | NYC FSBO, 1% Listing Fee and Buyer Commission Rebate

A proprietary lease is a signed lease agreement between a shareholder and a cooperative corporation governing their relationship and the terms of residency.

What Is a Proprietary Lease for a Coop Apartment?

By Sonja Gosine, Spokesperson at Hauseit® / April 23, 2020 April 23, 2020

A proprietary lease is a binding lease agreement between a shareholder and a cooperative corporation governing the relationship between the parties and the terms of the shareholder's residency in the building, and more specifically their apartment within the building. Table …

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The NYC Mortgage Recording Tax is 1.8% for loans below $500k and 1.925% for loans above $500k. It does not apply to co-ops. It is a buyer closing cost.

The Mortgage Recording Tax in NYC

By Sonja Gosine, Spokesperson at Hauseit® / April 17, 2020 April 17, 2020

The NYC Mortgage Recording Tax (MRT) is 1.8% for loans below $500k and 1.925% for loans of $500k or more. The MRT is the largest buyer closing cost in NYC. How much Mortgage Recording Tax you pay is based on …

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The COVID-19 real estate purchase contract addendum clause (rider) extends contract deadlines and also allows buyer or seller to cancel due to Coronavirus.

Should You Add a COVID-19 Clause to a Real Estate Contract?

By Sonja Gosine, Spokesperson at Hauseit® / April 14, 2020 April 19, 2020

The residential real estate industry nationwide is experiencing considerable amounts of disruption and uncertainty stemming from the COVID-19 pandemic. While the real estate market is still open and both new and existing deals are moving forward, buyers and sellers face …

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Condos and coops are not eligible for a PPP loan based on a strict interpretation of the SBA's newly released Interim Final Rules vs the CARES Act.

Are Coops and Condo Eligible for the PPP Loan?

By Sonja Gosine, Spokesperson at Hauseit® / April 9, 2020 April 16, 2020

When the CARES act was signed by President Trump on March 27th, 2020, we were hopeful that condo and co-op corporations would be able to take advantage of the PPP Loan Program to ensure that all building management staff continued …

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Clear up liens & violations, find original deed or stock & lease, review purchase application, do final walkthrough & more in our seller closing checklist.

Seller Closing Checklist for Sellers in NYC

By Sonja Gosine, Spokesperson at Hauseit® / April 8, 2020 April 8, 2020

Congratulations on getting a signed contract for the sale of your home! Sellers often wonder what they should be doing during the contract to closing process, especially since much of the work during this time is on the buyer's side. …

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The foreclosure process can take multiple years in New York, which is a non-judicial foreclosure state. Step by step process, delaying tactics & more.

The Foreclosure Process in NY and How It Favors Borrowers

By Sonja Gosine, Spokesperson at Hauseit® / April 2, 2020 April 3, 2020

The foreclosure process in New York can take multiple years with ample opportunities for borrowers to ask for delays. This is primarily due to New York being a judicial foreclosure state with very liberal minded courts that have always tended …

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The OneKey MLS is a new broker Multiple Listing Service which covers listings in Long Island, the Hudson Valley and all five boroughs of New York City.

What Is the OneKey MLS?

By Sonja Gosine, Spokesperson at Hauseit® / April 1, 2020 April 6, 2020

The OneKey MLS is a new broker listing database (Multiple Listing Service) which covers Long Island, the Hudson Valley and all five boroughs of New York City. OneKey MLS is the most widely-used MLS system in Long Island and the …

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Buyers typically don't get co-op title insurance in NYC except for estate sales or when the apartment has been through foreclosure. Costs, facts & more.

Do Buyers Need Co-op Title Insurance in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / April 1, 2020 April 1, 2020

New York co-op apartment buyers typically do not pay for co-op title insurance, primarily because it's not a required closing cost and also because a co-op lien search already affords them $50,000 in coverage against any missed liens. However, buyers' …

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The Coronavirus will have several long-term effects on residential real estate in NYC, such as the adoption of 3D Virtual Tours and rules on open houses.

What Is the Coronavirus Long Term Impact on NYC Real Estate?

By Sonja Gosine, Spokesperson at Hauseit® / March 31, 2020 April 1, 2020

The Coronavirus pandemic will likely have several long-term effects on the NYC real estate market, such as accelerated adoption of 3D Virtual Tours and a new wave of permanent rules and restrictions on open houses implemented by condo and co-op …

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Rent security deposit laws in NYC cap security deposits to 1 month of rent and require landlords to return deposits within 14 days of moving out.

NYC Rent Security Deposit Laws in 2020

By Sonja Gosine, Spokesperson at Hauseit® / March 31, 2020 April 1, 2020

Rent security deposits in NYC and in New York State are capped at one month of rent according to the Housing Stability and Tenant Protection Act of 2019. Within fourteen days of a tenant vacating, a landlord must provide the …

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