Buying in NYC Archives

New construction closing costs in NYC for buyers are 4% to 6%. New development closing costs include NYC & NYS Transfer Taxes and sponsor legal fees.

How Much Are New Construction Closing Costs in NYC?

By Chris Oliver, Spokesperson at Hauseit® / December 9, 2019 December 11, 2019

New construction closing costs in NYC for buyers are 4% to 6% of the purchase price. A typical financed buyer on a new development condo purchase in NYC will pay closer to 6% in total closing costs. Buyer closing costs …

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What is the typical real estate lawyer fee in NYC for a purchase or sale transaction? Is the cost of a real estate attorney in NYC paid upfront or hourly?

Real Estate Lawyer Fees in NYC

By Chris Oliver, Spokesperson at Hauseit® / December 9, 2019 December 9, 2019

The average real estate attorney fee for a purchase or sale transaction in NYC is $2,000 to $3,000. Lawyer fees can be as high as $5,000 for a more complex transaction and for new developments. There are also light-touch, discount …

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Rent to own is rare in NYC due to strict financial requirements by banks & co-ops around DTI ratios and post closing liquidity. However, it is possible.

How Does Rent to Own Work in NYC?

By Chris Oliver, Spokesperson at Hauseit® / December 6, 2019 December 6, 2019

Rent to own is quite rare in NYC due to co-ops and banks having strict financial requirements around debt-to-income ratios and post closing liquidity. However, if a rent to own transaction were to happen, the tenant should have a high …

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A typical co-op building in NYC will allow you to sublet your apartment for one or two years every few years. Coop subletting policies, rules and fees vary by building.

NYC Coop Sublet Policy Rules Fees

By Chris Oliver, Spokesperson at Hauseit® / December 5, 2019 December 5, 2019

Almost all co-op apartments in NYC have subletting rules which apartment owners, also known as shareholders, must follow. A typical coop building in NYC will allow you to sublet your apartment for one or two years every few years. Most …

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How to Buy an Apartment in NYC

By Chris Oliver, Spokesperson at Hauseit® / November 30, 2019 December 1, 2019

This is a complete guide on how to buy an apartment in NYC, from doing an initial rent vs own analysis to what to expect on closing day. Jump to any section through our table of contents below, or read …

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Should you rent or buy in NYC? Is renting cheaper than buying in NYC? How much are closing costs in NYC? Learn pros and cons of buying vs. renting in NYC.

Rent vs. Buy in NYC – Pros and Cons

By Chris Oliver, Spokesperson at Hauseit® / November 29, 2019 November 29, 2019

Key advantages to buying vs. renting in NYC include building equity over time, participating in real estate appreciation, obtaining inexpensive leverage through a mortgage, saving money on rent, adding value through renovations and feeling a greater sense of security when …

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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 Chris Oliver, Spokesperson at Hauseit® / November 29, 2019 November 29, 2019

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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Condo house rules exist just like house rules exist for co-ops. Condos can be as strict as co-ops. Key differences include ROFR vs right of approval & more.

Are There Condo House Rules in NYC?

By Chris Oliver, Spokesperson at Hauseit® / November 25, 2019 November 26, 2019

Yes, condo house rules exist just like house rules exist for co-ops. The original offering plan or bylaws typically authorize the condo board to create a reasonable set of rules and regulations for the building, typically concerning usage of the …

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What to Watch out for with Real Estate Agents

By Chris Oliver, Spokesperson at Hauseit® / November 14, 2019 November 14, 2019

The most important things when it comes to what to watch out for with real estate agents are high pressure sales tactics, lying, passivity, lack of responsiveness, argumentativeness and a general lack of ethics. We'll discuss the classic signs that …

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An inspection contingency is rare in NYC because buyers typically conduct inspections prior to contract execution. Sample inspection contingency & more.

Do Buyers Need an Inspection Contingency in NYC?

By Chris Oliver, Spokesperson at Hauseit® / November 12, 2019 November 12, 2019

Buyers typically do not need an inspection contingency in NYC because home inspections are uncommon for condo and co-op apartment purchases, which make up the vast majority of the inventory in New York City. Furthermore, when inspections are done in …

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