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Mortgage Contingency Clause in NYC

Sellers and Buyers alike often inquire as to the meaning of the “mortgage contingency clause,” one of the more significant clauses in New York real estate contracts. Simply put, a mortgage contingency clause ensures that if a buyer promptly applies for a loan from a qualified lender, but fails to obtain a firm commitment for financing within […]

WHAT DID I GET MYSELF INTO… THEY ACCEPTED MY OFFER ON THAT NYC COOP – NOW WHAT?

Relying upon your broker, StreetEasy, social media, friends and family, you have been searching for months for the perfect apartment. You have pressed a hundred elevator buttons, climbed up mountains of steps and your health app has measured miles of walking (and sometimes running) to open houses and off and on market listings. And finally, there it […]

How to do a 1031 Exchange in NYC

This post will teach you how to execute a 1031 exchange through exploring Explaining what a 1031 exchange is Rules of a 1031 exchange When could a 1031 exchange benefit me? Why is a 1031 beneficial in the short and long run? How to execute a 1031 exchange right now INTRODUCTION: A 1031 exchange, also […]

“Deadlines Within Deadlines”: Coop. Board Packages in New York & Commitment Letters

A buyer (for purposes of this article, let’s call her Sally Streetwise) works with her broker to find a property she loves in a beautiful cooperative. The brokers work with the buyer and the seller to reach agreement on the key deal points and then turn the delicate deal over to the lawyers to conduct due diligence and to negotiate […]

What is “post closing liquidity” in NYC Coops?

In the process of buying an apartment in New York there are several concepts that are important to understand. Post closing liquidity is one of them. It literally means what it says: after closing, how much money will you have available? To get to this number you will have to look at your finances and total assets, […]

What is a “flip tax coop” in NYC?

Through this post, NestApple will help you navigate through the technicalities of the Flip Tax which is actually NOT even a tax. After reading this post you will be able to answer all those easy questions: What is a flip tax in NYC? Is the flip tax … actually a tax? why do we call it a […]

Getting a mortgage “pre-approval letter”

One of the first things a serious buyer must do once they’ve decided to begin the process of buying a home is to get pre-approved. Being pre-approved by a lender is an easy ordeal. The lender you chose for this does not necessarily have to be your mortgage lender; which means you can pretty much go to any bank […]

How much do real estate attorneys charge in New York?

Buying a property in New York involve a series of expenses. The property itself is the biggest chunk but you must add to it the cost of getting a mortgage, paying the mortgage broker, broker’s fees, inspections costs and the attorney. A good tool is to use a closing costs calculator that will give you an estimate […]