Do-it-Yourself Real Estate Due Diligence in NYC (2018)
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When buying property, it can feel like a lot is happening all at once. The attorneys finalize the deal, draft and negotiate the contract quickly. Then, the building’s board and management provide various “due diligence” materials. A wealth of publicly available information can assist clients and brokers, educating them throughout this process. We have compiled some go-to resources that we frequently use during the real estate due diligence period and cycle in NYC.
Therefore, call our office for additional assistance if you have questions about utilizing these resources. We will outline the comprehensive scope of the real estate due diligence checklist. What is due diligence in real estate? What are the best websites for home buyers and sellers?
NYC Property Tax Bills: the first step of your Real Estate Due Diligence
New York City real estate tax bills are available for viewing and downloading online. They can help confirm a Seller’s representations of the annual taxes due and assess if the property is in arrears.
This portal allows users to view and download bills, as well as confirm their annual tax payments.
Property Tax Benefit Information
The New York City Department of Finance provides information on property tax abatements and exemptions for property owners and real estate professionals.
Use the following portal to view which abatements or exemptions are applied to a property and for how long. Additionally, you can learn how those same abatements and exemptions are calculated.
Tax Exemption and Abatement Programs
Learn about NYC programs like the 421-a and J-51 abatements, which may reduce taxes for qualifying properties and impact overall carrying costs.
Department of Buildings for your Real Estate Due Diligence
The New York City Department of Buildings (“DOB”) tracks various property information, including complaints, violations, construction and plumbing applications and permits, as well as inspections.
They also monitor and publish current Certificates of Occupancy and Temporary Certificates of Occupancy of record. Use their website to confirm if there are open violations or permits against a unit or building, and see if their Certificate of Occupancy is still current.
This is part of the real estate due diligence checklist.
DOB NOW Portal
Use this self-service portal to check the status of building applications, pull permits, schedule inspections, and ensure DOB compliance.
FEMA Flood Map Service Center
Determine if the property is located in a FEMA-designated flood zone. Critical for insurance, financing, and risk mitigation.
NYC Accelerator – Local Law 97 Emissions Compliance
The NYC Accelerator website is a valuable resource for learning more about a specific building’s energy usage and ensuring compliance with Local Law 97, as well as providing additional helpful information about energy savings and projected penalties.
NYC Environmental & Remediation Programs
Verify if the property is located on a brownfield site or is part of an environmental cleanup program.
ACRIS: a precise tool for your Real Estate Due Diligence
ACRIS (the “Automated City Register Information System”) hosts the accepted land records of the New York City Clerks for Kings, Queens, and Bronx Counties. Therefore, this database provides real estate professionals with access to most records filed against properties in New York City, as well as those in the specified counties.
However, there is sometimes an inconsistency in the availability of documents over 15 years old.
As of May 2013, ACRIS can search for land records against co-ops. This helps confirm early if there are any outstanding liens against a unit. Use ACRIS to determine a property’s tax block and lot, as well as to find property deeds, mortgages, and UCC financing statements.
Also, you can identify easements or restrictions on the use of a property.
Another helpful tool for your Real Estate Due Diligence in NYC: Offering plans & Amendments.
The Real Estate Finance Bureau of the Office of the Attorney General hosts a helpful lookup tool. This tool can confirm if the Attorney General’s Office approved an Offering Plan and any amendments.
It eliminates the guesswork of determining how many amendments have been filed for older buildings and co-ops, providing the most recent count. Use the Real Estate Finance Bureau’s lookup tool here.
eCourts Civil Search
Look up whether a building’s co-op board or managing agent is involved in litigation. A helpful tool to assess financial or governance risks.
Department of State, Division of Corporations, the last steps of your Real Estate Due Diligence
The Corporation and Business Entity Database includes business and not-for-profit corporations, limited partnerships, LLCs, limited liability partnerships, and other miscellaneous businesses. As such, you can confirm the actual names and statuses of the cooperative corporations.
Then, look for alternate or assumed names for the corporation and ensure the status is permanently active. The Division of Corporations’ database is here.
NY Surrogate’s Court – Death & Probate Records
Use this resource to check whether an estate proceeding has been filed for a deceased owner. This helps confirm that title issues related to death and inheritance have been addressed
NYC Housing Preservation & Development – Housing Litigation
Search for Housing Court cases, violations, and other issues related to residential code enforcement that may impact a unit or building.
NYC Foreclosure Database (Public Notices)
Check lis pendens filings (pre-foreclosure notices) that may not yet appear in ACRIS.
Property Shark (Basic Info Free)
A convenient tool to view sale history, lot dimensions, ownership details, and foreclosure filings. Free versions offer limited access, but they are still helpful for general research purposes.
ZONING, LAND USE & NEIGHBORHOOD CONTEXT
NYC Department of City Planning (ZoLa Tool)
Use this tool to search zoning designations, special districts, land use data, and planning proposals across NYC. It’s helpful for redevelopment assessments and land use due diligence:
NYC Landmarks Preservation Commission
Determine if a property is landmarked or within a historic district, which may impact renovation plans or approvals.
NYC Open Accessible Space Information System (OASIS)
OASIS provides geographic maps allowing users to obtain valuable information about individual properties. Some examples of obtainable information include land use, zoning, ownership, and the location of a parcel within the neighborhood context. This can be useful in determining if the community is right for you. Users can use the map to locate nearby parks, schools, restaurants, public transit, and other essential factors for decision-making.
HOMEOWNER & NEIGHBORHOOD TOOLS
HPD Building Registration Summary
Find ownership registration information, corporate managing agents, and HPD violations.
JustFix NYC – Who Owns What
Track ownership of buildings across LLCs and discover connected properties, complaints, and tenant histories.
NYC 311 Complaint Lookup
Check if neighbors or previous residents have submitted complaints about noise, sanitation, safety, or other quality-of-life issues.
FOREIGN BUYERS – TAX CONSIDERATIONS
IRS Tax Treaty Guide
Foreign buyers can review U.S. income tax treaties to determine if they are eligible for estate, gift, or income tax reductions or exemptions.
Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.
