Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
When you are buying or selling property, it can feel like so much is happening all at once. For example, within a concise period of time, the deal is finalized. The contract is drafted and negotiated. Therefore, various “due diligence” materials are provided by the building’s board and/or management. What is the due diligence meaning in real estate? There is an abundance of publicly available information. Also, those data can assist clients and brokers in being as educated as possible throughout this process. Thus, we have gathered some go-to resources that we often use ourselves. Those are the best due diligence links and real estate due diligence checklist you can find. Lastly, please feel free to call us for additional assistance if you have any questions about utilizing them.
New York City real estate tax bills are now available to view and download online to begin the real estate due diligence checklist. Therefore. this can help confirm a Seller’s representations of the annual taxes due. It helps assess if the property is in arrears. Use the following portal to view and download bills and confirm the payment history for any New York City property.
The New York City Department of Buildings (“DOB”) tracks a variety of property information. Those data include complaints, violations, construction/plumbing applications and permits, and inspections. It also tracks and publishes current Certificates of Occupancy and Temporary Certificates of Occupancy of record. Use this website to confirm if there are open violations or permits against a unit or building. Lastly, you can also see if its Certificate of Occupancy is still current.
ACRIS (the “Automated City Register Information System”) hosts the accepted land records of the New York, Kings, Queens, and Bronx County Clerks. This tool provides real estate professionals with access to most of the records filed against New York City properties in those counties. However that there is some inconsistency in the availability of documents that are greater than 15 years old. Lastly, ACRIS even has the ability to search for land records against cooperative apartments. This option can help confirm early in the process if there are any outstanding liens against a unit. Use ACRIS to determine a property’s tax block and lot, find property deeds, mortgages, and UCC financing statements, and identify easements or restrictions on the use of property
The Real Estate Finance Bureau of the Office of the Attorney General hosts a helpful look-up tool that can confirm if the Attorney General’s Office has approved an Offering Plan and any amendments thereto. It can eliminate the guesswork of trying to determine how many amendments have been filed. It provides the most recent count for older buildings and coops. Use the Real Estate Finance Bureau’s lookup tool here. This is a great due diligence link.
Buying property in the United States can sometimes be a taxing experience for foreign buyers. Indeed, they should be aware of the tax implications of acquiring property within the United States. The Federal Government has many treaties with numerous foreign countries. In fact, these treaties can grant foreign residents reductions and even exemptions from the federal estate, income, and gift taxes. All tax treaties are available to the public on the IRS website.
New York City has an exclusive website for private homeowners. This website contains links for paying for New York City services and making a coop or condominium complaint. This feature includes reporting issues arising from bright lights from parking lots, noises from an air conditioner or ventilation equipment, and even a noisy neighbor. The website also contains links to the websites for Property Value Assessments, ACRIS, and the New York City Office of the Taxpayer Advocate making it a great due diligence link.
DOB NOW is the Department of Buildings’ self-service online tool. It allows Owners, Designer Professionals, Licensees, and Filing Representatives to do business with the Department of Buildings online easily. This tool allows customers to submit applications, make payments, schedule appointments, check the status of an application or inspection, pull permits, and make renewals. The website is broken down into four sections for simple access: Inspections, Build, Safety, and Licensing and can be accessed here:
OASIS provides geographic maps allowing users to obtain valuable information about individual properties. Examples of obtainable information include land use, zoning, ownership, and where a parcel is located in the neighborhood context. Therefore, this can be useful in determining if the community is right for you. In fact, users can use the map to locate surrounding parks, schools, restaurants, public transit, and many other important decision-making factors. Access the map here.
The NYC Department of City Planning provides a tool to search for information on any property in New York City, including Block/Lot, Cross Streets, Zoning and Land Use, Ownership, Demographics, and much more. Therefore, the tool also allows the user to compare the information in a selected area to New York City as a whole.Lastly, if you want to discuss any of the output of those due diligence links, feel free to reach out to NestApple. Therefore, we will help you navigate through this real estate due diligence checklist and the due diligence meaning in real estate.