What does 'right of first refusal' mean when you are selling a NYC condo?

City condo board has limited ways to exercise control over sales in the building unlike a coop board which has much … a waiverand let the sale go ahead so it is very rare for a board to exercise the right of first refusal although … the right of first refusal should eliminate the need for condos to require the kind of board packages requested by …

By Brick Underground |May 16, 2024 - 2:30PM
What's a reverse mortgage—and how common are they in NYC?

basic level a reverse mortgage is what it sounds like a home loan where the bank pays you based on your homes value … law according to the New York State Department of Financial Services NYSDFS Borrowers need to be at least 62 years old … also usually come with costs including closing appraisal application and attorneys fees though origination fees on …

By Celia Young |April 2, 2024 - 3:30PM
What are land-lease buildings? Are they common in NYC?

… York City own the land they sit on but a tiny percentage rent the land from someone else These are called landlease … lease anyone thinking of buying into a landlease building should consider the potential risks outlined below  … Coop … because of the different ownership structures In a coop you only own a percentage of the shares and not the property …

By Evelyn Battaglia |December 4, 2023 - 12:30PM