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

… has much broader authority over deals But condo boards have what is called the right of first refusal This is an option to buy a condo from a seller at the same price as the sales … short sales or a foreclosure by allowing the condo board to buy at the lower price and resell it at a fair market value …

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

… At the most basic level a reverse mortgage is what it sounds like a home loan where the bank pays you … if the mortgage exceeds the value of the unit she says … What are the risks of a reverse mortgage … Interest on a … … You Might Also Like … viewbublogpanes=ymalinline   … Buy … Negotiating + Financing … Bricktionary … mortgage … …

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

… buildings yet another quirk of NYC real estate that buyers need to be aware of  In a lot of ways a land lease is … unusual nature of the underlying lease anyone thinking of buying into a landlease building should consider the … knowing when the lease expires is important The unknown of what could happen can be scarier for say a landlease coop on …

By Evelyn Battaglia |December 4, 2023 - 12:30PM
What is a working capital fund contribution for condos? Are these common in NYC?

… If youre looking to buy a condo in New York City youve probably experienced … capital fund contribution is an additional fee paid by the buyer at closing thats meant to help a condo building raise … new owners to make a contribution to the reserve fund … What if the fee seems high … Its possible to see a working …

By Celia Young |October 9, 2023 - 1:30PM