Bricktionary

… affordable housing lottery youve probably read one key term over and over again area median income But what does that actually mean In short area median income or AMI defines the median incomes for households of different sizes within a certain geography The Department of …

… 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 …

… level a reverse mortgage is what it sounds like a home loan where the bank pays you based on your homes value … the other way around These loans can help keep a senior in their home by giving them muchneeded cash in exchange for … does a reverse mortgage work … In a reverse mortgage a bank gets more equity in your apartment in exchange for paying …

… youre probably already familiar with the myriad fees that come with buying in New York City But theres one more cost you should watch out for when you sell a flip tax if you live in a coop or a transfer fee if … are another cost for a buyer or a seller in a tough market Manhattan condos and coops spent about two and a half months …

… 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 …

… 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 …