EPISODE 32

Closing costs and a new downpayment solution

Host Emily Myers gets into the details of closing costs and how they can affect your buying power as well as closing credits—where the seller gives the buyer a financial sweetener. Plus, a conversation with the CEO of co-investment company who wants to put money into your NYC condo or townhouse purchase.

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By Emily Myers | June 14, 2019 - 12:00PM

Like any big financial transaction, when you buy or sell an apartment in NYC, you have to pay various fees and taxes. These are the closing costs. In this episode of the Brick Underground Podcast, we get a bit deeper into the more practical side of buying and selling an apartment in NYC and consider these payments—not just what they are, but how they might affect your buying power.

In a slower market, you might also see closing credits—money paid to the buyer from the seller. Adam Stone, real estate attorney and founder of The Stone Law firm, helps explain exactly what they are and how they might be used.

Plus, a conversation with the CEO of a co-investment company who wants to put money into your NYC condo or townhouse purchase in exchange for a share of the proceeds when you sell. Not everyone has a wealthy relative who's happy to help you buy an apartment. Unison's founder says he's "democratizing the rich uncle."

We have a profile of a buyer who used this financing program to get on the property ladder in Williamsburg, now we speak to CEO Thomas Sponholtz and explore exactly who this arrangement might work for.

We love to hear from our readers and listeners. Thanks to all those who have offered feedback on the podcast. You can contact us via our website or leave us a rating or review at Apple podcasts.

Buy Need help buying a place in New York City? This new company co-funds the down payment on a condo or brownstone

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Emily Myers

Senior Writer/Podcast Producer

Emily Myers is a real estate writer and podcast host. As the former host of the Brick Underground podcast, she earned four silver awards from the National Association of Real Estate Editors. Emily studied journalism at the University of the Arts, London, earned an MA Honors degree in English Literature from the University of Edinburgh and lived for a decade in California.

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