Investing in real estate can offer several potential benefits, including: 1. Rental Income: Owning rental properties can provide a steady stream of rental income, which can serve as a consistent source of cash flow. If the property isn’t paid off, as long as you buy it right, then you should have at least some cash flow […]
Last Updated on August 28, 2024 Brooklyn Real Estate Market Report: Q2 2024, a quarterly report produced by the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us Data Source: https://www.bklynhometeam.com/wp-content/uploads/2024/08/Brooklyn-Real-Estate-Market-Report_Q2-2024.pdf Month’s Supply What is Month’s Supply? Months of supply is the measure of how many months it would take for […]
The recent settlement involving the National Association of Realtors (NAR) marks a significant shift in the real estate landscape, particularly for homeowners looking to sell their properties. The settlement has made it optional for sellers to offer compensation to buyer brokers, a practice that was previously standard in many real estate transactions, and this was […]
Title issues can be a real headache when purchasing property, especially in a bustling city like New York. Whether you’re buying your dream home or investing in real estate, understanding the most common title issues can save you time, money, and stress. Here are some of the top title issues you might encounter when buying […]
Last Updated on April 24, 2024 Brooklyn Real Estate Market Report: Q1 2024, a quarterly report produced by the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us Data Source: https://www.bklynhometeam.com/wp-content/uploads/2024/04/Brooklyn-Real-Estate-Market-Report_Q1-2024.pdf Month’s Supply What is Month’s Supply? Months of supply is the measure of how many months it would take for […]
Hi all, hope you’re doing well! Below is this month’s edition of our Brooklyn Homebuyer Newsletter. In this month’s edition we cover a primer on Treasury Spreads, some information about the lack of housing supply, and some information on the recent NAR settlement regarding real estate agent commissions. A lot of interesting things happening lately […]
Hi all, hope you’re all doing well! Below is this month’s edition of our Brooklyn Homeowner Newsletter. In this month’s edition we cover recent changes to the Property Condition Disclosure Act, some information about squatters rights in New York, and some information on the recent NAR settlement regarding real estate agent commissions. A lot of […]
In the world of real estate, there’s a phenomenon known as the “lock-in effect,” which occurs when homeowners secure a mortgage at a substantially lower interest rate than the current average. It’s a comforting position to be in, knowing that while market rates fluctuate, your mortgage remains at a lower, fixed rate. However, this advantageous […]
In the world of Brooklyn real estate transactions, negotiations are paramount. Buyers and sellers often engage in a delicate dance to reach an agreement that satisfies both parties. One of the key terms you may encounter during these negotiations is a “concession.” But what exactly does it mean in the realm of real estate? A […]
In the realm of Brooklyn real estate, the process of listing a property is a pivotal step for homeowners looking to sell their homes. One of the common questions that arises is whether all owners of a property must sign the listing agreement. The answer to this question lies in various factors that are crucial […]
For homeowners in Brooklyn, New York, understanding the value of your property is essential for various reasons. Whether you’re considering selling, refinancing, or merely curious about your home’s worth, getting an appraisal or home valuation is a crucial step. The good news is that there are ways to obtain a home appraisal or valuation in […]
Last Updated on January 26, 2024 Brooklyn Real Estate Market Report: Q4 2023, a quarterly report produced by the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us Data Source: https://www.bklynhometeam.com/wp-content/uploads/2024/01/Brooklyn-Real-Estate-Market-Report_Q4-2023.pdf Month’s Supply What is Month’s Supply? Months of supply is the measure of how many months it would take for […]
Selling a house in Brooklyn, New York involves various costs that homeowners need to consider. Understanding these expenses is crucial for accurate financial planning and to ensure a smooth and successful property sale. Here’s a breakdown of the costs associated with selling a house in Brooklyn. NYC Transfer Tax The New York City Transfer Tax […]
Hi all, as always we’re publishing our latest roundup of articles, content, and information which we believe are specifically relevant to NYC Homeowners. This month includes a forensic study of NYC by the Chairman of Market and Investment Strategy for JP Morgan, a nice primer on Reverse Mortgages from the team at KPP Financial, a […]
A wet basement can be a Queens homeowner’s nightmare, leading to potential damage, mold growth, and compromised structural integrity. Addressing this issue promptly is crucial to prevent further problems and maintain a safe and dry living space. In this blog post, we will explore effective tips for local homeowners to dry up a wet basement […]
Are you looking to sell your home in Brooklyn NY, and want to speed up the process? Whether you’re a first-time seller or a seasoned homeowner, there are several easy and effective ways to make your property stand out in the competitive Brooklyn real estate market. By focusing on enhancing curb appeal, staging effectively, and […]
Selling a home in Brooklyn can be a stressful and emotional process, especially when potential buyers make low ball offers. A low ball offer is an offer significantly lower than the asking price, which can be frustrating for homeowners who are looking to sell their property at a fair price. However, it is important for […]
In the dynamic realm of Brooklyn and NYC real estate, setting the right price for a property is akin to orchestrating a symphony – it requires precision, finesse, and a deep understanding of the local market. Proper pricing isn’t just about assigning a number; it’s a strategic move that can significantly impact the outcome of […]
Information provided by: www.hcr.ny.gov A number of communities in New York State have rent regulation programs known as rent control and rent stabilization. Two aspects of rent regulation are to protect tenants in privately-owned buildings from illegal rent increases and to allow owners to maintain their buildings while realizing a reasonable profit. Rent control is the […]
By Daniel Akerman, Listing Specialist with the Queens Home Team at Keller Williams Realty Landmark II. Many people are familiar with the fact that in New York City many properties that are purchased are in co-ops, and they are aware of the unique powers that a co-op board has in approving or denying a purchase […]
A listing agreement (or listing contract) is a binding contract entered into by the seller of a property and you, as the seller’s listing agent. There is no requirement that the listing agreement be on a specific form. However, to be legally binding it must be written in clear and unambiguous language, and it must […]
Hi all, below is our latest roundup of articles, resources, and content related to NYC homebuyers. Take a look and let us know if you have any questions. As always, if you need any advice or recommendations, feel free to reach out anytime. New York is Paying Homeowners up to $125K to Build an […]
Brooklyn Real Estate Market Report; Q3 2023, courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us *Please Note: These numbers are based on figures reported by the OneKey MLS. Brooklyn real estate sales are conducted on multiple MLSs so unfortunately this will not provide the comprehensive picture of […]
Contingency clauses that outline additional conditions that must be met before a sales contract is enforceable are often part of a sales contract. Both buyers and sellers can add contingencies to a contract. A contingency clause must include three pieces of information, including: The actions necessary to satisfy the contingency The time frame for addressing it […]
What is a Deed? The deed is a legal document used to establish proof of ownership. It provides some assurance to the buyer that the seller has the right to sell the property. Usually a third party is hired to conduct a title search in an effort to uncover evidence that the title can be […]
Below is our latest roundup of news, articles, and content related to NYC homeowners. First is an article from Yahoo Finance which talks about the housing market and what may be next for it. Second is a write-up about the Plus One ADU Program which provides grants to homeowners across New York State who add […]
In the world of Brooklyn and New York City real estate, there are specific terms used to categorize individuals involved in the buying or selling process: client, customer, and prospect. These terms may seem interchangeable at first glance, but they hold distinct meanings and implications within the industry. In this blog post, we will delve […]
In case you don’t know what this is, here’s the skinny: A buyer, hoping to beat out all other offers, will include an escalation clause in the offer that reads something like, “Buyer to beat all competing offers by $1,000 up to a price of $700,000. Seller to provide copies of competing offer to buyer […]
Source: Housing Stability & Tenant Protection Act (HSTPA) of 2019 A preferential rent is a rent which an owner agrees to charge that is lower than the legal regulated rent that the owner could lawfully collect. Pursuant to the Housing Stability & Tenant Protection Act (HSTPA) of 2019, tenants that were paying a preferential rent as […]
Source: www.hcr.ny.gov This fact sheet will be updated annually to reflect the new lease guideline rates. It can be reviewed along with a rent registration history of an apartment to assist in determining if the apartment’s registration status and the rent being charged are lawful. The apartment rent registration history and a rent overcharge complaint form can be […]
By Daniel Akerman, Listing Specialist with the Brooklyn & Manhattan Home Team at Keller Williams Realty. Need Help? Contact Dan at (646) 844-5770 Selling a home anywhere is a stressful process under the best of circumstances. A quick search on Google for “most stressful life events” will return page after page after page of results […]
By Daniel Akerman, Listing Specialist with the Manhattan Home Team at Keller Williams Realty Landmark II. One of the many closing costs that sellers and buyers may come across in the sale or purchase of a New York City co-op apartment is something called the “flip tax.” In this article we’ll take a quick look […]
Welcome to this month’s Brooklyn homeowner connect post. In today’s post, we share some good information on how to get rid of eyesores in your home in a cheap and easy way, and then we share a quick primer on Reverse Mortgages. Take a look and feel free to Contact Us if you have any […]
Brooklyn Real Estate Market Report: Q2 2023, courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us *Please Note: These numbers are based on figures reported by the OneKey MLS. Brooklyn real estate sales are conducted on multiple MLSs so unfortunately this will not provide the comprehensive picture of […]
As a homeowner in Brooklyn NY, one of the most crucial responsibilities is safeguarding your property from potential damages caused by harsh winter weather. Burst water pipes can lead to costly repairs, property damage, and inconvenience. In this blog post, we will explore some essential tips to help you prevent water pipes from bursting, ensuring […]
Hi all, hope you’re having a nice start to this Summer! Below is our monthly roundup of articles, content, and resources specifically relevant to NYC Homeowners. Take a look when you have a chance and feel free to reach out if you have any questions. If you’d like to receive our monthly NYC Homeowner Newsletter in […]
Selling a house in Brooklyn can be both an exciting and nerve-wracking experience. Among the many decisions you’ll need to make is whether to enlist the help of a local Brooklyn real estate agent or go the DIY route and sell your home without professional representation. While saving money is a tempting proposition, it’s essential […]
Pricing a home correctly is a critical factor in the success of a real estate transaction. In the Brooklyn market, there are common misconceptions among home sellers regarding pricing strategies. This blog post aims to shed light on these misconceptions and emphasize the significance of pricing a property at or around its market value. 1. […]
Selling a home in Brooklyn can be an exciting yet challenging process. One of the crucial aspects of successfully attracting potential Brooklyn Home buyers is ensuring that your home is presented in its best light during showings. The impression your home makes on prospective buyers can significantly impact their decision-making. To help you prepare, we’ve […]
When it comes to purchasing real estate in Brooklyn NY, the home inspection phase holds significant importance. Unlike other parts of the country, home inspections in Brooklyn typically take place prior to attorney involvement, contract signing, etc. Understanding the unique steps involved in this process can help both buyers and sellers navigate it effectively, ensuring […]
In the dynamic world of real estate, buyers and sellers often encounter various terms and conditions that can significantly impact the outcome of a transaction. One such condition that Brooklyn home sellers should be aware of is the sale contingency. In this blog post, we’ll delve into what a sale contingency is and highlight the […]
When selling a home in Brooklyn to a buyer who is obtaining an FHA mortgage, there are certain repairs that the bank may require to ensure the property meets the minimum property standards set by the FHA (Federal Housing Administration). These repairs are designed to protect the buyer’s investment and minimize potential risks. In this […]
Brooklyn Real Estate Market Report: Q1 2023, courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us Data Source: https://www.bklynhometeam.com/wp-content/uploads/2023/05/Brooklyn-Real-Estate-Market_Q1-2023.pdf *Please note that this report is based on data collected from the OneKey MLS. Unfortunately Brooklyn real estate sales are conducted across multiple different MLS’s so it is not […]
Hi peeps, below is a monthly roundup of our favorite articles and information that we’ve come across recently. First is a video from 1981 where the newscaster is talking about mortgage rates and how they are impacting buyers. A few people are interviewed in it and what they say is pretty interesting. Second is an […]
Selling a home in Brooklyn can be an emotional and stressful experience, especially when it comes to negotiating offers from potential buyers. One situation that Brooklyn homeowners may face is receiving a low ball offer on their property. A low ball offer is an offer that is significantly lower than the asking price, and can […]
Hi all, BHT here with your monthly roundup of articles and information related specifically to NYC Homeowners. Take a look and let us know if you have any questions 🙂 Con Ed Bills may be going up Soon Under a preliminary agreement between the state Department of Public Service, Con Ed and other stakeholders, the […]
When selling a property in Brooklyn, many homeowners choose to work with a local real estate agent to help them navigate the process. One of the key documents involved in this relationship is the listing agreement, which outlines the terms of the agent’s services and the agreement between the homeowner and the agent/brokerage. One question […]
Selling a house in NYC can be a daunting task, especially in a competitive market like New York City. However, with the right approach and a little bit of knowledge, you can definitely maximize the value of your home and get it sold in a reasonable amount of time. First and foremost, it’s important to […]
The New Interborough Express + NYC Borough Presidents are ready to Build + NYC’s Prohibited Buildings List Banning Short Term Rentals goes Live + 6 NYC Market Factors to consider for Out of Town Owners The New Interborough Express Have you heard of the Interborough Express yet? In short, it’s a large transit project that […]
Is Now a Good Time to Buy or Sell a Home? + Mortgage Insurance Premiums on FHA Loans reduced by 30 Basis Points + Guide for First Time Homebuyers in NY Is Now a Good Time to Buy or Sell a Home? If you’ve been thinking about whether or not you should buy a property […]
Article courtesy of Rosemarie Ashbahian, Esq., DeRose & Surico, 213-44 38th Ave, Bayside, NY 11361, P: (718) 279-2000, E: rha@deroseandsurico.com Selling a cooperative apartment can be a lengthy and complicated process. With the real estate market constantly changing, it is important to have all your documents to ensure a smooth and successful transaction. When preparing […]
When you’re buying or selling a home in Brooklyn, you might come across the term “seller concession.” What does it mean, and how can it impact your mortgage payment? If you’re selling, how can impact your sale and/or net profit? In this blog post, we’ll explore what sellers concessions are, how they work, and the […]
Courtesy of: Rafael Reyes, Originating Branch Manager at Cross Country Mortgage. Troubles in the banking sector in the US and Europe completely overwhelmed the economic reports in driving financial markets this week. Investors shifted to safer assets, and mortgage rates moved lower. The impacts of the largest bank failure in the US since the financial […]
As a Brooklyn home seller, it’s understandable to want to get the most money possible for your property. However, some sellers fall into the trap of pricing their home higher than its market value to leave room for negotiations. While this strategy may seem like a good idea at first, pricing your home right from […]
When preparing a home for sale, many sellers feel that undertaking renovations is a good way to get a higher sale price on the home. Here are 5 renovation projects Brooklyn homeowners shouldn’t undertake before selling.
As a Brooklyn homeowner, it’s natural to want to know the estimated value of your property. Whether you’re looking to sell your home or just curious about its current value, there are several websites that can give you an instant home value estimate. While this is obviously not an accurate home valuation since it doesn’t […]
We as real estate agents play a crucial role in determining the value of a property. While you can get an independent appraisal, check your Zestimate, or go off of your tax assessed value, it’s clear to us that the person who can provide the most accurate valuation of a property is a local/experienced Brooklyn […]
Preparing your home for sale in Brooklyn can be a daunting task, but with the right preparation, you can increase your chances of a quick and successful sale. Some homeowners wonder if they should stage, make major repairs, do renovations, vacate tenants, etc. There are a lot of variables so it’s good to get an […]
It’s that time of year again – the time when the Federal Housing Finance Agency (FHFA) announces the new loan limits for conforming mortgages. This year, the FHFA has announced that the maximum loan limits for conforming mortgages will increase in 2023, due to rising home prices across the country. For those who may not […]
When it comes to selling a property in Brooklyn, NY, timing can be everything. While the real estate market can be unpredictable, there are certain times of the year that tend to be more favorable for sellers. In general, one of the best times to sell a property in Brooklyn is during the spring and […]
It’s not uncommon for a family member or loved one to die and leave behind property in Brooklyn. That property may be real estate, personal items, or even intangible assets like stocks and bonds. When it comes time to sell the house, there are certain steps that must be taken in order for probate court […]
If you’re in the market to buy or sell in Brooklyn, then you may be wondering what documents you will need to fill out throughout the process, and what each document is actually used for. Below is a quick summary of common real estate documents in Brooklyn and although it doesn’t cover every single document […]
By Daniel Akerman, Listing Specialist with Keller Williams Realty Landmark II. One of the many closing costs that sellers and buyers may come across in the sale or purchase of a New York City co-op apartment is something called the “flip tax.” In this article we’ll take a quick look at what the co-op flip […]
Courtesy of Rafael Reyes, Originating Branch Manager with Cross Country Mortgage, LLC Mixed News It was a packed week for major economic events. The comments from Fed officials and the inflation data were favorable for mortgage markets, while the labor market report was not, and mortgage rates ended the week a little lower. In a […]
This month we found 3 pieces of content which we think you’ll find informative or helpful. The first one is an article about the coziest spots in NYC. If you’re like us, you’re probably looking forward to celebrating the holidays and checking out some new spots. This article gives you some good ideas! The second […]
Brooklyn Real Estate Market Report 2022. Courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark ll in Brooklyn NY. Need Help? Contact Us anytime. Market Snapshot Happy Fall y’all! Hope you’re enjoying the weather and breaking out those flannels ? Here at BHT headquarters we’ve been trying to stay warm in this cooling […]
Below is a summary of some information that we came across recently and thought you might find helpful. First is an article about the neighborhood of Queens Village, Queens. If you’ve been looking to buy or are still exploring neighborhoods in NYC, this is a good read. Second is an article about living in Howard Beach, […]
If you’re a NYC homeowner, you may find this post useful. As with every month, below is a list of some good reads and articles that we came across this month. The first one is related to PMI (Private Mortgage Insurance) and how you can get rid of it if you’re still paying it; The […]
By Daniel Akerman, Realtor and Listing Specialist with Keller Williams Realty Landmark II. The Best Kept Secret in NYC Real Estate Did you know there’s a way that both the buyer AND seller of a property in NYC can save on closing costs without costing each other a dime? If you didn’t, don’t worry. Most […]
By Daniel Akerman, Manhattan Real Estate Specialist, Keller Williams Realty Landmark II. 5 things that make selling a property in Manhattan unlike anywhere else in the country – or even other parts of NYC. Co-Ops Item #1, right at the top of the list, that is different about selling in Manhattan is the existence ofco-op […]
By Daniel Akerman, Manhattan Listing Specialist, Keller Williams Realty Landmark II. Most Manhattan homeowners and potential sellers have some sense of the real estate market being cyclical – it goes through changes and ups and downs. But many homeowners and sellers may be surprised to find out that the Manhattan real estate market is actually […]
Many homeowners have one big asset in their pocket: real property. They can use that asset to help them financially. Options for tapping home equity are HELOCs, home equity loans, refinances, and reverse mortgages. HELOCs With a home equity line of credit (HELOC), homeowners can borrow money against the equity in their home. Opening a line of […]
Decluttering is the first step in getting the home ready for buyers. Seniors, particularly those who’ve lived in their home for years, have a lot of stuff. And much of it is precious to them; it’s certainly not “clutter”! But buyers will likely see it as such. To gain a different perspective, it’s helpful to […]
Retirement and Active Adult Communities Retirement communities are typically for older adults who are still fully capable of living alone. Some cater to “active adults,” age 55 years old and older. Types include single-family, semi-detached, condos, and townhomes. Active adult communities don’t typically offer group dining facilities or healthcare services. Whether rentals or owned properties, common features include: […]
Information provided by Claddagh Capital LLC What is a Cap Rate and why its important? A Capitalization Rate or cap rate is a metric used in commercial real estate to assess the return and risk of a property, purchased on an all-cash basis or unleveled (no mortgage). The cap rate is used on an unleveled […]
Quite a few of our clients are considering selling their Brooklyn houses, and if you’re in that same boat, now is a great time to do a little prep work. Here are a few home-improvement tips we recommend to get your house ready now, and sell later: 1. Embrace Spring Cleaning Now is that special […]
Brooklyn Real Estate Market Report 2022. Courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark ll in Brooklyn NY. Need Help? Contact Us anytime. Last updated on 7/26/2022. Market Snapshot Happy Summer from BHT! Hopefully you’ve been enjoying the warm weather and sun filled activities. Here at BHT we’ve been enjoying the Summer […]
Answer provided by Neil B. Garfinkel REBNY Broker Counsel Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Answer: “Off-market” commonly indicates that the property is not listed for sale or has not been listed on a multiple listing service. REBNY and most MLS’s expressly forbid the promotion of exclusive listings […]
Answer provided by Rafael Reyes, Originating Branch Manager at Cross Country Mortgage LLC. Do you want lower monthly payments now or do you want to pay off your home faster? That’s one of the primary questions to answer when deciding between a 30-year fixed mortgage or a 15-year fixed mortgage. 15-Year Mortgage You have 15 […]
If you’re living in America, then you already know about the rising gas prices, rising inflation, and rising energy costs. At this point, you’ve probably already seen your utility bills come in higher than normal. We recently received an email from ConEd with some good tips on how to prepare for rising energy costs and […]
Information provided by Neil B. Garfinkel, REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Many residential buildings in NYC have pet restrictions and policies such as “no pets,” “no dogs,” “cats only,” etc. While pets are not a protected class under the Fair Housing Act (“FHA”), a […]
The team has recently been discussing a lot of different things and in our conversations we usually discover some really cool topics, tools, resources, etc. With that said, in our last few meetings we’ve been speaking about what’s happening in the economy and the importance of having an emergency fund. With mortgage rates rising, inflation running […]
We’ve been monitoring the market closely and discussing several topics that affect NYC homebuyers. So, whether you’re looking to buy a property now, or 3 years from now, this information should be insightful. Something we’ve learned about recently is a new strategy that sellers are using in order to make their properties more attractive. It’s called […]
Hi all, hope you’re doing well! We just wanted to share some information that we thought you might find helpful. We’ve been monitoring the market closely and discussing several topics that affect NYC homeowners so if you are a Brooklyn homeowner, you may find this data insightful. First thing we wanted to share is a […]
There are six major issues in getting from contract to close in Brooklyn NY. These are the “moments of truth that put transactions at the greatest risk. Knowing these is critical, but also knowing the certain ways in which they can go wrong is equally critical. Above all others, your agent and your real estate […]
If you’re thinking of selling a coop in Brooklyn, you may be wondering what documents are needed and what you will have to have ready for your agent in preparation for the sale. You won’t need too many documents, but there are some things that you’ll want to start gathering in order to avoid any […]
FHA is a popular loan option for many Brooklyn home buyers, however, it is important that the home meets their guidelines. HUD is looking to cover three main points in their inspections: 1. Safety Protect the health and safety of the occupants. 2. Livability Adequate floor plan, bath, kitchen facilities, etc. 3. Soundness Correct physical […]
Brooklyn Real Estate Market Report Q1 2022. Courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark ll in Brooklyn NY. Need Help? Contact Us anytime. Last updated on 4/25/2022. Market Snapshot Happy Spring from BHT! Hopefully you’ve been enjoying the weather as it begins to warm up ? Here at BHT headquarters we’ve […]
Curious what your home is worth? Need a Price Opinion for a property that you inherited? Need a valuation for the purposes of settling a divorce? Thinking of selling to a family member and need a realistic valuation in order to determine a fair sale price. Whatever the situation is, if you are looking for […]
Answer provided by Neil B. GarfinkelREBNY Broker CounselPartner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Question: It is my understanding that the Housing Stability and Tenant Protection Act (“HSTPA”) generally prohibits deregulation of rent stabilized apartments (meaning that a rent stabilized apartment will never become a free-market rate apartment). Does that […]
Brooklyn Investors continue to choose multi family homes, and it is no surprise considering the many benefits that come with them. Everything from their higher income potential to their ease of financing mean that investing in these properties is a smart move. If you are considering purchasing a multifamily property for the first time, you […]
Hi Friends, hope all is well! This month we wanted to share a few cool things specifically relevant to NYC homebuyers. First, an article on how to make a budget that fits your money personality. You can find out your money personality using the quiz in the article. Not everyone is good at budgeting, but […]
Hi Friends, hope all is well! This month we have some cool things to share with you 🙂 First, we have a good article on the difference between a basement and a cellar. If you own a home in NYC you may be calling your ground level a basement when indeed it is a cellar. […]
Answer provided by Neil B. Garfinkel, REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Answer: The Housing Stability and Tenant Protection Act of 2019 (“HSTPA”) created a specific time frame and procedure for landlords to follow when returning a tenant’s security deposit at the end of a lease […]
NYC Homeowner Connect Hi Friends ?, hope you’re doing well! This month we wanted to share a few important things with you. First is information about the Notice of Property Value for your property which you should have received in the mail this month. Second, some information related to the age old question, is now […]
If you’re an NYC homeowner, then you know that your annual Notice of Property Value (NOPV) comes out around February. In this NOPV, it indicates your property’s estimated market value and tax assessed value for the upcoming year. In the NOPV, it gives you instructions on how to challenge your assessment, if you disagree with […]
We meet with home buyers and sellers every day, and one of the things that many people don’t understand clearly are title companies, title insurance, and how they affect them during the sale/purchase of a property. So, here is a quick primer on Title Companies, what they are, and what they do. If you have […]
Answers provided by Neil B. Garfinkel, REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP FAQs: Q: Is a buyer always entitled to be represented in a transaction?A: Yes, the New York State Department of State (“DOS”) has consistently stated that a buyer always has a right to be represented in […]
Answer provided by Neil B. Garfinkel, REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Answer: If a co-op building has a Ground Lease (also known as a Land Lease), it means that the co-op corporation does not own the land under the building. Rather, the co-op corporation leases […]
Answer provided by Neil B. Garfinkel REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Question: After Submitting a Board Package, is it Legal for a Coop to request that Additional Maintenance be Held in Escrow? Answer: Yes, a cooperative corporation (“co-op”) may request extra maintenance to be […]
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