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Buyer Info
New York City has its own special set of circumstances and way of doing things when it comes to
purchasing a home. In the following I will recap the main points.
For information on our buyer programs, see OUR BUYER PROGRAMS, below.
If you need further information, please submit a question on the contact form on the Home page.
Mary Stock
Coops (Cooperative Apartments) and Condos (Condominiums)
Except for single-family brownstone or townhouse purchases, all homes sold in Manhattan are in
apartment buildings that are classified as either cooperative or condominium.
If you have a home in a cooperative building, you are really a shareholder in a corporation
run for the purpose of providing a dwelling for its "tenants," which you are also when you live
there. So you are a shareholder and a tenant. You hold a lease based upon the number of shares
allocated to your apartment and the lease is signed by the board of directors or its agent. This
board is elected by the shareholder-tenants. When you "purchase" an apartment in the building, you
purchase shares, and it is the board of directors which must approve your purchase. A managing
agent is usually hired to manage the day-to-day necessities.
The board of directors can approve or disapprove your application, based on a personal interview,
which usually takes about a month to set up. The coop board can disapprove an application for any
reason. Because of this, it is important to apply yourself and be willing to go to some lengths to
provide information your real estate agent or broker feels is necessary to include in the package. It
would be a pity, after all the work of locating and going to contract on a cooperative, if the board
were to turn down your application because it did not reflect you putting your best foot forward..
Time to Completion: The mortgage, contract and board interview process takes about
2 1/2 - 3 months. Thus, you can expect to close on your new home in about three months from
the time you come to an agreement to purchase it.
If you have a home in a condominium building, you own the apartment outright and pay for a
percentage of the upkeep on the common areas of the building. You are the owner, not a
shareholder. This type of purchase is common throughout the country, whereas the cooperative
type of apartment is common mostly in New York City. A board of managers elected from among
the owners is responsible for administering the running of the building, and they usually hire a
managing agent to run it day-to-day.
It is the board of managers to which you, as a purchaser, must submit an application to purchase
an apartment in the building. They have a "right of first refusal" to purchase the apartment if they
are not happy with the qualifications on the application, but this right is rarely exercised. However,
they can delay the completion of the board package process if the package is not to their liking for
any reason. For this reason, it is important to apply yourself and be willing to go to some lengths to
provide information your real estate agent or broker feels is necessary to include in the package. It
would be a pity, after all the work of locating and going to contract on a condominium, if the board
were to find your package wanting and thus, delay it interminably or exercise its right of first
refusal.
Time to Completion: About 2 months is the usual.
Stock Properties and its principal, Mary M. Stock, have had a 100% approval rate over the
past several years (other brokerages have 80% - 90% approval rate), which means that our
clients are almost never turned down or have the condominium's right of first refusal
exercised. We know what boards are looking for and shape the best package we can from
the information available to us for the buyer to meet their requirements. Our approval
rate shows that we do a better job of it than other brokerages, thus almost eliminating your
risk of losing the home after the contract is signed.
Preparing to Look For a Home:
Before you start looking for a new home, you should:
• Get pre-approved for a mortgage if you are going to have a mortgage. This means going to
a good mortgage broker (we can help you with names of good ones) who can get you the
best mortgage at the best terms. A really good mortgage broker is worth his/her weight in
gold -- getting you the best rates and, most important, moving the process along much faster
than other mortgage brokers. Being pre-approved makes you more competitive in getting the
apartment you want when you are competing with other potential purchasers, as happens most
often on the Upper West Side and Upper East Side, where Stock Properties works primarily..
• Get a good real estate attorney. We can also help you with a list of those who are
experienced, competent and timely. The choice of an attorney can help or greatly hinder the.
completion of a contract and the timing. This is not to be sniffed at when you will have so
much time and effort invested in getting an apartment in the first place. You can wait a little to
do this, but should not delay very long. If you suddenly find the apartment of your dreams,
you may be competing with others, and you will want to get a contract signed right away or
risk losing the apartment.
OUR BUYER PROGRAMS -- Unique Program
We deal with buyers on an exclusive basis. It is up to the buyer as to which they choose. See
Exclusive Buyer Agent FAQs for more information about how an exclusive buyer agent
agreement works. It includes extra value that the non-exclusive client does not get, and is
the one of very few such programs for home buyers in New York.
"Follow the Dream . . . "
New York City has its own special set of circumstances and way of doing things when it comes to
purchasing a home. In the following I will recap the main points.
For information on our buyer programs, see OUR BUYER PROGRAMS, below.
If you need further information, please submit a question on the contact form on the Home page.
Mary Stock
Coops (Cooperative Apartments) and Condos (Condominiums)
Except for single-family brownstone or townhouse purchases, all homes sold in Manhattan are in
apartment buildings that are classified as either cooperative or condominium.
If you have a home in a cooperative building, you are really a shareholder in a corporation
run for the purpose of providing a dwelling for its "tenants," which you are also when you live
there. So you are a shareholder and a tenant. You hold a lease based upon the number of shares
allocated to your apartment and the lease is signed by the board of directors or its agent. This
board is elected by the shareholder-tenants. When you "purchase" an apartment in the building, you
purchase shares, and it is the board of directors which must approve your purchase. A managing
agent is usually hired to manage the day-to-day necessities.
The board of directors can approve or disapprove your application, based on a personal interview,
which usually takes about a month to set up. The coop board can disapprove an application for any
reason. Because of this, it is important to apply yourself and be willing to go to some lengths to
provide information your real estate agent or broker feels is necessary to include in the package. It
would be a pity, after all the work of locating and going to contract on a cooperative, if the board
were to turn down your application because it did not reflect you putting your best foot forward..
Time to Completion: The mortgage, contract and board interview process takes about
2 1/2 - 3 months. Thus, you can expect to close on your new home in about three months from
the time you come to an agreement to purchase it.
If you have a home in a condominium building, you own the apartment outright and pay for a
percentage of the upkeep on the common areas of the building. You are the owner, not a
shareholder. This type of purchase is common throughout the country, whereas the cooperative
type of apartment is common mostly in New York City. A board of managers elected from among
the owners is responsible for administering the running of the building, and they usually hire a
managing agent to run it day-to-day.
It is the board of managers to which you, as a purchaser, must submit an application to purchase
an apartment in the building. They have a "right of first refusal" to purchase the apartment if they
are not happy with the qualifications on the application, but this right is rarely exercised. However,
they can delay the completion of the board package process if the package is not to their liking for
any reason. For this reason, it is important to apply yourself and be willing to go to some lengths to
provide information your real estate agent or broker feels is necessary to include in the package. It
would be a pity, after all the work of locating and going to contract on a condominium, if the board
were to find your package wanting and thus, delay it interminably or exercise its right of first
refusal.
Time to Completion: About 2 months is the usual.
Stock Properties and its principal, Mary M. Stock, have had a 100% approval rate over the
past several years (other brokerages have 80% - 90% approval rate), which means that our
clients are almost never turned down or have the condominium's right of first refusal
exercised. We know what boards are looking for and shape the best package we can from
the information available to us for the buyer to meet their requirements. Our approval
rate shows that we do a better job of it than other brokerages, thus almost eliminating your
risk of losing the home after the contract is signed.
Preparing to Look For a Home:
Before you start looking for a new home, you should:
• Get pre-approved for a mortgage if you are going to have a mortgage. This means going to
a good mortgage broker (we can help you with names of good ones) who can get you the
best mortgage at the best terms. A really good mortgage broker is worth his/her weight in
gold -- getting you the best rates and, most important, moving the process along much faster
than other mortgage brokers. Being pre-approved makes you more competitive in getting the
apartment you want when you are competing with other potential purchasers, as happens most
often on the Upper West Side and Upper East Side, where Stock Properties works primarily..
• Get a good real estate attorney. We can also help you with a list of those who are
experienced, competent and timely. The choice of an attorney can help or greatly hinder the.
completion of a contract and the timing. This is not to be sniffed at when you will have so
much time and effort invested in getting an apartment in the first place. You can wait a little to
do this, but should not delay very long. If you suddenly find the apartment of your dreams,
you may be competing with others, and you will want to get a contract signed right away or
risk losing the apartment.
OUR BUYER PROGRAMS -- Unique Program
We deal with buyers on an exclusive basis. It is up to the buyer as to which they choose. See
Exclusive Buyer Agent FAQs for more information about how an exclusive buyer agent
agreement works. It includes extra value that the non-exclusive client does not get, and is
the one of very few such programs for home buyers in New York.
"Follow the Dream . . . "
Copyright © 2005 - 2010 Stock Properties.
All rights reserved. No right to publish or reproduce any of this material without express written permission.
All rights reserved. No right to publish or reproduce any of this material without express written permission.
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Luxury New York City Apartments • Upper West Side • Penthouses • Relocations
"Follow the Dream . . . "
Luxury New York City Apartments • Upper West Side • Penthouses • Relocations
"Follow the Dream . . . "