This is the first step to walking into your very own home. The Corcoran Group works to make the buying experience enjoyable. This guide will help you navigate the home shopping experience and make yourpurchasing process as smooth and seamless as possible.
Determining your financial qualifications and establishing your ‘buying power’ is a critical first step in the home buying process. A Corcoran agent will help you to determine the outline of a purchase structure based on your financial profile, and introduce you to mortgage lenders who can guide you through the loan process and pinpoint your price range. If you are financing your purchase with a mortgage loan, then you will need to obtain a mortgage pre-approval from a qualified lender.
You will provide the mortgage lender with detailed information about your income, assets and liabili- ties; this may include employment confirmation, tax returns, and a credit check. You will then receive a pre-approval letter from the lender stating how much they would be willing to lend you, which is typically valid for 60 days. Your agent will include this pre-approval letter when making any offers on your behalf to substantiate your financial credentials
Legal ownership consists of shares in a corporation evidenced by stock certificate & proprietary lease. Ownership can be in name of individual; trusts are accepted in some co-ops.
Fee simple ownership of real property evidenced by title & deed. Owners are subject to condo by-laws. Ownership can be in name of individual or entity (LLC or trust).
Fee simple ownership of real property evidenced by title & deed. Ownership can be in name of individual or entity (LLC or trust).
Co-ops represent the majority of owned housing stock and include entry-level and value option homes as well as luxury properties.
As real property, condos tend to price higher than coops, in part due to flexibility of ownership especially as it relates to subleasing, resulting in generally higher demand from investors. Condos constructed since the mid/late 90s typically feature luxury finishes, amenities & services, further increasing their value.
A scarce asset valued for privacy and architectural/ historical character, townhouses derive value from their size, location, outdoor space and-for multi-family income potential.
Strict financing limitations that typically do not exceed 80%.
Typically up to 90% financing is permitted (if commercially available) and up to 96.5% in FHA-approved condos.
Standard terms for single family homes; different terms apply for multi-family properties.
Monthly maintenance fees are proportional to number of shares per apartment and support general building expenses including RE taxes plus payments on the underlying building mortgage, if applicable.
Monthly Common Charges are proportional to percentage of common interest per apartment and support general building expenses. Individual unit owners pay their own real estate property taxes.
Owner responsible for all costs of home ownership including real estate taxes.
Subject to board approval and various co-op rules to deter rentals, such as requirement for prior owner occupancy, limitation of lease term, and imposition of fees on owner.
Rentals are generally permitted for a minimum of one-year term making condos desirable for investors. Subject to condo board's waiver of its right of first refusal.
No restrictions for multi-family properties, rental units may be subject to rent stabilization.
Applicants must submit a full purchase application and are subject to a board interview. Board may accept or reject any applicant at its discretion for any legal reason.
Flexibility of ownership and use
makes condos appealing to investors and foreign purchasers. Sales require the submission of a purchase application and are also subject to condo board's waiver of its right of first refusal.
Property inspections are critical
but performed during due diligence phase while contract is being negotiated, not after it's signed as in many other markets.
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact us today.
