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Kaplove & Morgan Buyer’s Guide

1

BUYER’S
GUIDE
Kaplove & Morgan Buyer’s Guide

CO-OP OR CONDO
OWNERSHIP STRUCTURE
and condominium.

onward is condo.

CO-OP:

CONDO:

discussed further below.

CO-OP & CONDO BOARDS
CO-OP:

them to sell their apartment.

2
Kaplove & Morgan Buyer’s Guide

CONDO:

Note:

MONTHLY CHARGES AND ASSESMENTS
CO-OP:

CONDO:

APPROVAL TO BUY:
CO-OP:

3
Kaplove & Morgan Buyer’s Guide

CONDO:

happens.

MINIMUM DOWN PAYMENT AND LQUID ASSEST
CO-OP:

CONDO:

downpayment requirement.

COST

4
Kaplove & Morgan Buyer’s Guide

SUBLETTING
CO-OP:

CONDO:

5
Kaplove & Morgan Buyer’s Guide

6

LIFESTYLES & OTHER
CONSIDERATIONS
1 Condo owners favor freedom and autonomy.

2 Co-op owners are more worried about whether the living environment they think they are
3

4

5

condos may be noisier

the
majority of condos for sale today—tend to be located in less convenient or desirable areas

both inside the apartment (washer/

6

TIPOFFS THAT YOU MAY BE THE CONDO TYPE
1

such as Central
Kaplove & Morgan Buyer’s Guide

2
3
4 You want to use the apartment as a pied a terre
5
6
7 You’re a musician
8
9
10

7
Kaplove & Morgan Buyer’s Guide

8

STEP 2
FINANCING

interest rate of Y.

surfaces later.

THE COMMITMENT LETTER

MORTGAGE CONTINGENCY VS FUNDING CONTINGENCY

contract with your deposit if the bank fails to fund the loan for any reason except one that is your
fault.

FINANCING FOR INTERNATIONAL BUYERS
Kaplove & Morgan Buyer’s Guide

9

1. Do you have to work with a real estate agent?

2. It’s especially imperative to work with a (good) agent under any of the following circumstances:
1 You’re busy.
2 You are

.

3 You are new to New York City.
4 You are unfamiliar with the neighborhood
5 There are

apartment

6 You are

7 You are buying for investment:
Kaplove & Morgan Buyer’s Guide

8 You are buying from a developer:

3. How to pick a good real estate agent
1
2
3
4
5
6

1

other real estate markets.
2
3
4

under an LLC created for this purpose.

10
Kaplove & Morgan Buyer’s Guide

5

FINDING THE RIGHT BUILDING:

‘Full service’ and ‘white-glove’ vs plain old “doorman” buildings:

“Attended elevator” buildings:

Elevator buildings:

11
Kaplove & Morgan Buyer’s Guide

doorman.
Walk-ups:

Prewar vs postwar vs new:

Prewar buildings

Postwar buildings

12
Kaplove & Morgan Buyer’s Guide

comfortable with.

FINANCIAL HEALTH

STEP 6 SHOPPING FOR THE RIGHT APARTMENT:

The sign-in sheet

How to “do” an open house

13
Kaplove & Morgan Buyer’s Guide

starter apartment.

FINDING A REPUTABLE DEVELOPER:

names too.

BUYING “PRECONSTRUCTION” UNITS

14
Kaplove & Morgan Buyer’s Guide

FINANCING NEW CONSTRUCTION

TAX ABATEMENTS

1

2

abatement is based on current

3

harder to sell for the price you need.
4

15
Kaplove & Morgan Buyer’s Guide

NEGOTIATING WITH A DEVELOPER

1
2
3
4
5
6
7
8

1 Deposit amount:

16
Kaplove & Morgan Buyer’s Guide

2 Drop dead dates:

MAKING AN OFFER

with you.

NEGOTIATING

1 Don’t talk too much in front of the seller’s agent.

2 Don’t present your best offer first.
3 Do write an offer letter.

17
Kaplove & Morgan Buyer’s Guide

4 Don’t ask for everything at once with your first offer.
5 Do be nice.

THE PROCESS AND THE EXCEPTIONS

1 “Cond-ops”

2 Sponsor sales

REASON YOU MIGHT BE REJECTED BY A CO-OP BEFORE
YOU EVER REACH THE INTERVIEW.

18
Kaplove & Morgan Buyer’s Guide

19

1
2 The board suspects you plan to use the apartment as a pied a terre rather than your primary

residence.
3
4
5

the apartment.
6
7
8
9
10
11
12
13
14

THE BOARD INTERVIEW

1
Kaplove & Morgan Buyer’s Guide

2

3
4
5

THE CLOSING
actually close on the apartment.

up.

crawl.

20

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Kaplove | Morgan Team Buyer's Guide

  • 1. Kaplove & Morgan Buyer’s Guide 1 BUYER’S GUIDE
  • 2. Kaplove & Morgan Buyer’s Guide CO-OP OR CONDO OWNERSHIP STRUCTURE and condominium. onward is condo. CO-OP: CONDO: discussed further below. CO-OP & CONDO BOARDS CO-OP: them to sell their apartment. 2
  • 3. Kaplove & Morgan Buyer’s Guide CONDO: Note: MONTHLY CHARGES AND ASSESMENTS CO-OP: CONDO: APPROVAL TO BUY: CO-OP: 3
  • 4. Kaplove & Morgan Buyer’s Guide CONDO: happens. MINIMUM DOWN PAYMENT AND LQUID ASSEST CO-OP: CONDO: downpayment requirement. COST 4
  • 5. Kaplove & Morgan Buyer’s Guide SUBLETTING CO-OP: CONDO: 5
  • 6. Kaplove & Morgan Buyer’s Guide 6 LIFESTYLES & OTHER CONSIDERATIONS 1 Condo owners favor freedom and autonomy. 2 Co-op owners are more worried about whether the living environment they think they are 3 4 5 condos may be noisier the majority of condos for sale today—tend to be located in less convenient or desirable areas both inside the apartment (washer/ 6 TIPOFFS THAT YOU MAY BE THE CONDO TYPE 1 such as Central
  • 7. Kaplove & Morgan Buyer’s Guide 2 3 4 You want to use the apartment as a pied a terre 5 6 7 You’re a musician 8 9 10 7
  • 8. Kaplove & Morgan Buyer’s Guide 8 STEP 2 FINANCING interest rate of Y. surfaces later. THE COMMITMENT LETTER MORTGAGE CONTINGENCY VS FUNDING CONTINGENCY contract with your deposit if the bank fails to fund the loan for any reason except one that is your fault. FINANCING FOR INTERNATIONAL BUYERS
  • 9. Kaplove & Morgan Buyer’s Guide 9 1. Do you have to work with a real estate agent? 2. It’s especially imperative to work with a (good) agent under any of the following circumstances: 1 You’re busy. 2 You are . 3 You are new to New York City. 4 You are unfamiliar with the neighborhood 5 There are apartment 6 You are 7 You are buying for investment:
  • 10. Kaplove & Morgan Buyer’s Guide 8 You are buying from a developer: 3. How to pick a good real estate agent 1 2 3 4 5 6 1 other real estate markets. 2 3 4 under an LLC created for this purpose. 10
  • 11. Kaplove & Morgan Buyer’s Guide 5 FINDING THE RIGHT BUILDING: ‘Full service’ and ‘white-glove’ vs plain old “doorman” buildings: “Attended elevator” buildings: Elevator buildings: 11
  • 12. Kaplove & Morgan Buyer’s Guide doorman. Walk-ups: Prewar vs postwar vs new: Prewar buildings Postwar buildings 12
  • 13. Kaplove & Morgan Buyer’s Guide comfortable with. FINANCIAL HEALTH STEP 6 SHOPPING FOR THE RIGHT APARTMENT: The sign-in sheet How to “do” an open house 13
  • 14. Kaplove & Morgan Buyer’s Guide starter apartment. FINDING A REPUTABLE DEVELOPER: names too. BUYING “PRECONSTRUCTION” UNITS 14
  • 15. Kaplove & Morgan Buyer’s Guide FINANCING NEW CONSTRUCTION TAX ABATEMENTS 1 2 abatement is based on current 3 harder to sell for the price you need. 4 15
  • 16. Kaplove & Morgan Buyer’s Guide NEGOTIATING WITH A DEVELOPER 1 2 3 4 5 6 7 8 1 Deposit amount: 16
  • 17. Kaplove & Morgan Buyer’s Guide 2 Drop dead dates: MAKING AN OFFER with you. NEGOTIATING 1 Don’t talk too much in front of the seller’s agent. 2 Don’t present your best offer first. 3 Do write an offer letter. 17
  • 18. Kaplove & Morgan Buyer’s Guide 4 Don’t ask for everything at once with your first offer. 5 Do be nice. THE PROCESS AND THE EXCEPTIONS 1 “Cond-ops” 2 Sponsor sales REASON YOU MIGHT BE REJECTED BY A CO-OP BEFORE YOU EVER REACH THE INTERVIEW. 18
  • 19. Kaplove & Morgan Buyer’s Guide 19 1 2 The board suspects you plan to use the apartment as a pied a terre rather than your primary residence. 3 4 5 the apartment. 6 7 8 9 10 11 12 13 14 THE BOARD INTERVIEW 1
  • 20. Kaplove & Morgan Buyer’s Guide 2 3 4 5 THE CLOSING actually close on the apartment. up. crawl. 20