BUYERS' GUIDE
REQUIREMENTS FOR THE PURCHASE OF A CO-OP
Financing
A minimum of a 20 percent down payment is usually required.
Application and Approval
Interviews with the Co-op Board are required as part of the application and approval process in order to purchase shares in a co-operative unit.
Estimated Closing Time
The closing is generally 12 to 16 weeks after the contract is signed.
Monthly Charges
These are based on the number of shares purchased in the building.
Taxes
Taxes are included in the maintenance fees.
Subletting
This must be taken to the Co-op Board for consideration/approval.
Renovations
Only allowed with approval from the Co-op Board.
Selling
Board approval is needed, and the seller is subject to taxes.
A minimum of a 20 percent down payment is usually required.
Application and Approval
Interviews with the Co-op Board are required as part of the application and approval process in order to purchase shares in a co-operative unit.
Estimated Closing Time
The closing is generally 12 to 16 weeks after the contract is signed.
Monthly Charges
These are based on the number of shares purchased in the building.
Taxes
Taxes are included in the maintenance fees.
Subletting
This must be taken to the Co-op Board for consideration/approval.
Renovations
Only allowed with approval from the Co-op Board.
Selling
Board approval is needed, and the seller is subject to taxes.
REQUIREMENTS FOR THE PURCHASE OF A CONDO
Financing
A minimum of a 10 percent down payment is usually required.
Application and Approval
Interviews are not necessary.
Estimated Closing Time
The closing is customarily four to eight weeks after the signing of the contract.
Monthly Charges
These are based on the unit's square footage.
Taxes
Taxes are separate from common charges and are paid in the same manner as homeowner taxes.
Subletting
Generally allowed in most cases.
Renovations
Only allowed with approval from the Condo Board.
Selling
Owners are usually able to sell at will.
A minimum of a 10 percent down payment is usually required.
Application and Approval
Interviews are not necessary.
Estimated Closing Time
The closing is customarily four to eight weeks after the signing of the contract.
Monthly Charges
These are based on the unit's square footage.
Taxes
Taxes are separate from common charges and are paid in the same manner as homeowner taxes.
Subletting
Generally allowed in most cases.
Renovations
Only allowed with approval from the Condo Board.
Selling
Owners are usually able to sell at will.
Contact me so that we can discover the opportunities available for you to rent, buy or sell in Manhattan.
If you are ready to purchase a home, fill in your requirements on the form below and we will start looking.
NYC Rentals and Sales
is affiliated with Green Homes NYC
1140 Broadway, New York, NY 10001
is affiliated with Green Homes NYC
1140 Broadway, New York, NY 10001