Buying an apartment in NYC Manhattan

Buying An Apartment In NYC

Resource Guide For Buying A NYC Apartment.

Finding an apartment for sale in Manhattan NYC, is an intensive, but ultimately rewarding endeavor for many. The demographics of apartment hunting in NYC are very different from anywhere else in the country. New York City is one of the top markets in the world for buying an apartment or any type of property for that manner. Here is my insiders’ viewpoint list of necessary and tactical approaches to help reduce the drama, and elevate an apartment buyers chance of acquiring the right property.

Buying an apartment in NYC, Manhattan

Buying an apartment in NYC, Manhattan

Some brief resources needed in the approach to buying an apartment in NYC.

1. How much will you need to purchase an apartment:

Understanding how much you really need to purchase an apartment will depend on the building and type of apartment you are considering. There is a difference between a co-op and a condo as well as a land lease building and a non-land lease building. Funding, available Capitol and mortgage approval

  1. What percentage do I need to put down?
  2. What percentage can I mortgage?
  3. What is the transfer fee? Also called a flip tax
  4. Who pays the transfer fee buyer or seller, particular to each building.

2. Documents needed;

  •  At least 2 years tax return W2’s, W4’s, 1099’s,
  • At least 2 years paycheck Stubbs ( only certain properties )
  • Citizenship if recent, Name Identification drivers Lic social security card.
  • Financial statements such as bank accounts, stocks, retirement and 401k, anything to show financial stability.  Note: Nowadays, most of these documents are presented with social security numbers and account numbers redacted from the documents for privacy and protective reasons.
  • Reference letters both professional and personal.
  •  Mortgage ability pre-qualification letter and pre-approval letter.
  •   Liquid assets and non-liquid assets such as other real estate.
  •  Employment and self employment verification with number of years in business or employed with each company.

3. Attorney to handle closing and documentation to register title and deed or stock shares if the property is a cooperative unit.

4. A real estate agent and or broker to represent the buyer and seller in the transaction.

Representing the buyer is known as a “Buyers Agent” the real estate agent representing the seller is known as the “Sellers Agent”

5. Mortgage company or financial lender.

Note not every lender will lend in particular buildings. It is important to research which lenders and banks will hold a mortgage for the building you are interested in.

6. The application.

Each building and management company has it’s own application process. You can receive this application also known as the “Board Package” when getting ready to present an offer on a unit. The board package will have all the necessary details that the building requires.

7. New York State necessary documents

  • Real Estate Agency disclosure form
  • Lead Paint Disclosure Form ( only for pre 1979 properties )
  • Window lock and childproof window guard form
  • Binding contract for agreement to purchase and sell

8. Property appraisal necessary when purchasing with a mortgage optional if purchasing cash outright.

This determines the value of the property compared to other comparable properties sold recently in the same building and than in the same neighborhood. The best comparisons are properties in the same building, in the same apartment line sold within the past 3-6 months of your attempted purchase. Although this isn’t always a available but is the most accurate.

Contact Real Estate Agent, Anthony Alfieri, “The Manhattan Insider” for more information using the form below