December 5, 2024

• Paying Sponsor Closing Costs No Longer a Given

  Buyers are always surprised by the closing costs of the sponsor that are passed along to the buyer. Does a Buyer always have to pay those costs?

• Buying From a Sponsor--The Basics

  Sponsor sales are quite different from purchasing an apartment from an individual owner. Here's what every buyer should know before buying an apartment from a sponsor...

• Life's Not Fair--More About Purchasing From a Sponsor

  Sponsor transactions have unique features. Do you know what to look for?

• The Punch List

  When purchasing a newly constructed condo from a Sponsor, when is the construction deemed completed and the buyer obligated to close on the purchase of the apartment?

• A Checklist for Renting Your Condo

  If you own a condo and intend to rent it out, do you know how to protect your investment?

• The Condo Advantage

  Many people prefer owning a condominium over a cooperative apartment. Do you know why?

• What Exactly is Title Insurance?

  When you buy a co-op or condo, how can you be sure that you are not inheriting a financial problem that the seller has failed to disclose...Or can you be sure?

• The Board of Managers

  The condo board has less control over the sale and leasing of apartments. Is that good or bad?

• The Condo Kicks In

  A cautionary tale for co-ops or just the unintended consequences of a financial meltdown?

• What's In Store?

  WHAT'S IN STORE? New construction purchasers could be in for a big surprise...

• More Ill from ILSA...

  As developers and condo purchasers wait for appeals to be heard, a lot of money remains on the table...

• New Construction: A Love Story

  NEW CONSTRUCTION: A Love Story...Five New Rules for Condo Purchasers

• Toolkit for Purchasing From a Sponsor

  Issues to consider when purchasing a new construction condo...

• Much Ado About Something: Do Offering Plans Need a Warning Label?

  A recent case raises interesting questions about who is protected by the disclosures in an Offering Plan...

• Repairing New Construction

  With sales volume finally increasing, here are five fixes for sponsor transactions...

• Know Thy Sponsor

  Is it deja vu all over again for new construction?

• A Change of Plan

  A new approach to new construction...

• The Special Risk Index

  What the disclosure says and what it really means...

• This Just In: Virtual Apartments are Back!

  Real Estate's tipping point has arrived...

• How To Avoid a Board Turn Down

  Getting turned down by a co-op board feels worse than root canal without Novocain. How do you make sure it doesn't happen to you?

• Board Package Red Flags

  Here's a list of Board package red flags that must be carefully considered...

• The Board Package

  Here's the Skinny on the Board Package...

• The Proprietary Lease

  The proprietary lease governs the relationship between the unit owner and the co-op. Do you know what's in it?

• Co-ops 1.0

  What exactly are you getting yourself into when you purchase a cooperative apartment?

• The Great Co-op Secret

  The co-op owner has a secret weapon that can be used when health, safety or serious quality of life issues arise that impact a co-op or a particular apartment. Do you know what it is?

• Where's the Stock and Lease?

  Without these two items, a co-op closing will not take place. Do you know what they are?

• The Cooperative Difference

  There is one significant advantage of a co-op over a condo. Do you know what it is?

• A New "Tax" For Co-ops

  The New York State legislature was considering a new fee on co-op financing. What was decided?

• Lien On Me

  When you buy a co-op, how can you be sure that you are not inheriting an undisclosed liability or lien...Or can you be sure...

• The Fifteen Minute Co-op Closing

  Five suggestions to reduce the time spent around the closing table...

• Timing is Everything

  When the co-op contract includes a mortgage contingency, when is the buyer obligated to submit the Board package?

• Do You Know Who I Am?

  A few thoughts on a tricky process...

• Lost Can Cost

  Checkbook burn from losing docs...

• Did Co-ops Save New York?

  Is there a method to the madness of co-op Board approval?

• Residential Realities April 2015

  A monthly archive of posts from Residential Realities...

• How To Handle The Walk Through

  If the circumstances don't require the assistance of an architect, engineer or contractor to accompany you during the walk through, here are a few suggestions as to what to look for during your pre-closing inspection...

• The New Normal

  In the Woody Allen movie “Manhattan”, the character Isaac Davis, contemplating a lost love, observes, “The heart is a resilient muscle.” As I stretch to apply the concept to the real estate market, I think we can agree that Manhattan is, in fact, resilient.

• Choosing a Broker

  For most of us, working with a broker is the time tested way of finding the right apartment. But who does the broker really represent?

• The Application Process

  After the contract is signed, the buyer must submit a purchase application to the Board through the managing agent, which is a company employed by the cooperative or condominium to take care of the day-to-day affairs of the building. What should you expect?

• Obtaining Financing

  Buyers usually start looking for a loan before they have even signed the contract. In today's world of tight credit, it's not possible to start the financing process to soon...

• The Closing--Time to Wrap Things Up

  It's time to schedule the closing. What should be done in advance of the closing, to make sure things go smoothly at the settlement table?

• Give Due Diligence It's Due: Investigating Before Signing the Contract

  FINISH YOUR DUE DILIGENCE: It's good for you.

• What To Do When Your Apartment is Possessed

  What happens when the Seller wants to stay in the apartment you're buying after the closing? How does post-closing possession by the seller actually work?

• Entering Into the Contract of Sale

  Unlike other states where the contract of sale is negotiated for purchaser and seller by the real estate brokers, in New York, the contract of sale is negotiated by the attorneys. Do you know the issues that should be addressed in a residential contract of sale?

• The Skinny on Closing Costs

  In addition to a significant price tag on your average Manhattan apartment, as my dad would say, everybody’s got their hand out. Do you know the costs that will be incurred when you buy or sell your apartment?

• Closing Disasters and How to Avoid Them

  Sometimes, no matter how hard everyone tries, things can go wrong. Here are some closing table problems and how they got solved.

• Houston, We've Got a Problem

  A lack of attention to detail can cause your closing to be delayed by days or weeks. How do you avoid problems from arising at the closing table?

• More About Pre-Closing Inspections

  It's the day before your closing and you're inspecting the apartment. Do you know what to look for?

• The Managing Agent

  The managing agent is the ultimate gatekeeper between you and your co-op or condo. What's their role in the governance process?

• Love Hurts

  When you own a co-op or condo with a spouse or a significant other, what happens to the apartment when the relationship ends?

• The Zen of Renovation

  Here are ten suggestions to raise the quality of your apartment renovation to a higher level...

• What Happens When A Party Defaults?

  Sometimes the buyer or the seller is unable or simply refuses to close. What actually happens when a party defaults under a contract?

• Have You Hugged Your Contractor Today?

  Renovating an apartment can be a challenge. What can you do to avoid problems with your architect or contractor?

• Who Can You Turn To?

  The day-to-day affairs of your cooperative or condominium are handled by the Managing Agent. What do you do if you have a problem?

• Hey Nineteen

  How do you find out the most current information about the apartment you intend to buy and the cooperative or condominum in which it's located?

• What to Expect from CoopandCondo.com

  HOW TO READ A MENU: You know that feeling when you’re at a restaurant, and the waiter leans down to table height and asks if you’ve been there before, and proceeds to tell you how the menu “works”, and you’re thinking, it’s a restaurant, I order food…

• How to Avoid a Bad Building--Part I

  You’re ready to make an offer on an apartment, but are there financial or physical problems lurking in the recesses of the building that could be costly to the unit owners?

• A New "Tax" For Co-ops

  The New York State legislature was considering a new fee on co-op financing. What was decided?

• Banks Get Funky

  When you think “funk”, you think “Brick House” by the Commodores. But today, it’s banks that are getting funky, at least when it comes to issuing loan commitments. And things don’t seem to be getting any better.

• About the Publisher

  Who is Ron Gitter and what is coopandcondo.com all about?

• Hey Seller, Freeze!

  If the seller has a line of credit, how does the purchaser know that the seller's borrowing rights have been terminated?

• A Day in the Life...of a Loan

  A CAUTIONARY TALE: The twists and turns when a young couple tries to obtain financing...

• Taking Your Building's Financial Temperature

  You're about to make an offer on an apartment. Do you know whether or not the co-op or condo is financially healthy?

• My Favorite Things

  ASKED AND ANSWERED: I just posted my 100th question and answer. Here are five of my favorites...

• The Twenty Year Rule

  Learning to Just Let Go: Once you get to the closing table, don't sweat the small stuff...

• Reading the Tea Leaves: How the Minutes Reveal a Building's DNA

  What the minutes can tell us about a co-op or condo...

• Links I Like

  An ever-expanding list of my favorite places to visit on the Web...

• Selecting an Attorney

  Choosing an attorney is not like buying a toaster. You don't necessarily get the same product at a lower price...

• The Due Diligence Short List

  There's no such thing as too much due diligence when purchasing an apartment. Here's the skinny on ten important issues that should be reviewed...

• Defensive Buying

  DEFENSIVE BUYING: 7 Questions to Ask Before It's Too Late...

• You Don't Wanna Do That

  YOU DON'T WANNA DO THAT: Five Things that Purchasers and Owners Should Avoid

• Party Like It's 1997

  For some homeowners, the "American Dream" has turned into a nightmare. A few thoughts on where the economy's rollercoaster ride is actually taking us...

• You're Not in Kansas Anymore

  YOU'RE NOT IN KANSAS ANYMORE: What Out-of-State and Foreign Buyers Need to Know

• RESPA REDUX: What You Don't Know Can Kill Your Closing

  RESPA REDUX: What You Don't Know Can Kill Your Closing

• What's the Big?

  WHAT'S THE BIG? Albany has banned short term rentals...but does it matter?

• Can Facebook Save Real Estate?

  CAN FACEBOOK SAVE REAL ESTATE? What a car wash homepage can tell us about consumer confidence…

• Up on the Roof

  Important issues to consider when purchasing an apartment with a terrace or deck...

• ILSA: Not the Name of a Hurricane

  A 40-year old statute wreaks havoc, as developers in New York battle buyer's remorse...

• Brokers and Board Packages

  BROKERS AND BOARD PACKAGES: Can the buyer just say no to the broker's prior review of the Board package?

• Shining a Light on Pre-Contract Inspections...

  A pre-contract inspection can make a lot of sense under the right circumstances. Here's what you should know...

• It's Not Over

  IT’S NOT OVER: A new remedy is emerging to end the housing crisis…

• Dual Agency Disclosure Law Has Been Revised

  THE DUAL AGENCY LAW HAS BEEN REVISED: But is dual agency a good idea or a bad idea?

• Stay Ready, So You Don't Have to Get Ready

  What do you do if offering plan documents are missing?

• A Matter of Survival

  Do representations in a co-op or condo contract mean anything?

• A Lawyer is not a Toaster

  I sat down with Jill Urban of NY1 to discuss one of my favorite topics: How to choose a real estate attorney...

• What's a Lot Line Window?

  Sometimes a treasured view, may be too good to be true...

• 5 Traps Every Apartment Buyer Should Avoid

  Here are the big issues to keep in mind when looking for a co-op or condo...

• Mopping Up 2010 and What to Expect in 2011

  A look at issues impacting co-ops and condos this year and a few thoughts on things to come...

• Broker Talk New York: Understanding Dual Agency

  A broker's guide to the revised agency disclosure law.

• Media Tracker

  Here's a list of media coverage for coopandcondo.com and Ron Gitter

• Protecting the Privacy of the High Profile Purchaser

  Suggestions on how to keep the media guessing...

• The Online Offering Plan

  A new digital library will help expedite the due diligence process...

• When Bigger Isn't Better: Purchasing in a Small Co-op or Condo

  Five Issues to Consider When Purchasing in a Small Co-op or Condo

• Residential Realities: January 2020

  I KNOW A GUY: Unauthorized alterations can get costly...

• Residential Realities February 2011

  A monthly archive of posts from Residential Realities...

• A Combustable Situation

  The Governor and the Legislature must balance the need for new condo construction against a continuation of rent regulation and avoid class warfare in the process...

• The Real Estate Economy as Greek Mythology

  Challenges continue to complicate the elusive real estate recovery...

• Broker Talk New York: E-mail Has Consequences

  There can be economic consequences to sending, receiving and replying to E-mail...

• Clean Sheet of Paper: Sometimes Old Technology is Best

  Internet data has increased geometrically. But how does a purchaser process that information?

• Residential Realities March 2011

  A monthly archive of posts from Residential Realities...

• Banks Get Funky: The B Side

  The slow jam of the lending process continues...

• Has Dodd-Frank Slayed the Mortgage Monster?

  Things will change radically on April 1st for loan origination, but will the borrower benefit?

• Residential Realities April 2011

  A monthly archive of posts from Residential Realities...

• Homeowners Placed Under House Arrest

  The harsh reality on the ground behind the housing statistics...

• Lending a Hand to Lenders: How to Speed Up the Closing Process

  A faster way to get to the handshakes...

• Residential Realities May 2011
• Why We All Can't Get Along: Personal Freedom Takes a Hit...

  Free will can be significantly limited when living in a co-op or condo.

• Memo to First Time Buyers: How to Avoid Closing Cost Sticker Shock

  Getting comfortable with out of pocket expenses...

• Manhattan Numerology: Separating Fact From Fluff

  Deconstructing the numbers with Noah Rosenblatt of Urbandigs...

• Residential Realities June 2011

  A monthly archive of posts from Residential Realities...

• Residential Realities July 2011

  A monthly archive of posts from Residential Realities...

• A Co-op and Condo Conundrum

  When the buyer is qualified, but the building isn't...

• Residential Realities August 2011

  An monthly archive of posts from Residential Realities...

• Gone Baby Gone

  Can a dying deal be saved?

• Getting Real With the New Rules of Real Estate

  Settling in to a new world order...

• Unrequited Loan

  Banks just can't seem to commit...

• Residential Realities September 2011

  A monthly archive of posts from Residential Realities

• A Matter of Trust

  The nuts and bolts of an ownership option...

• Clearing Misconceptions

  Taking stock of residential lending...

• Residential Realities October 2011

  A Monthly Archive of Posts from Residential Realities...

• Great Expectations

  Lawyers, legal fees and the due diligence dilemma...

• Residential Realities November 2011

  A Monthly Archive of Posts from Residential Realities...

• Residential Realities December 2011

  A monthly archive of posts from Residential Realities...

• Mopping Up 2011 and Looking Ahead to 2012

  Is residential real estate off life support?

• Residential Realities January 2012

  A monthly archives of posts from Residential Realities...

• High Anxiety

  Lending Vertigo Continues...

• Residential Realities February 2012

  A monthly archive of posts from Residential Realities...

• Let's Get Busy

  March Madness of Another Kind Arrives...

• Residential Realities March 2012

  A monthly achive of posts from Residential Realities

• Residential Realities April 2012

  A monthly archive of posts from Residential Realties...

• Risky Business

  As market pressures increase, buyers are well advised to double down on due diligence...

• Residential Realities May 2012

  A monthly archive of posts from Residential Realities

• Avoiding Closing Chaos

  Inattention to detail, can cause delays...

• Residential Realities June 2012

  A monthly archive of posts from Residential Realities...

• eBooks on iTunes, Kindle and Nook

  From the Lessons Learned Series, eBooks from Ron Gitter and coopandcondo.com...

• Rules for Renting

  If you own a condo or co-op and intend to rent it out, do you know how to protect your investment?

• "Kiss Your Clients"

  The Inestimable Value of an All Cash Deal...

• Residential Realities July 2012

  A monthly archives of posts from Residential Realities

• From Contract to Closing

  What to expect after your offer to purchase a co-op or condo has been accepted...

• Residential Realities August 2012

  A monthly archive of posts from Residential Realities

• Appraise This!

  Hitting the number can be a challenge...

• Residential Realities September 2012

  A monthly archive of posts from Residential Realities

• Residential Realities November 2012

  A monthly archive of posts from Residential Realities...

• Honey, I Shrunk the Inventory

  Dispatches from year-end...

• Residential Realities December 2012

  An archive of monthly posts from Residential Realities...

• Residential Realities February 2013

  A monthly archive of posts from Residential Realities...

• Residential Realities March 2013

  A monthly archive of posts from Residential Realities...

• Double Dipping, Deadlines & Discrimination

  Fear and loathing on the way to the closing table...

• Inside Manhattan's Real Estate Bubble: A Reality Check for Buyers

  With a shortage of inventory and rising mortgage rates, it is a challenging time to purchase an apartment...

• Digital Divide

  The dwindling days of the original signature...

• Residential Realities August 2013

  An monthly archive of posts from Residential Realities...

• Residential Realities October 2013

  A monthly archive of posts from Residential Realities

• Mopping Up 2013 and Looking Ahead to 2014

  A look back at a hectic year...

• Serenity Now

  Coping with the Delayed Closing...

• Residential Realities December 2013

  A monthly archive of posts from Residential Realities

• Out to Lunch

  Coping with Careless Counsel...

• I Know a Guy...

  Unauthorized alterations can get costly...

• If You're Buying a Condo

  Unlike a cooperative apartment, a condominium unit is real estate and is no different from purchasing a free-standing house. In what other ways does a condo differ from a co-op?

• The Complete Guide to Selling Your Apartment

  Everything you need to know when selling your apartment...

• If You're Buying a Co-op...

  A co-op looks like real estate, acts like real estate, but for the owner of a cooperative unit, it really isn’t real estate. What exactly is a co-op?