What You Need To Know About No-Fee Apartments

Sára Vass/ June 18, 2020/ Condos For Sale/ 0 comments

If you’re moving to New York City for the first time and searching for a place to live, there are a few things you should know that are pretty unique to the NYC housing market. Whether you’re looking for apartments near gramercy park east side manhattan or thinking of looking in one of the other boroughs, you may have come across the term “no fee apartment” and wondered what it means and how it could help your situation. Fortunately, it’s not as complicated as it might sound! Read on to learn more about the differences between fee versus no-fee apartments in New York.

You Won’t Pay a Broker’s Fee

New York City apartments can be competitive to get, making it tough sometimes to know exactly how much you’ll be responsible for paying when it’s time to sign a lease. If you’re from out of town, certain fees can contribute to this confusion. It’s important to know that “fee” apartments will charge a broker’s fee, meaning you’ll have to pay about 8 to 15 percent of a year’s lease. Broker’s fees mainly help real estate agents earn a living from showing apartments. However, in no-fee apartments, there either is no broker fee or the building owners will cover it, meaning you won’t be on the hook for it.

Contact the Landlord Directly

If you’re not sure about whether an apartment has a fee or not, try contacting the landlord directly. They can help clarify the situation, and could even offer to cover the fee for you in some situations!

You Can Negotiate Fees

Finally, if you’re working with a real estate agent, you don’t have to leave their fees up to chance. Discuss any fees ahead of time and you may be able to negotiate them down!

Moving to New York City can require learning some unique housing market terms. With this extra knowledge in your back pocket, you can feel confident in your search for the perfect NYC apartment!

Does a Home Buyer Need an Attorney at Closing?

Sára Vass/ May 26, 2020/ Condos For Sale/ 0 comments

If you’re buying your first home or even if you’ve bought a home before, you may be wondering whether you really need to have an attorney’s help with the transaction or if you can simply rely on your agent to make sure that everything goes as planned. Some states require attorneys to be present at closing. New York doesn’t require that a buyer hire an attorney, but there are several important reasons why you shouldn’t try to forgo legal counsel.

Does a Home Buyer Need an Attorney at Closing?

The Seller Will Have Counsel

If one party in a transaction has counsel and the other doesn’t, the party without counsel will be at a serious disadvantage. The seller’s attorney could incorporate terms into the sale contract that aren’t standard or aren’t what you agreed to, but it may take a legal perspective to identify them.

Understand Your Title Search

Prior to purchasing a property, you need to conduct a thorough title search and obtain title insurance. When you’re looking for real estate representation Howard Beach, you should work with a firm that has a good working relationship with a well-established title company. Only an attorney and not the title company itself can completely explain the significance of the findings in a title search.

Ensure That the Seller Has Provided All Necessary Documents to Complete a Transaction

There are several important documents that go into a closing besides just a sales contract and a deed. Your bank may wish to see an exhaustive list of materials, particularly when a transaction involves the sale of a condominium. You may need some help understanding some of these materials. If, for example, a condominium’s governing documents contain restrictive covenants, your attorney can help explain them to you. Ultimately, an attorney can verify that all of the necessary documentation is accounted for and that their content is satisfactory to proceed with a purchase.