The New York City housing market is so unlike any other that first-time buyers are bound to be taken aback by the process. Even experienced ones often end up dealing with surprise.
At the top of list of surprises is the board application that buyers must complete to purchase a co-op and, frequently, a condo.
As I have previously written, that package is peerless for its depth, intrusiveness and length. (It is way longer than the forms I had to complete in my former careers to obtain top secret clearance.)
In a post on BrickUnderground, lawyer Karen S. Sonn details most of the surprises that face buyers, among them:
- No refund of the hundreds of dollars that accompany a board package in the event of a rejection;
- No assurance that the lender will come through with the promised big bucks in time for the scheduled closing or at all;
- No accounting of who owes what to whom sometimes literally until the last minute on a HUD-1 form;
- No approvals for work until all the building’s requirements are met;
- No help from the super for repairs inside the unit without the exchange of green;
- No moving without forking over move-in fees and making an appointment within approved hours.
Nothing is easy in New York, with the possible exceptions of food delivery and quick subway commutes, and few things are more difficult than finally getting a deal closed and settling into a new home — even searching for that new home.
But Frank Sinatra, whom I’ll paraphrase here, had a point about making it here: If you can move here, you can move anywhere.
You may want to wake up in the city that doesn’t sleep. Just hope that sanitation trucks, screaming sirens or marching kids overhead don’t wake you up too early.
Tomorrow: Not welcome
To take your own bite out of the Big Apple, you have the option to search all available properties privately.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022