In the ordinary scenario, the seller’s attorney emails the contract to the buyer’s attorney within hours of receiving the broker’s deal sheet. The buyer’s attorney then sends comments and a rider to the seller’s attorney and then the lawyers hammer out the contract terms. In most cases the contract could be signed and delivered within two or three days of the issuance of the deal sheet. Continue reading »
Category: Do Your Diligence
The Blank Slate: It comes up every once in a while- often in the 4-story brownstone type co-op. The handshake is made and the seller’s lawyer sends the contracts. The buyer’s lawyer calls to make an appointment to review the minutes and guess what? There aren’t any minutes or maybe there are just a few from a couple of meetings a few years ago when they bothered to keep the minutes. Even worse, the building is self-managed so there is no manager to get information from. What’s a buyer to do? Continue reading »
Keep Your Eye On The Ball: When purchasing a co-op apartment, a purchaser is actually buying shares of a corporation and not just an apartment. I imagine that most people would not invest a large sum of money in any other business without knowing the financial condition of the business. Yet, when it comes to buying a co-op, most people never think of asking how the co-op’s business is doing. Continue reading »
Just when you thought you were starting to get a handle on this market, there is now something new to ponder. New York City Local Law 84/09 requires that by May 1, 2011 buildings that are 50,000 square feet or larger will have to report to the City their usage for electricity, gas, fuel oil, steam and if equipped with an automatic meter reading equipment, water. Continue reading »
Stop and Breathe The Air. Imagine you are considering buying an apartment on the 8th floor which has a fantastic southern view. It is right over the roof of a 6-story building, which is on a corner, and so you get a rather wide-angle view. And you’ve heard that a southerly exposure is great for your exotic plants.
May I suggest before you sign the contract and plop down 10% of the price that you stop and take a breath of fresh air out that window? Continue reading »