How long does it take to buy a home in New York?

The process typically takes 60-90 days, depending on financing, inspections, and co-op/condo board approvals.

What’s the difference between a co-op and a condo?

Co-op: You own shares in a corporation and must be approved by a board.

Condo:You own real property with fewer restrictions and typically higher closing costs.

Do I need a real estate agent?

While not required, an agent guides you through negotiations, paperwork, and the overall process.**

What are contingencies in an offer?

Financing contingency:Your offer depends on getting a mortgage.

Inspection contingency: You can renegotiate or withdraw if serious issues are found.

What is earnest money, and how much do I need?

Earnest money (contract deposit) shows you’re serious about buying and is usually 5%-10% of the purchase price.

Financial & Loan Questions

How much do I need for a down payment?

Condo: Typically 10-20% (some buildings allow lower).

Co-op: Usually 20-25% but can be as high as 50% or more in stricter buildings.

Houses: Often 5-20%, depending on loan type.

What are the mortgage options for first-time buyers?

FHA Loan: 3.5% down (for eligible buyers).

Conventional Loan: 5%-20% down.

SONYMA Loan: State-backed loans with down payment assistance.

Are there first-time homebuyer grants or assistance programs in NY?

Yes! Programs like SONYMA, HomeFirst Down Payment Assistance, and HPD’s First-Time Homebuyer Program offer financial help.

What is PMI, and do I need it?

Private Mortgage Insurance (PMI) is required if your down payment is less than 20% (except on VA loans).

Closing Costs & Fees

What are the closing costs in New York?

Condo buyers: Typically 2%-6% of the purchase price.

Co-op buyers: Lower, around 1-3% of the purchase price.

What is the mansion tax, and does it apply to me?

- In NYS, any home $1 million+ has a mansion tax of 1%-3.9%.

Are attorney fees required in New York?

Yes! A real estate attorney is mandatory** for both buyers and sellers in NY. Fees range from $2,000-$5,000.

Do I need an appraisal, and who pays for it?

Yes, if you’re financing. The buyer pays (around $500-$1,000).

Co-op & Condo Considerations

How does a co-op board interview work?

It’s a formal meeting where they review your financials and lifestyle to ensure you’re a good fit.

What financial documents do co-ops require?

Tax returns, bank statements, pay stubs, debt-to-income ratio, and references.

What is a flip tax, and do I have to pay it?

A flip tax (usually 1-3% of the sale price) is paid to the co-op when you sell. Sellers typically pay, but it varies.

What are common monthly costs besides the mortgage?

Condos: HOA/common charges + property taxes.

Co-ops: Monthly maintenance (includes taxes & building expenses).

How long does it take to sell a home in New York?

On average, it takes 30-90 days from listing to closing, depending on market conditions, property type, and buyer financing.

How do I set the right asking price?

An agent performs a **Comparative Market Analysis (CMA)** to determine fair market value based on similar properties.

Financial & Legal Considerations

What are the seller’s closing costs?

Real estate commission: Typically 5-6% of the sale price.

New York State transfer tax: $2 per $500 of sale price (or 0.4%).

NYC transfer tax (if applicable):1% for sales under $500K, 1.425% for sales over $500K.

Attorney fees

Co-op/Condo Fees: Flip tax, building fees, and any outstanding common charges.

What is a flip tax, and do I have to pay it?

Some co-op buildings charge a flip tax (1-3%) of the sale price, typically paid by the seller.

Do I need a real estate attorney in NYS?

Yes! A real estate attorney is required to handle contracts and closing documents.

Will I owe capital gains tax on my sale?

If you’ve lived in the home for 2+ years, you may qualify for a $250K (single) or $500K (married) capital gains tax exclusion.

Showings & Negotiations

How do showings and open houses work?

Buyers visit by appointment or during open houses. I will coordinate the schedule.

What should I do to prepare for a showing?

Declutter, deep clean, remove personal items, maximize lighting, and neutralize odors.

What happens if I receive multiple offers?

You can accept, counter, or request best and final offers. I will help you strategize to maximize value.

What is an appraisal, and how does it impact the sale?

If the buyer is financing, the lender requires an appraisal to confirm the home's value. If it comes in low, renegotiation may be needed.