Buying in New York is different.

With a condominium, a purchaser owns the apartment plus a percentage of the common areas of the building. The purchaser takes the title by the form of a deed, which is then recorded in the county clerk's office. If you intend to obtain a loan to purchase an apartment, you will sign a mortgage, which will be recorded in the county clerk's office. By purchasing a condo, you have now joined an association. The association provides functions such as general maintenance to the common areas, building support staff, city compliance in exchange for a monthly fee. A condo is real property, meaning you will pay your property taxes separately or inclusive with your mortgage payments.

Cooperatives are a unique form of ownership where the buyer purchases a stake in a building/corporation. Each owner is allocated a percentage of shares based upon the size of the apartment they occupy as well as its relative desirability (views, position in the building etc.). The corporation pays the total amount of the building's mortgage, real estate taxes, employee salaries, and other expenses for the building maintenance. The tenant-owner, in turn, pays a portion of these expenses as determined by the number of shares the tenant owns in the corporation.

Single family homes are freestanding often 2-5 stories. The actual homes can vary from narrow and low-rise two unit row houses to large and elaborate homes that can have a living area of up to 10,000 sq. ft. Similarly the prices of these types of homes differ dramatically depending on location, size, condition as well as their legal status.

What sellers want

Are you co-op board ready?

For co-ops, an applicant who can meet the requirements for board approval and generally have a debt to income of less than 28% and 2 years worth of post-closing liquidity.

Thanks — we have your email. A Keller New York agent will follow up with the board package checklist.