10 Steps to buying a New York City Apartment

by Teri Karush Rogers, Founder & Editor, BrickUnderground.com

Click on each individual link below to learn specifically a little more on what you may not know on New York City Apartment hunting.

Step 1

Co-op or Condo?

Ownership structure »

Co-op and condo boards »

Monthly charges and assessments »

Approval to buy »

Minimum downpayment and liquid assets »

Cost »

Subletting »

Lifestyle and other considerations »

Tipoffs that you may be the condo type »

Step 2

Financing

The preapproval letter »

The commitment letter »

Mortgage contingency vs. funding contingency »

Financing for international buyers »

Step 3

Working with a Real Estate Broker

Step 4

How to Pick a Good Closing Lawyer

Step 5

Finding the Right Building

Financial Health »

Questions to ask before you sign the contract »

Step 6

Shopping for the Right Apartment

Open Houses »

Size »

Location in the building »

Rent-to-own apartments »

Sponsor apartments »

Lot-line windows and "two-bedrooms" that are not »

Investment purchases »

Step 7

Considering New Constuction

Construction defects »

Finding a reputable developer »

Buying "preconstruction" units »

Financing new construction »

Tax Abatements »

Negotiating with a developer »

Step 8

The Offer and the Contract

Making an offer »

Negotiating »

Bidding wars »

The contract »

Step 9

Getting Approved by the Building

The process, and the exceptions »

Getting rejected before the interview »

The board interview »

Step 10

What to Expect at the Closing

http://www.brickunderground.com/agent-referral/how-to-buy