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Renter's Guide Buyer's Guide Glossary of Terms Mortgage 101 by A-ListSpaces
Renter's Guide
Broker's Fee:
Our standard broker's fee for rentals is a one month fee. We also offer a variety of no fee rentals depending on market conditions. Fees are generally due at the time you present your checks for rent and security deposit, prior to moving into your apartment.
Landlord Requirements:
The following information is extremely important for you because it provides the necessary preliminary information before meeting a prospective landlord. This valuable information will save you time, money and prevent misunderstandings. With plenty of reference checking and screening, we are committed to finding the best possible properties for your specific needs.
Before meeting prospective landlords, you should be aware of the most common details you'll be asked to provide while filling out the rental application. Things like:
- employment, income and credit history
- social security and driver's license numbers
- past evictions or bankruptcies
- references
Before choosing potential tenants, landlords (a) check with previous landlords; (b) check other references; (c) verify income, employment and bank account information; (d) request a credit report which provides an indication whether you have a history of paying rent or bills late, have gone through bankruptcy, been convicted of a crime or have ever been evicted.
As a general rule, landlords require an income equal to 45 times (on average) the monthly rent in annual salary (combined income used for couples and roommates). Prospective landlords may also ask another landlord to provide credit or other information about a current or former tenant.
Here is the most common information landlords may require from tenants:
1. Letter of Employment. Such a letter would include basic employment data, employment status, employment dates, job title, annual salary, bonuses, and so on.
2. Copy of Recent Pay stubs to show current income
3. Bank Statements of the past month/s to confirm financial ability, including status & balance of account(s), date of issue date, etc.
4. A letter from the current Landlord. A landlord who sticks to the facts that are relevant to the tenant's creditworthiness (such as whether the tenant paid rent on time) is allowed to respond to these inquiries. Such a letter will specify rent paying history.
5. Credit. If the tenant's credit is not impressive enough, the landlord may require a guarantor.
6. Personal Identification, like a passport or driver's license.
In addition to the above requirements, landlords also ask for security deposit. A security deposit belongs to the tenant until it is later refunded or applied to cover unpaid rent or damage beyond normal wear and tear.
Always prepare the necessary security deposit funds upfront. These funds are usually equal to one month's rent, either as certified checks (preferred), money order, wire transfer or travelers checks.
Guarantors
A guarantor, or a "co-signor," is an individual who is willing to guarantee your lease on your behalf. The guarantor is responsible for all terms of your lease and guaranties not only your share of the rent but the entire lease - if in a share situation. Where a guarantor has entered into an agreement, this means that in the event of a tenant being unable to meet their obligations under the tenancy agreement, whether it is for overdue rent, damage to the property or whatever, the Guarantor is legally bound to accept the liabilities on behalf of the tenant.
Use of a Guarantor is like an insurance policy for the landlord. A guarantor must usually be a homeowner that does not fail a credit inquiry and is therefore probably in regular employment. He is usually asked to disclose detailed financial information and fill out a credit application as part of the approval process and sometimes he'll have to be a family member living in the vicinity of New York City.
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Buyer's Guide
Buying a house is one of the biggest financial decisions you will make in you life. It is a lengthy and complicated business, which while exciting is often fraught with stress and worry. We guide you through the maze of legal work, negotiations, dealing with surveyors and solicitors, and finding the right mortgage.
A-List Spaces will help you buy the perfect apartment in New York City. Finding an apartment in a city as large and versatile as New York is a pretty complex process because the rules here are different than in other parts of the country. That's why the fastest, most effective way to find an apartment in New York City is with the assistance of an experienced real estate agent.
A-List Spaces will simplify your buying process as much as possible. By combining our tremendous amount of unique content with the knowledge and expertise of some of the best real estate agents in New York, A-List Spaces will help you determine which type of apartment is suitable for you, assist you in selecting the right neighborhood, educate you regarding real estate prices, and pair you with the agent that best matches your style and preferences.
You may click our contact page at any phase to have us contact you about finding a real estate agent and to schedule an appointment to view apartments.
Working closely With Your A-List Spaces Agent
Before you start the buying process it is crucial that you understand the difference between the various types of property ownership in NYC. These types are Cooperative, Condominium, Cond-op, and Townhouse. Please read the term glossary at the end of this guide in order to understand each of these ownership types.
Obtain written pre-approval for a loan. Most home buyers know they should get a mortgage pre-approval letter from a lender before they begin seriously shopping for a home. But the reasons for this advice aren't always clear, and buyers sometimes are dismayed by the amount of paperwork involved. Here is some of the reasoning behind the advice:
A pre-approval letter is more reliable than a pre-qualification letter. Unlike getting a pre-qualification letter which is easy, a pre-approval letter involves in-depth information verification. The lender will ask for documentation to confirm your employment, the source of your down payment and other aspects of your financial circumstances. Although a pre-approval is more time-consuming, the additional due diligence is exactly why the pre-approval carries more weight.
You'll know how much money you can qualify to borrow. Most home buyers have a rough idea of how much they would feel comfortable paying every month on their mortgage. And it might turn out that you are not qualified to borrow as much as you think you should be able to borrow, depending on your income, your debts and your credit history. To learn more about this, click on the "Mortgage 101 by A-List Spaces" at the bottom of this page to use our financing tools on purchasing a new home.
You'll gain a more powerful negotiation position when dealing with the seller, because sellers usually prefer to negotiate with pre-approved buyers. You'll feel more confident about making an offer with a pre-approval letter in hand and the knowledge that you'll be able to obtain a mortgage.
A pre-approval letter shows your real estate agent that you're a well-qualified buyer who is serious about purchasing a home. The increased likelihood of a closed sale will naturally motivate your agent to devote more time and energy to you.
Choosing a lender is largely a matter of finding the best terms available. Always check with several different lenders because interest rates, up-front fees and the variety of loans offered can vary even among local sources. Lenders should be willing to give you this information over the telephone. In addition, many local newspapers occasionally print tables comparing the terms of several local lenders. It is also a good idea to get references from acquaintances and your broker because lenders may vary in how well they handle loan approvals.
Choose an Attorney. Personal referrals can be an excellent source for finding a real estate attorney. We recommend that you choose a Manhattan attorney that specializes in NYC real estate law. He/she will be important when you have signed a purchase contract. Your attorney will review the entire contract and will give you the opportunity to make certain changes, if necessary. These changes will need to be made during what is called the "Attorney Review Period". An attorney will also attend your closing and help you go through the Lender's closing documents, review the Title Report and also help you through the Seller's closing documents.
Find Your New Home. The common deposit for a sale contract is 10%, so be prepared to pose liquid funds when starting the process. The balance of the down payment will be due upon closing.
In certain forms of ownership, offers are only accepted based on your financial strength and not on price. Therefore, be prepared to have your net worth statement with substantiating documentation like bank statements, brokerage statements & other financial documentation. Also, don't forget to review your credit report. Remove all disputed claims and clear up any debt if possible, especially outstanding credit card balances.
A-List Spaces agent will help you sort through your choices and prioritize your search. The search will begin with the agent reviewing all of the appropriate listings that fit your specifications. Once you have a list of all of the homes that meet your criteria, you will be off looking at houses. As you start to see your first few homes, you will be struck by certain features that you just can't stand in a home and others you rather like. It is a good idea at this point to create a journal of the items that you like and dislike so that you can refer back to it as you begin to narrow your search. Another way to remember the features and the homes that you liked best is to bring along a camera to record the features that are most appealing.
The advantages of A-List Spaces agents. The NYC market is large, complex and highly dynamic. Our devoted agents live and breath the market every day. Their experience and knowledge is invaluable and irreplaceable. Always remember that when buying an apartment in New York, you are competing against hundreds, if not thousands, of other buyers who are looking for almost exactly what you are. By working with our brokers, whom you trust and with whom you are comfortable, you will give yourself a competitive advantage over those who are not using a broker or those who are using several brokers.
Tips For Finding Your Next Home. (1) Location is crucial. How far are you really willing to commute to your place of employment? How good are the local schools, shopping centers, public transportation, seniors services and other public amenities? Will your new home be next to a vacant lot or a commercial property? Even a picture-perfect dream home can be a mistake if it's in an undesirable location, and a poor-location home can be a particularly bad choice if you anticipate reselling the home within a few years. (2) You'll save yourself many hours of shopping if you make a list of things you need, ahead of time. Your goal is to compile your wish list by thinking about what you like and dislike about your current home. (3) Touring multiple homes is a confusing experience for most people. Rather than relying on memory, make notes about the homes you visit. Turn your priorities into a personalized home-shopping checklist and use it track the features of each home. (4) House-hunting can be tiring, especially if you're relocating to a distant community and want to see a dozen homes in one day. There's no sense in torturing your feet unnecessarily. Wear comfortable clothing and sturdy shoes. (5) When scheduling appointments, be available! Avoid weekends and open house showings so that you won't have to view properties while fighting crowds of people, gaining more time to ask questions and get a "feel" for the property. (6) Be prepared to make an offer. House-hunting can also be frustrating, especially if you know in your heart you're not really emotionally or financially ready to buy a home. If you're not ready, don't put yourself through the exercise. If you are ready, go through a blank purchase contract ahead of time so you'll know what decisions you'll face when you make an offer. (7) Granted, buying a home is a major life-altering event, but it's not worth making you over-stressed. Save time at the end of your house-hunting expedition to unwind, calm your thoughts and emotions and keep the whole experience in perspective.
Once you find a home that really peaks your interest, spend the time to be sure. It makes a lot of sense to view the home at different times of the day and to see what is going on in the neighborhood. Use this time to review any homeowner's association dues (if applicable) and to inquire about any restrictive covenants in the area.
The Purchase Process. When it comes to buying real estate you need to enter into a written contract, which starts with your written proposal. This proposal not only specifies price, but all the terms and conditions of the purchase. Our agents are equipped with a wide range of standard forms that are kept up to date with the changing laws and that will be fully available to you. In addition, your agent will cover the questions that need to be answered during the process. After the offer is drawn up and signed, it will usually be presented to the seller by our agent, by the seller's agent, or often by the two together. In a few areas, sales contracts are typically drawn up by the parties' lawyers.
The purchase offer you submit, if accepted as it stands, will become a binding sales contract (known in some areas as a purchase agreement, earnest money agreement or deposit receipt). It's important, therefore, that it contains all the items that will serve as a "blueprint for the final sale."
If your offer says "this offer is contingent upon (or subject to) a certain event," you're saying that you will only go through with the purchase if that event occurs. The following are two common contingencies contained in a purchase order:
The buyer obtaining specific financing from a lending institution. If the loan can't be found, the buyer won't be bound by the contract.
A satisfactory report by a home inspector "within 10 days (for example) after acceptance of the offer." The seller must wait 10 days to see if the inspector submits a report that satisfies you. If not, the contract would become void. Again, make sure that all the details are in the written contract completely.
You look particularly welcome to a seller if:
-You're an all-cash buyer; or
-You're already pre-approved for a mortgage; and
-You don't have a present house that has to be sold before you can afford to buy.
In those circumstances, you may be able to negotiate some discount from the listed price. On the other hand, in a "hot" seller's market, if the perfect house comes on the market, you may want to offer the list price (or more) to beat out other early offers.
Earnest money. This is a deposit that you give when making an offer on a house. A seller is understandably suspicious of a written offer that is not accompanied by a cash deposit to show "good faith." Your agent or attorney usually holds the deposit, which will latter become part of your down payment.
You will have a binding contract if the seller, upon receiving your written offer, signs an acceptance just as it stands, unconditionally. The offer becomes a firm contract as soon as you are notified of acceptance. If the offer is rejected, that's that, and the sellers could not later change their minds and hold you to it. If the seller likes everything except the sale price, or the proposed closing date, you may receive a written counteroffer, with the changes the seller prefers. You are then free to accept or reject it or to even make your own counteroffer. Each time either party makes any change in the terms, the other side is free to accept or reject it, or counter again. The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other side's proposal.
The Home Inspection. There's a lot more to know about the home you are about to purchase than location. Licensed Professional Engineers who specialize in pre-purchase home inspections will tell you that there is nothing more important than structural tests. If the home you are about to purchase does not have the structural integrity to give you peace of mind, you may be buying into a money pit and sleepless nights. A home inspection is not the same thing as a property appraisal. A home inspection is an examination of the property to determine structural soundness and the condition of the appliances. It is important that your home inspection is done by a qualified professional who has experience in engineering, architecture and construction. To find a qualified home inspector ask your lender, realtor or use a personal referral. The internet is also a great resource for researching reputable home inspectors. You may want to refer to the American Society of Home Inspectors. This is a non profit organization that should allow for non biased information.
The Closing Procedure. The period between loan approval and closing is critical. A number of important tasks must be completed by the seller and buyer. As a buyer, your main responsibility is to ensure that the property is in good condition and meets your requirements. You will also need certain types of insurance to protect your interests. Your sales contract specifies a date on which a meeting is held for the "closing" or "settlement" of the sale. The closing is the official transfer of ownership from seller to buyer. Except for cases of fraud, all obligations of the seller end, and the buyer takes over responsibility for the property. Therefore, it is important for both seller and buyer to complete all business prior to closing. Failure to get everything required in the contract completed will result in delaying the closing and, in some cases, may even jeopardize the transaction. It is especially crucial for the buyer to complete all inspections before closing because opportunities to address problems are limited, for the most part, to the pre-closing period.
Don't forget the little things, like bringing with you your driver's license or passport, your checkbook for any last minute adjustments, and all certified checks discussed with your attorney.
The closing procedure also depends on the property type. Following are a few explanations.
Cooperatives and Condos: The closing procedure will be usually managed in the office of the building's management company. At this meeting will participate the buyer, his attorney, the seller, the seller's attorney, the lender's attorney, a representative from the managements transfer dept., and the Agent(s) involved in the transaction. The buyer will first sign documents necessary to complete the loan transaction inclusive of a Security Agreement, Promissory Note, Stock Power, and an Assignment of Lease. Then, the buyer will sign all the documents that convey and secure the apartment, like Stock Certificate, Proprietary Lease and Consent, and Checks representing the balance of the purchase price.
Condominiums & Townhouses:The closing procedure will be usually held at the office of the seller or lender's attorney. This meeting will include the buyer, the buyer's attorney, the seller, the seller's attorney, the lender's attorney, the company closer and the real estate agent involved in the transaction. During the closure process the buyer will first sign all the necessary documents to complete the loan transaction, inclusive a mortgage and promissory note. The seller will then sign all the documents to convey the condo apartment to the buyer's name, including a Deed, Title Report, and Unit Power of Attorney. Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment or house.
Closing Costs For The Purchaser of Condominium or Townhouse
Attorney: $2000 and up
Bank Fees:
- Points 0 to 3%
- Application and appraisal $500-$600
- Bank Attorney $450 and up
Recording Fees: up to $350
Mortgage Tax: 1.75% of amount of mortgage on loans under $500K or 1.875% of amount of mortgage on loans over $500K.
Fee Title Insurance: ~ $675 per $100,000
Mortgage Title Insurance: ~ $500 per $100,000
Violation Search: $170
Managing Agent Fee: $300 and up
Short Term Interest: up to one month
Common Charges: up to one month
Bank Escrows: 2-6 months of realestate taxes
Mansion Tax: 1% of price when price is $1,000,000 or over
Move-in Deposit: $500-$1000
Closing Costs For The Purchaser of Cooperative Apartment
Attorney: $2000 and up
Bank Fees:
- Points 0 to 3%
- Application and appraisal $500-$600
- Bank Attorney $450 and up
- UCC-1 filing fee $20
Managing Agent or Co-op Attorney (Recognition Agreement Fee): $200 and up
Short Term Interest: up to one month
Lien Search: $300
Mansion Tax: 1% of price when price is $1,000,000 or over
Maintenance Adjustment: up to one month
Move-in Deposit: $500-$1000
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Glossary of Terms
- Abstract of Title
- A historical summary of the recorded instruments and proceedings
on the title of a property.
- Air Rights
- The right to use or control the space above a property. Air
Rights can also be sold, rented or leased to another party.
- Amenities
- The benefits from home ownership, such as a feature that
enhances value.
- Appraisal
- An estimate of the value of the property. One may have an
appraisal to determine the offering price during a sale.
- Assignment
- The process by which a right or contract is transferred from one
party to another. Assigned contracts include mortgages, leases and
deeds of trust.
- Broker
- A state licensed sales agent who acts for property owners and
prospective purchasers in Real Estate transactions.
- Brownstone
- A 19th century house which shares a common wall with the
neighboring property.
- Building Amenities
- The assets that buildings offer its owners or tenants. These can
include a doorman, health club, club, garage etc.
- Building Restrictions
- Requirements in building codes that affect the size and
appearance of the building.
- Capital Expenditure
- An improvement that will have a life of one year or more and
will increase the value of the property.
- Certificate of Occupancy
- In New York City, each building is required to have a
Certificate of Occupancy which permits the structure to be occupied
by members of the public. This means that the building is in
compliance to health and building codes.
- Closing
- The transfer of ownership of a property from the seller to the
buyer according to the sales contract.
- Co-Broke
- This is the term used when a broker sends out their listing to
other brokers and other firms. The brokerage community then receives
the listings and the commission will now be split evenly between the
seller's broker and the firm that provides the buyer of the
property.
- Combination
- Refers to when an owner combines two adjoining apartments into
one to enhance the value and the space.
- Commission
- Payment to the broker for his or her efforts on marketing and
selling the property it is usually a percentage of the total
purchase price.
- Commission Split
- The sharing of commissions between the listing agent and the
broker of the buyer.
- Common Area
- The area on the property or in the building that is available
for use to all owners and tenants.
- Comparables
- Used in assessing or establishing the fair market value of a
property, a property which has been sold recently that is similar in
size, condition, location and amenities.
- Condominium
- A building where individuals own individual units but share
common areas with the other unit owners of the building. A more
liberal type of ownership than Coops, Condominiums also have more
lenient policies regarding subletting and pets.
- Contract
- A legally binding agreement between two parties. To have a valid
contract for the sale of Real Estate there must be:
- an offer
- an acceptance
- competent parties
- consideration
- legal purpose
- written documentation
- description of the property
- signatures of the principals
- Conversion
- Property changing to a different form of ownership, such as a
condominium to a cooperative or a commercial building to a
residential building.
- Convertible
- A one or two bedroom apartment that has space to make another
bedroom. The other bedroom can be made with the construction of a
wall; however, the new bedroom must have a window in order for it to
be legal.
- Cooperative
- A type of ownership of property. This is when the individual
unit owners own shares in the cooperative building and do not own
the actual property. The amount of shares owned is determined by the
value and size of the apartment. The cooperative building owns all
of the units and the purchaser is buying stock in the building.
- Deed
- A written document by which title of property is expressed from
one party to another.
- Duplex Apartment
- An apartment that has two levels.
- Escrow
- A state where consideration, benefits, legal rights, money,
documents or other valuables are transferred to another party in
advance of that party's legal claim to them, on the basis that the
legal claim will arise at a given point in the future. It is a form
of trust.
- Estate
- The word used to describe the collection of all assets of a
deceased person. Also, the extent of interest a person has in real
property.
- Estate for Life
- The interest of real property that ends with the death of a
person.
- Excellent Condition
- This is used to describe the condition of the apartment; mint is
another word for excellent meaning the apartment is in great shape.
- Exclusive Listing
- A contract whereby the owner of a property grants a single
broker the right to market the property for sale.
- Facade
- The exterior front wall of a building.
- Financing
- Borrowing money to purchase a property.
- Firm Price
- An asking price for a property that is not open for negotiation.
- Fixed-Rate Mortgage
- A loan where the interest rate remains constant over the entire
term of the loan.
- Flip Tax
- Tax imposed on the cooperative apartment by the cooperative,
this tax can either be paid by the seller or purchaser and is
usually a percentage of the purchase price.
- Floating Rate
- A loan where the interest rate is not fixed over the term but is
allowed to vary according to the change in a specified index.
- Floor Plan
- A scale diagram of the arrangement of rooms and their sizes
drawn by an architect.
- Foreclosure
- An enforcement process in which the lender under a defaulted
mortgage takes title to the property for the purposes of selling it
to recoup moneys owed under the mortgage.
- Full Bath
- A bathroom with a bath or a shower.
- Grandfather Clause
- If a new law is passed or an old is changed those people whose
activity was legal under the previous law are allowed to continue
because of this condition. This law is common with pets; some
buildings that do not allow pets now, did in past, therefore, those
owners are allowed to keep their pets.
- Half Bath
- A bathroom without a bath or a shower.
- Interest Rates
- The cost of borrowing money from a lender. Rates change over
time and are set by the Federal Reserve.
- Lease
- A written agreement to rent a property or part of a property
from the owner.
- Lien
- A legal claim against property for money owed.
- Listing
- The agreement that allows a real estate professional to market a
property. Available apartments are also referred to as listings.
- Loft
- A loft refers to open living space that was converted from
commercial space to residential space. Lofts contain very high
ceilings, large windows and open space. In New York City, most lofts
and converted commercial space is located downtown.
- Lot
- A measured section of land.
- Maintenance
- Monthly charges paid by the owner or tenant of a cooperative
building for that person's share of costs of keeping the common-use
portions of the building in good condition. This includes the daily
cost to operate the building and it is calculated based on each
individual unit.
- Managing Agent
- An independent company that is hired to manage a property. In
New York City, most of the cooperative and condominium buildings are
managed by a company which is responsible for the building
operations. Brown Harris Stevens manages over 160 buildings in
Manhattan.
- Market Value
- An estimation of the price for a property in relation to the
current real estate market.
- Mortgage
- Money borrowed from a lender in order to purchase a piece of
property. Mortgages vary in terms of length as well interest rates.
- Negotiation
- The process of discussing an issue between two parties who are
working towards the same goal. Successful negotiation usually leads
to a contract and then a sale.
- Notarize
- To verify the authenticity of a signature by a certified Notary
Public.
- Offer
- An expression of the desire to purchase a property at a specific
price. Once an offer is made and then accepted it leads to the
purchase of the property.
- Offer Accepted
- The term refers to when the owner of the property agrees and
accepts the offer and terms of the purchaser.
- Open House
- A specified time when a property that is for sale is advertised
by opening its doors to prospective buyers. A broker advertises an
open house to help the sale of the property.
- Open Listing
- A listing where the owner of the property hires more than one
broker and only pays commission to the one that provides the
purchaser.
- Ordinance
- A law enacted by the local government.
- Penthouse
- A luxury apartment in a high rise building.
- Pied a Terre
- A French term that refers to an apartment that is not the
primary residence of the owner. A Pied a Terre is used when a person
lives in another location and comes to New York several times a
month or a few weeks a year to either work or enjoy this great city.
- Post War
- A post war building is one that was built after World War II.
- Pre War
- A pre war building is one that was built before World War II.
Common characteristics of a pre war apartment are fireplaces,
moldings and hardwood floors.
- Property Tax
- The tax issued on the ownership of property.
- Points
- A charge levied by the lender on the borrower for the mortgage
for prepaid interest. Each point is equal to 1% of the principal of
the mortgage.
- Powder Room
- Also known as a half bath. A powder room is a bathroom without a
shower or a bath.
- Quadraplex
- An apartment that has four levels.
- Referral
- A recommendation made to a client about the services of a
particular agent or firm.
- Rental Building
- A building where the apartments are only rented and not sold.
- Rent Control
- Laws that regulate the amount of money that is charged to rent
out space.
- Reserve Fund
- An account reserved to provide funds for future expenses in
order to maintain the cooperative or condominium building.
- Sale Price
- The amount of money paid by the purchaser to the seller. Also
known as the purchase price.
- Security Deposit
- A payment required by a landlord to guarantee that the tenant
meets his or her obligations under the lease and to guard against
any potential damages that may be incurred during the term of the
lease.
- Shares
- When one purchases an apartment in a cooperative building he or
she is actually purchasing the shares in the cooperative. They
represent the proportion of the building owned by the unit owner
based on the size and value of the apartment.
- Square Footage
- The area measured in square feet of a certain property. Square
footage can be measured in different ways and is usually considered
approximate. Condominium apartments have specific laws that
determine the way which the apartment is measured therefore
condominium measurements are more accurate.
- Sublet
- The term used when an owner of an apartment decides to rent the
apartment to a tenant.
- Tax Deductible
- An expense that reduces taxable income. Each year, shareholders
in cooperatives apartments are able to deduct a certain amount from
their personal taxes. The amount is determined by the amount of
shares that are owned.
- Term
- A specified period of time.
- Term, Amortization
- The term in which the interest and principal payments of a loan
must be made.
- Title
- The legal term for the evidence that the owner is in lawful
possession of the land and property.
- Townhouse
- A townhouse is a private residence where at least one wall is
shared with another residence. In New York City, townhouses are a
very popular and a more private way of living.
- Triple Mint
- Refers to the condition of the residence. Triple mint condition
means that the residence is in immaculate condition.
- Triplex
- An apartment that has three levels.
- Unit
- A single residence within a building.
- Utilities
- Services such as water, gas, electricity, telephone and
television. Utilities in some buildings throughout the city are
included in the maintenance charges.
- Vacate
- To move out and leave the property.
- Walk Up Building
- A building that does not have an elevator. Most walk up
buildings are four to six floors.
- Walk Through Inspection
- The inspection of a property immediately before the closing to
ensure that the property does not have any new damages.
- Zone
- An area set by local law for specific use with certain rules and
regulations.
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Mortgage 101 by A-List Spaces
With over 175 informative documents and interactive tools, Mortgage 101 can help you find the answers to your mortgage questions. View current interest rates, sign up for a monthly newsletter, use interactive calculators and more.
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