Once the contract is negotiated, you pay a 10% deposit into the seller’s attorney’s escrow account.
Your attorney reviews the condo’s offering plan, financial statements (looking for "red flags" like pending litigation or low reserves), and board minutes.
Lawsuits against the developer or board can make it nearly impossible to secure a mortgage. buy condo new york
High HOA/Common Charges cover building staff and amenities but can increase if the building has a small reserve fund. The 4-Phase Purchase Process
While condos cannot "reject" you like co-ops (they only have a Right of First Refusal), you must still submit a comprehensive financial application. Once the contract is negotiated, you pay a
According to Kishner Legal P.C., the timeline typically spans 60 to 90 days from offer to closing:
Buying a condo in New York City is a complex financial and legal undertaking that differs significantly from purchasing property elsewhere in the U.S. Unlike co-ops, which involve buying shares in a corporation, buying a condo means you own real property with a deed, offering greater flexibility for subletting and lower barrier-to-entry for international buyers. High HOA/Common Charges cover building staff and amenities
Can lead to "Special Assessments"—sudden, large bills for repairs like elevators or facades.