Home Buying in New York>Question Details

Laura, Other/Just Looking in New York, NY

I'm planning to buy a condo, but would like to prepare. What are some other costs to be aware of, (broker, lawyer, maintanence, closing,?

Asked by Laura, New York, NY Tue Jan 19, 2010

inspection)?

Help the community by answering this question:

Answers

2
it depends if you are in an "escrow state." IF yes, you will have RE commissions if the MLS
does not cover your agent, property taxes, title insurance and filing fees.

+ condo costs for their associatiion.
0 votes Thank Flag Link Wed May 5, 2010
Laura,
it is very important that you get a copy of the budget from the condo association and ask if the maintenance has gone up over the last few years. You also need to ask if the associations has had any assessments over the last few years. I would also suggest that you get a list of the approved condos. Most banks are now requiring that the buyer to put down 205 to 30% down. You will need to hire a title company to represent you in the sale. The title company who are normally attorneys will provide you with title insurance and also take care of the closing for you. You may want to find out if the property is a short sale. This is a situation when the owner owes more money to the bank than the property is worth. This process will normally take longer than a normal and in some cases can take up to 6 months. You can log on the link below to find out more about the short sale process and what you can do to prepare yourself. You can contact me at 786-942-1194 if you have any additional questions.
0 votes Thank Flag Link Tue Jan 19, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer