Home Buying in 11238>Question Details

G, Home Buyer in 11238

I was looking at buying a new condo in Brooklyn. Are there any items I should consider on the offer as subjects, keeping in mind this is a new condo?

Asked by G, 11238 Mon Jan 11, 2010

so there are no minutes from the association, etc.

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Charles D'Alessandro Sr’s answer
This is all great information. You may want to check with a lender to see if the development meets the new mortgage guidelines. For more information on buying a Condo go to my blog http://www.brooklynrealestateblog.com.
or the link below.
0 votes Thank Flag Link Tue Jan 12, 2010
Dear G:

Hire a good lawyer and have him or her review the offering plan and additional condo paperwork. You also want to find out what stage they are in with regard to getting a certificate of occupancy as this is needed before you can actually live in the place.

You also want to find out if there is any tax abatement which is a plus and if you will be required to pay any of the seller's closing costs. If you are you maybe be able to negotiate so as not to pay those. Also, even though it is new construction, I would try to negotiate the price or see if they will throw in some free upgrades.

Also if this is new construction, you should be getting a one year warranty on EVERYTHING, make sure of that. This does not apply to a resale.

If I can be of further assistance, please let me know. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Mon Jan 11, 2010
Do have an attorney specializing in real estate review the offering plan and any other documents-- if you don't have a Realtor, refer this question to the lawyer as well- -if you don't have a an agent, it may be in your best interest to consider the services--ask about occupancy--how many have sold, are there any units that will be used as rentals, HOA fees, taxes, etc., what kind of guarantees are being offered, etc.

0 votes Thank Flag Link Mon Jan 11, 2010
There are certain things that are important, such as the owner-occupancy rate of the building. If you can give some details of the purchase price and what you expect your down payment to be, that would be useful. You may want to look at the offering plan to see exactly what you other costs will be. Outside of standard closing costs that you would have on an existing condo, not the least of which is your mortgage tax, you will also have to pay the seller's transfer tax. I have recently seen deals in the city where the seller is willing to pay the transfer tax because of how much it is, because of certain difficulties people have been having getting financing lately. The specifics of your deal would be important to know. If you would like to contact me in reference to guiding you through the financing process, please give me a call at 516-972-1687, or send me an e-mail through my profile here.
0 votes Thank Flag Link Mon Jan 11, 2010
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