FHA is a popular loan option for many Queens home buyers, however, it is important that the home meets their guidelines. HUD is looking to cover three main points in their inspections: 1. Safety Protect the health and safety of the occupants. 2. Livability Adequate floor plan, bath, kitchen facilities, etc. 3. Soundness Correct physical […]
Last Updated on April 23, 2022 Queens Real Estate Market Report 2022, courtesy of the Queens Home Team at Keller Williams Realty Landmark II. Have a question? Contact Us Data Source: https://www.queenshometeam.com/wp-content/uploads/2022/04/Queens-Real-Estate-Market-Report_Q1-2022.pdf Market Snapshot Happy Spring from QHT! Hopefully you’ve been enjoying the weather as it begins to warm up 🙂 Here at QHT headquarters […]
Answer provided by Neil B. GarfinkelREBNY Broker CounselPartner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Question: It is my understanding that the Housing Stability and Tenant Protection Act (“HSTPA”) generally prohibits deregulation of rent stabilized apartments (meaning that a rent stabilized apartment will never become a free-market rate apartment). Does that […]
Queens’ Investors continue to choose multi family homes, and it is no surprise considering the many benefits that come with them. Everything from their higher income potential to their ease of financing mean that investing in these properties is a smart move. If you are considering purchasing a multifamily property for the first time, you […]
Hi Friends, hope all is well! This month we wanted to share a few cool things specifically relevant to NYC homebuyers. First, an article on how to make a budget that fits your money personality. You can find out your money personality using the quiz in the article. Not everyone is good at budgeting, but […]
NYC Homebuyer Connect Hi Friends 👋, hope you’re doing well! This month we wanted to give you some information about the new conforming loan limits in NYC, plus we wanted to give you some quick money saving tips, and lastly, we wanted to share a 4 account personal banking system that helps with budgeting, spending, […]
Answer provided by Neil B. Garfinkel, REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Answer: In many circumstances, a co-op board may reject a prospective purchaser because the price of the co-op apartment is too low. The By-Laws of most co-ops give the co-op board the right to withhold […]
Answers provided by Neil B. Garfinkel, REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP FAQs: Q: Is a buyer always entitled to be represented in a transaction?A: Yes, the New York State Department of State (“DOS”) has consistently stated that a buyer always has a right to be represented in […]
Answer provided by Neil B. Garfinkel, REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Answer: If a co-op building has a Ground Lease (also known as a Land Lease), it means that the co-op corporation does not own the land under the building. Rather, the co-op corporation leases […]
Answer provided by Neil B. Garfinkel REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Question: After Submitting a Board Package, is it Legal for a Coop to request that Additional Maintenance be Held in Escrow? Answer: Yes, a cooperative corporation (“co-op”) may request extra maintenance […]
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