Fernando Branco, Lic. Assoc. R. E. Broker
c: 212-321-0115 - e: firstname.lastname@example.org
R NEW YORK - 641 Lexington Ave, NY, NY 10022
Looking for the best deal in Manhattan, New York? As an active member of the Real Estate Board of New York, I can help you.
I also help Brazilians relocate to Manhattan, New York!
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I will post interesting news, helpful information, comments, videos, and more about the current Real Estate markets of Manhattan, and Brooklyn, NY.
The NYC Real Estate Purchase Process Explained: OFFER TO PURCHASE - Client question about moving forward with an offer
Client question about moving forward with an offer:
Good morning, Mr Hong.
In order to proceed, you have to prepare and present your financial statement to the sellers, for your offer to be accepted.
Then, after the offer is accepted, the terms of the offer are sent to the Sellers attorney who prepares the contract of sale, so it can be sent out to your attorney.
In NYC, you must have legal representation by an attorney, who will review the contract for you to make sure there are no issues or legal traps for you, the buyer, and also to review the building financials and legal docs to make sure the building ( coop) and the unit itself are sound and safe for your purchase.
I have names of fantastic and reasonable attorneys for you.
We can certainly ask for a closing date that works for you and your father, and the contract would reflect that.
After the contract is fully signed ( by you, the buyer, and then, by the sellers) we have to prepare a purchase application ( the board package) to be submitted to coop Board members.
Your application will be reviewed by them, and if they like what they see in it, they (the coop hoard members) will schedule and invite you for a personal interview, so they can meet you in person and get to know you a bit.
After that interview, the coop board members will let us know if they approve your application to buy the coop unit.
This process usually takes about 2-3 months.
I would have preferred to have told you this during a personal meeting or at least through a phone call but since you seemed to be too busy, I figured I tell you this now, so you can understand a bit more about the purchase process.
Let me know if you have any questions.
Thank you. Warm regards, Fernando
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April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the StreetEasy April 2019 Market Reports, the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context: The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway: M
A design revolution in New York City is taking place, as the Chelsea neighborhood transforms from a derelict wasteland to a thriving nexus of art and architecture. The Hotel Americano, the first U.S. outpost of the splashy Mexican hotel chain Grupo Habita, recently materialized on Manhattan’s West 27th Street. It’s situated between 10th and 11th Avenues, at the northern frontier of the Chelsea art district, in the middle of a block best known for its cacophonous, warehouse-scale nightclubs. Why, you might wonder, would anyone want to build a hotel here? But the unpromising appearance of the location is part of the allure. “It’s gritty,” says owner Carlos Couturier, “and I like that grittiness. It feels like what the Meatpacking District was ten years ago. Very authentic.” Yes, Way-West-27th is authentic—some of the nearest residents are in a cluster of city-owned housing projects—but here, as elsewhere in Manhattan, grit is an endangered species. Just down the block from the
Legal Line Question of the Week - REBNY Transfer Taxes and Grossed up Consideration I represent the prospective purchaser of a new construction condominium unit. In speaking with the sales office for the sponsor, I was informed that my purchaser is responsible for paying both the New York City and New York State transfer taxes. I thought that the obligation to pay transfer taxes was the r esponsibility of the seller. Can you please explain? Generally, when real property (or a co-op apartment) is sold in New York City, the seller is responsible for paying both the New York State and New York City transfer taxes. In residential real estate transactions where the purchase price is greater than $500,000, the New York City transfer tax equals 1.425% of the purchase price (and where the purchase price is $500,000 or below, the New York City transfer tax is 1% of the purchase price). The New York State transfer tax is .4% of the purchase price. New Yo