Every real estate transaction should have a reasonable amount of Earnest money deposit from the buyer. Earnest money deposit is commonly known as the down payment when a mortgage is involved. This deposit can range anywhere from as low as 1% of the purchase price to any percentage, up to and including, 100%.
Holding costs, with relation to real estate, are all the costs of keeping a property up and running while not using it. These costs can be calculated on properties for sale or for rent.
In the for sale instance, holding costs typically apply when the property for sale is vacant or if the seller is moving on to a property that is less costly to use.
A Lis Pendens is a notice that a lawsuit has been filed against real estate property. This is usually filed in the county where the property is located. Just about anyone can make a claim against a property. This doesn't mean that the claim will not be dismissable. The problem with dismissing a lis pendens is that it requires an order from a judge.
Days on market is a calculation of how many days a property has been publicly marketed for sale or rent. This can be a telling number when looking at a property's history. Many public websites will show if a property was on the market in the past. Most sites will reset the days on market to zero if the property has been off that site for a specific length of time. That time will vary from site to site.
What’s the difference between a condo and a co-op?
The easiest way to differentiate between condos and co-ops is in the type of ownership. A condo is “real property” – like a house – where you’re given an actual deed.
Residential real property in NYC can be any these:
- Single Family Home
- Multi Family Home (up to 4 family)
Co-ops generally apply to residential real estate and for this conversation we'll stick to that topic.