Buyer's Guide

APPROXIMATE CLOSING COSTS FOR THE BUYER

Co-op

Condo

APPROXIMATE CLOSING COSTS FOR THE BUYER

TOWNHOUSE AND SINGLE FAMILY HOME

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What is a buyer's agent?

  • A local expert who knows about all properties currently on the market, all recent comparable sales, & everything coming soon.
  • Your advocate within the brokerage community.
  • Personal concierge to guide you through the process and capable of managing every detail, including preparing your purchase application, referring financing options, coordinating tradespersons, helping you find dedicated specialists not limited to attorneys, etc...
  • Fiduciary agent – contractually bound to be honest, compassionate, and hold your interests confidential while doing my best to promote them.
  • Paid by the seller: through my membership in The Real Estate Board of New York, we have access not only to my listings, or my company’s listings but every listing in the market. The price you pay is the same whether you use an agent or not. The only difference is the service you will receive.

AN IMPORTANT THING TO REMEMBER

In New York City...

far less properties sell per capita compared to the national average. The seller’s agent has a contractual fiduciary relationship with the seller. They may be a family member or family friend. Anything they say or do is to advance the seller’s best

3 PROPERTY TYPES

In New York City, we have 3 major types of real estate.
Each has different characteristics and closing costs.

Most properties either built or converted before 1990 are co-operatively owned (Co-ops). Homeowners are called shareholders because they purchase stock in a corporation, and that corporation owns the building.


They are collectively partners in an entity that owns the building, and, in turn, grant themselves the privileges of ownership associated with owning real property in the form of a proprietary lease.

There is a required purchase application process. This is sometimes found tedious and angst-ridden by most people. The good news is that we do this with consistency and our team is designed to make this happen quickly and efficiently.


We focus on what’s important, income and assets, and not on what’s superfluous. A co-op has other characteristics as well.


When you or your neighbors make permanent (non-cosmetic) changes, the building has guidelines and an approval process. If you want to rent, the board may limit you over time, and so on.


Some buildings prohibit you from financing more than a certain amount. Every characteristic of each listing will be recorded for you by us for your reference at a later date.

Well, now that you have read about Co-ops, you might be asking yourself, is there another option? There is!


A condominium is technically defined as an air lot – you own all the air inside of the walls. You can do whatever you want inside your own air. However, there are some myths about condos.


A condo doesn’t have unlimited subletting, there is an application process, and as a condo owner, you are subject to the rules put forth by the Board of Managers. You have a collective interest in the building’s sustainable financial and physical health.


The differences are as follows:
  • While a condo can and may restrict subletting, they tend not to.
  • While a condo board can deny a sale, it’s rare.
  • Condos do not restrict differing types of ownership, such as ownership by an LLC, second home, gifted funds, etc...
  • For these conveniences, condos tend to cost 25% - 100% more than co-ops.

What! A House?! Yes it’s true. The author grew up splitting time in a townhouse and a co-op.


A house historically holds a value greater than a co-op or condo. You can get an owner-occupied mortgage for any building with up to 4 units, and the other unit’s rent can offset your costs.


On the other hand maintenance, taxes, and insurance costs can be much more expensive than apartments.

WHAT OUR CLIENTS SAY

CLIENT
Teresa Bass

Teresa Bass

We listed our unit in NYC for sale with another realty company a year ago March. We had no movement, no offers, at any price point. When the 6 month agreement expired we interviewed 3 other firms. David Rosen came out on top- f...
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Inna Fayenson

Inna Fayenson

David Rosen and Marvin Michel provided an excellent experience when helping me purchase a condo apartment in New York City. They were responsive, communicative, and worked diligently to understand my needs and preferences, hel...
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Ilya K.

Ilya K.

David was a terrific agent in navigating our apartment sale during a challenging time in the market. David worked relentlessly to get as many people in to see our apartment as possible and to leave no stone unturned, resulting ...
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Daniel T.

Daniel T.

David was our broker for the purchase of our new apartment and the sale of our old one. David found us the perfect apartment before it was even on the market but encouraged us to start low and be patient to give the seller time...
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Edward B.

Edward B.

David and his team got us a fully executed contract at asking price two weeks from the day it was posted with only about a half dozen showings. They screened prospective buyers to ensure a good match and not to waste anyone’s t...
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Donna C.

Donna C.

I am superbly satisfied with the results of having David Rosen and team member Starr represent my apartment when I decided to sell it. They gave me great advice to prepare for the sale and priced it brilliantly. In less that a ...
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Jonathan A.

Jonathan A.

David and his team are the best. They helped my wife and I find and purchase our dream home in Chelsea, super quick with minimal fuss. I've been living in Manhattan since 2000 but this was by far the most professional and satis...
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Timothy S.

Timothy S.

I have known David for probably 10 years now. He has helped me list two apartments for sale over that time and most recently helped me rent my apartment. He knows the market well and I value his insights and perspective. He sha...
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John P.

John P.

David, Starr, and the entire Rosen Team did a phenomenal job selling our Manhattan apartment. Their advice throughout every step of the process, from staging to pricing and negotiation, was always on-point; their service showin...
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Alexis K.

Alexis K.

I have worked with David a few times now, and have referred friends to him as well. His team is honest, smart, and creative. They are well informed and diligent. Recently, we hired them to sell our 2 bed in the East Village. Af...
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Debora L.

Debora L.

Due to sudden death in my family, I became responsible for managing and eventually selling an occupied Brooklyn property. As a lifelong renter, I had a lot to learn and I'm very grateful I got referred to David Rosen. David col...
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Bill

Bill

Positive: Professionalism, Responsiveness I am very appreciative of all the effort and work David and his team have done for my two bedroom apartment coop by the seaport. His advice in improving my apartment prior and setting u...
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Jordana M.

Jordana M.

David is a knowledgeable real estate expert. He provides strategic guidance as well as encouragement throughout the entire buy/sell process. We have had a very positive experience with David and have already recommended him to ...
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Jennifer O.

Jennifer O.

Going through the process of buying a home can be pretty stressful and a lot, so working with a team you can rely on and trust is sooo important ! The Rosen Team are exactly that, and since settling in to my new home they have ...
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Julie

Julie

David Rosen and his team were the consummate professionals in helping us find and close on our beautiful apartment. They patiently showed us an array of potential homes and guided us through the co-op process providing much app...
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Marita O.

Marita O.

We have worked with David to both sell an apartment and to buy one. He is super knowledgeable about the NYC marketplace and super tuned in to the needs and wants of his customers. He really listens to your needs and wants and g...
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Geoffrey Z.

Geoffrey Z.

David has been an amazing colleague and referral partner for years. He is an immense talent that puts his clients first and foremost. We have partnered on deals between NY and my offices in Las Vegas and has earned my trust as ...
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Bruce B.

Bruce B.

David listed our studio condo at Southbridge. The market was slow and we had a lot of competition. David put together a pricing strategy and marketing plan that produced a successful sale in a most difficult market. We couldn't...
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Kathy H.

Kathy H.

David and Marvin helped me sell my apartment in Windsor Terrace quickly and efficiently in a tough market. They were professional, nice, smart, and funny (you rarely get this combo). I couldn’t be happier with the experience an...
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Lisa C.

Lisa C.

David and his team were wonderful to work with. They were very knowledgeable, professional and caring. David always responded quickly to any issues or questions we had. I would definitely recommend them to anyone trying to sell...
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HOW WE WORK TOGETHER

An agent is bound by State Law to disclose and declare their Agency when having substantive conversations with potential buyers. That form is attached. This disclosure is not a contract, as your buyer’s agent, it’s a promise from me to you of the following:

A buyer’s agent must act in the interest of the buyer.

Must follow the lawful instructions of the buyer.

Examples of, but not limited to:

  • Seller’s financial condition.
  • Anything that would affect value of a property.
  • Relationships between agent and other parties
  • Data driven market analysis.

Any discussions, facts, or information that should not be revealed to others. All financial disclosures kept in confidence.


We have helped many celebrities and top-level executives. We’d tell you whom, but then we’d have to...well, you know.

Reporting the location of any money placed in the hand of the agent.


All discussions involving money are to be 100% transparent with regard to who gets what at all times.

In addition to market experience, agents are expected to have a heightened ear for anything and everything.


This means not taking anything at face value, referring experts to certify anything that may be in doubt, and maintaining a professional and courteous deal environment.

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