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STEFAN: In New York, it's a very specific market. In a condo or a coop, you have to
pay a maintenance fee, which is the amount of money it costs to keep the building running,
if you have doormen to keep them on staff. If the building needs repairs, there's a bunch
of money for it to pull from.
MICHELLE: I didn't know there was a difference between a co-op and a condo so I learned all
of this trial by fire, so to speak. Because I was buying into a co-op I was buying shares
of a larger entity rather than a condo where you own your unit outright. Because I was
buying shares, I also had to be approved by a board to say that I was satisfactory to
live here and that I had the assets to maintain the unit.
JULIE: There are a lot of taxes that come along with purchasing a home that might not
be obvious to someone who's buying for a first time. For example, if you buy a piece of property
in New York City there is city transfer taxes and state transfer taxes, and a lot of times
people are unaware of these.
BRUCE: Very often a real estate attorney is introduced to a purchaser or a seller by their
real estate broker or mortgage professional when he or she has just made an offer on a
co-op, condo or a home or has had an accepted offer on a property that they want to purchase
and you must at that point assemble your closing team the attorney, the broker and the mortgage
professional to begin work on your behalf.
DAN: They're most surprise isn't necessarily the amount of work looking but more about
once they find the apartment, not only the amount of competition on getting the right
place but the amount of work involved in securing the deal.