Obstacles faced by buyers of condos for sale in NYC

The condos or condominiums form an important part of housing tenure of New York real estate scenario. In the United States, the passage of the first condominium law in the commonwealth of Puerto Rico in 1958 laid the foundation for the first condominium to uilt in Salt !a"e #it$ in 19%&. 'rom then on, the race for that got a ma(or uilding condos e egan to heat up

oost when section )*+ of the 19%1 ,ational -ousing .ct /19%1 allowed

the 'ederal -ousing .dministration to insure mortgages on condos leading to 0ast increase in the funds a0aila le for condominiums and to condominium laws in e0er$ state of United States. #urrentl$, the residential condominium industr$ has een ooming in all ma(or metropolitan cities that include the ,ew 1or" #it$. #ondos are considered as real propert$ with condominium uildings accounting for appro2imatel$ )&3 of the total ownership uildings eing uilding in 4anhattan. Real estate buyers intending to get condos for sale in NYC are as"ed to fill out length$ applications and pro0ide detailed financial information to go0erning ops to re(ect the offer. The condominium application process can usuall$ called common charges 7for salaries etc8 which is e 6uite length$ and ma$ re6uire fle2i ilit$ in

odies. 50en though, condos do not ha0e the same rights as #ooperati0es or #o/ u$ers at will, the$ do ha0e a right of refusal. In other words, on an$ pending oard and match

sales the concerned condo association has the right to step in through its

terms of occupanc$ date. The ownership for condominiums ma$ also in0ol0e a monthl$ fee uilding up"eep, preser0ation of common areas, staff ased upon the s6uare footage of a particular owner9s apartment. The asis su (ect to rules in

real estate ta2es are e2cluded from common charges that are ta2 deducti le. The owners of the condos gets the right to rent their own apartment on fee simple the declaration of condominium created re6uired monthl$ fees for maintaining the propert$9s common areas. 'or allowing the condo to e sold to outside real estate buyers, the oard of condominium associations usuall$ issues a wai0er of its right of refusal ut in doing so, it ma$ at this point demand information a out the u$er that includes their 7 u$ers98 financial statements, uilding ut the$ rarel$ e2ercise the right u$ an apartment 6uic"l$ emplo$ment histor$, personal references and other details. In realit$, this right gi0es condo associations some control o0er who li0es in their to refusal. 4a(orit$ of condo associations do not ha0e mone$ to $ the condominium association such as pa$ing

e0en though

$laws t$picall$ re6uire that an$ purchase

e appro0ed

$ ma(orit$ of unit oard9s a ilit$ to get eing used as a

owners that is a time consuming process. 4an$ condo tool

$laws limit the

financing or ma$ re6uire unit owners9 0otes to do so. The right of refusal is

$ condo associations to ward off potentiall$ trou lesome real estate buyers. These

u$ers are also re6uired at times to sign riders in which the$ agree to terms that ma$ not e in the condo $laws such as smo"ing, or pet prohi itions etc.