5 Surprises About Buying a Home in NYC vs. Anywhere Else

If you are looking at buying a home in NYC, the following 5 differences will help you navigate the process. 1. No Standard Contracts. Since we aren't members of the MLS, we don't have standard contracts for buying an apartment in NYC. This means that each deal requires two attorneys: one on the buyer's side and one on the seller's side. If you don't go in with an attorney, you are 2. Bigger Deposits. When you are buying a home in NYC, expect to put down a 10% contract deposit. This also means that smaller down payment deals are often not as competitive and are rarer. 3. The Time it Takes to Close. Our default time to close on a deal in NYC is 90 days. This is assuming we allow time for board approval and for financing. If either of these are not needed, then the timeline can be expedited. 4. Ownership Structure. As opposed to Fee Simple ownership, when you are buying in NYC you are usually buying into a Coop or a Condo. 5. Closing Costs. Closing costs are quite a bit higher in New York City than they are in most parts of the country. Know them in advance so you aren't caught by surprise! If you want to get a free closing cost worksheet, comment "Closing Costs" below and I'll send it to you. 00:00 Introduction 00:13 1. No Standard Contracts in NYC 00:50 2. 10% Deposit when Buying a home in NYC 01:30 3. Longer Timelines to Close in NYC 03:14 4. Ownership Structure 05:11 5. Closing Costs when Buying a home in NYC