Real estate investment firms new york

There are many abbreviations used in real estate listings, as well as a lot of terminology that is used only in New York City. Following is a guideline of real estate investment firms new york estate terminology used to rent, purchase or sell a property, as well as some financial and architectural terminology as it pertains to real estate. The following terms are not legal and complete definitions and are meant to provide general guidelines only.

You should consult a New York licensed attorney experienced in real estate matters before purchasing property in New York. For example, lead abatement refers to finding and removing lead paint. Abatement usually refers to “Rent Abatement”, the incentive offered by a landlord, including free rent, early occupancy, or reduction of fees. The rate at which rentable space is filled, divided into gross absorption and net absorption.

Gross absorption is a measure of the total square feet leased over a specified period, with no consideration given to space vacated in the same geographic area during the same time period. Net absorption is equal to the amount occupied at the end of a period, minus the amount occupied at the beginning of a period. Abstract of title is a historical summary of the recorded instruments and proceedings on the title of a property. An ARM is a loan that has a varying interest rate and payment based on an adjustment period. The adjustment is dependent on the variation in a benchmark index, usually the LIBOR or prime rate.

This loan is also known as a variable rate mortgage. Adjusted sales price is the price on the contract less all credit concessions by the seller. Air rights are the legal ability to use or control the space above a property. Air rights can be sold, rented or leased to another party.

Amenities are the enhancements that buildings offer its owners or tenants. These usually include a doorman, health club, garage, children’s playroom, common lounge, etc. An amortization schedule is the designation of periodic payments of principal and interest toward the principal to eventually pay off a debt. The APR is the actual effective rate of interest charged on a loan expressed on a yearly basis and represents the full cost of all elements associated with obtaining a full mortgage into a single formula.

The APR is a useful device for making comparisons between mortgage products. An appraisal is the evaluation of a property by a licensed appraiser on its price based on previous sales of similar properties. The appraised value is used by a bank to determine the lending limit on a given property. A seller may also have a property appraised to determine the offering price during a sale. An assessment is a levy against property and can be an extraordinary payment called for by the board of directors of a cooperative or condominium for the purpose of making a capital improvement or to provide some other essential service for which funds in the reserve account are inadequate. An asset is something that is owned that has value.

Assignment is the process by which a right or contract is transferred from one party to another. Examples of typical assigned contracts are mortgages, leases and deeds of trust. An attorney-in-fact is a person appointed to perform legal acts for another under a power-of-attorney. A balloon mortgage is a short-term mortgage with fixed installments of principal and interest that do not fully amortize the loan. The balance of the mortgage is due in a lump sum at the end of the term. Board approval is a condition in the standard cooperative sales contract requiring that the buyer obtain approval from the board of directors of the cooperative corporation as a prerequisite to completing the sale.

A bridge loan is a loan for a short duration of time and can be used when one is purchasing one property but is dependent on the equity from another property that has not yet been sold. Once the property is sold then the bridge loan is repaid. A brownstone is a townhouse that is usually a 3 to 5 story building, named for traditional “brown stone” used in the fa├žade. It may be a single family building or have been converted into multiple apartments. The original structure was built in the 19th or early 20th centuries. Building restrictions are the requirements in building codes that affect the size and appearance of the building.

Buy down is the voluntary paying of discount points by a borrower to reduce mortgage interest rate at the time the loan is made. A buyer’s broker is a broker who represents the buyer in effectuating a purchase. Normally in residential real estate transactions, the buyer’s broker shares the commission received by the listing broker, who represents the seller. By-laws are the rules by which the cooperative corporation or condominium operates, including those regulating elections, officers, and authorizations.