Investing in New York can be a real headache if you have no knowledge of the city’s real estate market. There are major differences between Canadian and New York real estate. To enlighten you, we offer to learn more about these differences and give you some wise advice in order to prepare yourself as well as possible. So, without further ado, let’s dive into this blog and learn some of our best tips for buying property in New York.
1. New York: a common file for all real estate agents
While in Canada, each agent has a limited portfolio of flats for sale, in New York, buyers have access to all properties on the market, regardless of the real estate agent they choose. This is possible thanks to a common file that is accessible to all professionals in the sector.
If you want to buy a property in the Big Apple, our real estate agents advise you to ask your agent to set up a real-time property search based on your criteria. If, on the other hand, you want to sell a property, take advantage of this extraordinary tool to ask your agent for the sales history of comparable flats over the last 6 months to validate your selling price.
2. The three types of properties you can find in New York
As you become familiar with the New York City real estate market, you will quickly notice that there are three types of properties to choose from, and that it is not always easy to navigate them. Foreign investors can choose between condos and townhouses.
It should be noted that in order to purchase a Coop flat, the investor must be a US citizen or have a green card. If you are interested in purchasing one of these properties, it is highly recommended that you ask your agent to explain the characteristics of these different types of properties to ensure that you find a property that suits you perfectly.
3. Buyers and sellers have their real estate agent
This feature of New York real estate means that commission fees, which are always paid by the seller, will be negotiated before the property is put on the market. Thereafter, they will be shared between the two agents. If you wish to buy a property, you should consult your agent about your overall project in order to get the best advice, free of charge. For sellers, it will be advisable to seek advice from an agent to prepare for the sale of their property thoroughly.
4. The seller’s attorney is responsible for drafting the purchase agreement
When a property is sold in New York, the seller’s attorney will be responsible for preparing the real estate purchase agreement. Unlike in Canada, there is no need for a notary for this step. Whether you are a buyer or a seller, our estate agents recommend that you find out about the purchase procedure and any clauses that may be included in the contract.
This way, you will be able to commit yourself on the right basis, and you will not have any unpleasant surprises. To ensure that everything goes smoothly, it is advisable to hire a lawyer specializing in residential real estate in New York.
5. Putting together the application
With the exception of particularly new properties that will be referred to as “New developments”, as a buyer, you will be required to complete a comprehensive application, including financials and letters of recommendation. If you are interested in investing, your estate agent will be best placed to explain all the intricacies of this process and will guide you through the process.
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