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housenewbie_gw

can someone explain the system in NYC?

housenewbie
16 years ago

Howdy,

My folks are thinking about buying a condo in NYC. Well, to be more accurate, they're dithering. But my dad will lose his 'faculty subsidy' on his apt in a year or so, as he's retiring (mom is already retired). I'm trying to help them w/ this, but i haven't ever bought property in NY, and from what I've read here, it's pretty different from most everywhere else.

Can someone run thru the process for me? I think i've read here that after an offer is made and accepted, there still isn't a contract until after inspections and whatnot? Also, are the buyer's agents required to work in the seller's best interest?

Also, any issues related to condos and especially co-ops (there are SO many co-ops in NY, but I don't really understand them) would be appreciated.

Thanks!

PS--altho I grew up in NY, it was as a renter. I now live in PA, so my only house-buying experience is here.

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