New York Insider Tips – March 2017
If offering your house or condominium as a furnished rental, ensure that a thorough itemized list of your personal property be included in a lease, alongside photos and condition statements for each item. This will provide legal coverage for you as a landlord if you want to use security deposit funds to repair damage.
In Manhattan, plumbers and electricians are pricey for legitimate reasons. First, becoming one takes years of apprenticing and licensing. Second, liability insurance is expensive. An error in a 50th floor bathroom with 200 apartments underneath is costly.
Many co-ops require 70-80% of your floor be covered with rugs or carpets. It is especially common in dog-friendly buildings. Read your house rules in advance to see how you’ll be affected.
A commitment letter from your lender is not a “ready-to-close” approval – yet. There are “conditions” to be satisfied first, such as receipt of new info on your insurance policy, a new employment verification, explanation of recent changes to your credit, and more. It can take 2-3 weeks for a loan to fully “clear”.
You can still close on a co-op if the seller’s lender cannot locate the stock and lease. A lender can fill out a “Lost Stock & Lease” affidavit, which affects the creation of new documents by the co-op board and its managing agent, for around $500.