Buying a condo in NYC (Brooklyn specifically) and really need some guidance on resources and how things work here.
As a follow up to this question
- we have moved to Brooklyn and are now settled in an amazing brand new apartment in Williamsburg. We love the neighborhood and are considering buying a condo here in the next year.
My google and metafilter searching has not yielded exactly the info I'm looking for in terms of process for shopping for a condo here in NYC specifically - (just a lot of realtor ads) what are the steps we should take?
For context, I have been through the house shopping process in California, and these were the steps I took:
1. spoke to a mortgage broker to figure out my price range and get a pre-approval
2. Perused Redfin daily to find listings
3. looked at a bazillion houses with a realtor
4. Made an offer on a few houses and condos (lost most of them)
5. Worked with my realtor to negotiate prices and terms with the seller for an accepted offer
6. Entered escrow for the condo - provided an earnest deposit (I think it was 1% of purchase price?)
7. Received a thousand pages of condo history and bylaws for review
8. Did a home inspection
[Decided not to go through with the purchase because of issues with the home inspection and condo board - but I think the next steps would have been to receive the mortgage and do a closing where I paid the remainder of the down payment and took the keys]
My specific questions about NYC are:
- Where do most people start in terms of financing? mortgage broker? go directly to a bank?
- what is the relationship with the realtor and the buyer? do buyers in NYC pay a fee to the realtors directly? (In CA it would be the seller who paid the commission for both the buying and selling realtor)
- what is the typical downpayment for a condo in NYC? We'd like to put down 20%, but I'm curious what is acceptable.
- What is typically included in condo fees/common charges? (taxes? maintenance?)
- what is the role of the real estate lawyer? This seems standard here but I'm unfamiliar with it from CA.
- what fees are unique to NYC that I may not expect? (I've seen there is an extra tax if the sale price is over $1M for example)
Finally, are there any online resources you would recommend? (I'm using streeteasy for the Brooklyn MLS info)
Thank you - happy to answer any follow up questions.