new condo questions

September 20, 2005 10:51 AM

Buying a brand-new condo in New York City. Questions about both the process of closing and about looking at the apartment for the last time before the sales contract.

I may be buying a condo in a newly developed building in my neighborhood. Tomorrow I have an appointment with the agent to purchase the offering plan and pick out one of their lawyers. As far as I understand, I then get the offering plan to the lawyer, who draws up the sales contract, and then we all sign it and put 10 percent in escrow.

I looked at the apartment once before, but it was a cursory "could I live here" kind of thing.

What I would like to know is:
1. Is this understanding correct?
2. What questions should I ask about the building at the meeting? (One I know: Is there going to be a managing agent and if so, who?)
3. What should I look for when I look at the apartment again? (It's a studio in a wholly renovated building.)
4. Generally, do you have to do a board application at a new development? If so, who is the board?

Thanks now for all and any help. I tried searching the archives, but I'm a google idiot, so links to other AskMes would be awesome.

posted by dame to home & garden (9 comments total)

Do you get to look at it again? Is the deal subject to a home inspection or at least satisfaction with the condition of the suite? Bring your own home inspector, so they can point out any deficiencies.
posted by acoutu at 10:53 AM on September 20, 2005

use this messageboard for more detailed help on these questions.
some general questions:
1. why do you need to use their lawyer? maybe i am geting the wrong impression, but you should definitely get your own representation, not rely on their lawyers. I can refer you if you want to the very nice woman i used. alkupe at hotmail.
2. definitely bring your own home inspector. just to be sure.
3. there's lots of web resources on things to check on, ask in the home inspection.
posted by alkupe at 11:06 AM on September 20, 2005

You need to make sure you know whether it is a condo or a coop. The board question will be important if it is a coop.
posted by cushie at 11:22 AM on September 20, 2005

Absolutely get an independent inspection. So much of the new housing in NYC looks cheaply made, and I have friends who bought one of those trendy DUMBO deluxe condos when they were new, only to watch it steadily fall apart.
posted by mkultra at 12:02 PM on September 20, 2005

Find out how many names need to be on the insurance certificate when you have work done. My building is incorporated under three separate ones, but many companies that will do work in your building only have the funds to cover one. I've put in a request that it be only one name to my board, but I haven't heard anything yet. As an example: when my dryer overheated, it took six weeks for the repair company to add the the two other names to their policy and be allowed into my building, only for me to find out that there was a reset button on the back of the machine which I could have pushed myself.

Learn exactly what sort of person your super is. Among other things, mine has: 1.Extorted money from people working in the building. 2.Extorted money from tenants. 3. Screamed at me when I told him I would prefer that he wait until I opened the door when he knocked instead of barging in. 4.Verbally abused me when I went barefoot in the lobby to get my mail. 5. Refused to allow delivery of the mail which I had scheduled with the post office to be delivered the day I returned from a trip.


Also see if you can find out anything online about how the management company runs their other buildings.
posted by brujita at 12:21 PM on September 20, 2005

Thanks so far everyone. To answer cushie, it's a condo. Condo boards have only right of first refusal, but since it's brand new, I'm not sure if there is a board at all.
posted by dame at 12:59 PM on September 20, 2005

Get your own inspector (or two). Try to sit quietly in there at night, and figure out how noisy adjacent apartments are (water from above, toilets from the side, tvs, through the windows, everything) - new developments can be ridiculously noisy. And yeah, the situation of using their lawyer sounds odd, but maybe that's the way you do it in NYC? I would find my own representation as well. Just remember, that even if they seem like they want to be best friends, they want you, your money, and nothing else. You really, really just have to remember to look after your own interests. Meet the super, get references for him if possible.

Find out how much they're anticipating keeping in the "emergency account" for leaks, etc. They will happen, and you don't want to have continual solicitations for a problem. I think my building has something like 15% of our operating budget put in an emergency account. Find out where the garbage will be (if there is a dumpster); living above that is hell because of the early-morning noise (I know most NY has street-side pick-up, just wanted to throw that out there).
posted by fionab at 2:44 PM on September 20, 2005

I third getting your own inspector.

New home developers (home, condo, whatever) try to avoid the issue altogether, but as others have said it's very important to do your own independent inspection.

Here in Canada we have a show called Holmes on Homes and he constantly goes into new developments 18 months to 5 years later to fix stuff that was extremely cheaply built. Just cause it's brand new doesn't mean the contractors knew what they were doing.

Also - yes to your own lawyer.
posted by mikel at 3:01 PM on September 20, 2005

Not only should you get your own lawyer, you should do so BEFORE YOU SIGN ANYTHING. And then have your lawyer look over stuff for you, and explain it to you.

And, by "anything," I mean anything. Even the agreement with "your" agent. Seriously.
posted by MrZero at 4:26 PM on September 20, 2005