NEW YORK T HE
U LT I M AT E
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BUYING YOUR HOME
Dear Friend, New York City is one of the most dynamic real estate markets in the world. Purchasing a home here is an exciting and transformative journey–but it can also feel overwhelming. That’s why we’ve crafted this Buyer’s Guide: to equip you with the knowledge, tools, and roadmap you need to navigate the process with clarity and confidence. From the first steps of understanding your needs to the final moments of securing your dream home, we are here to provide expert guidance and unwavering support. Our commitment is to ensure this experience is as seamless and enjoyable as possible. Thank you for trusting the Heather Domi Team. We’re honored to be part of this meaningful chapter in your life and look forward to helping you find the perfect place to call home. Warm Regards,
Heather Domi 2
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TABLE OF CONTENTS Meet Heather Domi ..................................................................................... 7 Our Mission ...................................................................................................... 8 Testimonials....................................................................................................... 9 Meet The Heather Domi Team ........................................................... 10 A View of NYC ............................................................................................ 12 Why Buy? ........................................................................................................ 14 Buyer Step-By-Step ................................................................................... 16 Understanding Each Step ...................................................................... 18 4
Types of Ownership ................................................................................. 22 Comparisons and Data........................................................................... 24 New Development........................................................................................28 Partnerships & Douglas Elliman Network ...................................... 30 Douglas Elliman Advantage ..................................................................32 Key Terms & Phrases ............................................................................... 34 Preparing to Purchase...............................................................................38 Preferred Vendors ...................................................................................... 40 50 Things a Buyer’s Agent Does ........................................................ 42
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H EAT H E R D O M I 6
While building her brand with intention and integrity, Heather has remained deeply committed to exceptional client service–fostering lifelong relationships rooted in trust, discretion, and care. Her approach goes beyond transactions, often turning clients into friends and cultivating a sense of reciprocal loyalty that lasts well beyond the closing table.
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As the founding Chairperson of the New York Residential Agent Continuum (NYRAC), Heather’s commitment to ethics, advocacy, and education has earned her a respected place in the industry, as well as her election to the Real Estate Board of New York (REBNY) Residential Board of Directors.
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G U I D E
Heather’s mission is simple: to leverage every lesson learned, relationship formed, and experience gained over her 24-year career to help clients achieve their goals and exceed their expectations, all with the utmost integrity. As trusted partners, the Heather Domi Team acts as their clients' advocate, ally, and advisor, guiding them on their real estate journey and never taking their trust for granted.
Heather is a member of the exclusive Sports & Entertainment Division at Douglas Elliman. The division is comprised of experienced advisors who specialize in working with professional athletes, entertainers, and high-profile individuals, offering a highly personalized and discreet approach to luxury real estate. Supported by Douglas Elliman’s national reach, marketing expertise, and industry-leading resources, Heather provides strategic guidance across buying, selling, leasing, and relocation; ensuring a seamless and elevated experience tailored to the unique demands of the sports and entertainment world.
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Heather has assembled a highly skilled team of experts who share her commitment to prioritizing customers, and together, they ensure that every client interaction is a positive and successful one.
SOLD IN RESIDENTIAL REAL ESTATE IN NEW YORK CIT Y & SOUTH FLORIDA
BUYERS & SELLERS SUPPORTED
200K+
15K+
AVER AGE MONTHLY INSTAGR AM IMPRESSIONS
FOLLOWERS ACROSS SOCIAL MEDIA PAGES
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1,500+
H E A T H E R
$2B
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Trust in Numbers
Our Mission At the Heather Domi Team, we’re dedicated to our mission: to consistently pursue excellence and prioritize our clients’ interests above all else. We’re fully engaged in every facet of the transaction process, offering genuine, professional insights rooted in years of experience and education. Whether assisting buyers or sellers, honesty and expertise define our approach, ensuring optimal outcomes for all involved.
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Our Commitment to Client Confidentiality At our core, the Heather Domi Team considers the assurance of utmost discretion and privacy to be more than just a practice— it is a fundamental cornerstone of our service ethos. Our team is committed to the confidentiality of our clients’ affairs, deeply understanding the sensitivity required in handling the real estate needs of buyers, sellers, and renters alike. With each transaction, we demonstrate an acute awareness of these delicate matters, ensuring that our clients’ privacy is respected at every turn. This commitment is not merely a superficial promise; it is a deeply ingrained value that permeates every facet of our operations.
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Testimonials “Nobody helps you navigate the waters better than Heather. She listens closely to what you want, digs deep to find the perfect home, and helps make sense of the madness along the way. She’s an endless source of information, a tireless advocate for her clients, and a calming influence when nerves are frayed.”
“Heather and her team always go above and beyond to find creative solutions. We always know that we can trust them with even the most complicated of transactions and they still manage to make them feel easy. There’s a reason we keep coming back to Heather and her team for dozens of transactions!”
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– John, Greenwich Village
– Sarah S.
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– Gorjana, West Village
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“I would highly recommend Heather and her team, they were a dream to work with. Heather went above and beyond to make the process of purchasing our home in NYC as smooth as possible. Her and her team were professional, prompt and actually fun to work with. They are experts in the New York City market.”
TEAM
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Trusted Advisors As trusted advisors, the Heather Domi Team is committed to helping you maximize your real estate investment, whether you are buying, selling or leasing a property.
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LUXURY REAL ESTATE SPECIALIST M. 646.899.3079 alain@heatherdomi.com
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ALAIN ONESTI
Heather Domi Team Experience
MYA DUNLOP
LUXURY REAL ESTATE SPECIALIST M. 214.616.8770 caroline@heatherdomi.com
Excellence Excellence is not just a standard, it’s our signature. We bring intentionality, creativity, and care to every detail, delivering a high-touch experience defined by responsiveness, reliability, and results. With a passion for our craft and a drive for continuous improvement, we go above and beyond to ensure our clients feel supported, seen, and celebrated at every stage of the process.
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CAROLINE WALKER
Unlock unparalleled representation with the Heather Domi Team–powered by deep market knowledge, 50+ years of combined industry insight, and the expansive resources of Douglas Elliman’s luxury platform. From understanding the intricacies of New York City’s neighborhoods to navigating high-stakes negotiations, our experience is your competitive advantage. We meet you exactly where you are and guide you forward with confidence, strategy, and precision.
Entrust
HEAD OF OPERATIONS m. 703.244.7768 andrew@heatherdomi.com
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SENIOR BUSINESS DEVELOPMENT MANAGER m. 917.743.5769 mya@heatherdomi.com
When you work with the Heather Domi Team, you’re not just hiring an agent–you’re entrusting a team that values discretion, protects your privacy, and operates with integrity at every turn. We build lifelong relationships rooted in loyalty, transparency, and mutual respect. This is more than a transaction; it’s a partnership you can trust, now and for years to come.
THE BRONX
MA NH AT
TA N
NEW YORK
NEW JERSEY QUEENS
BROOKLYN 1 2
STATEN ISLAND
NYC B O R O U G H S
Morningside Heights
THE BRONX
Harlem
East Harlem
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Manhattan Valley
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Manhattanville
B U Y E R ' S
NEW JERSEY
K
Spanish Harlem
Carnegie Hill
CE
NT
RA
LP AR
Upper West Side
Lincoln Square
MANHATTAN Midtown West Hell’s Kitchen
Yorkville
Lenox Hill
Theatre District
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Midtown Sutton Place Midtown East
Hudson Yards
Upper East Side
Midtown South
Murray Hill
Chelsea
Kips Bay Flatiron
Meatpacking District
QUEENS
MADISON SQUARE PARK
Rose Hill
Gramercy UNION SQUARE PARK
West Village
NoHo
TriBeCa
Battery Park City
Civic Center
Financial District
NoLiTa
BROOKLYN
Lower East Side Chinatown
M A N H AT TA N N E I G H B O R H O O D S
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Alphabet City
Hudson Square SoHo
WASHINGTON SQUARE PARK
H E A T H E R
East Village
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Greenwich Village
Why Buy? The Benefits of Owning 1 4
Owning a home in New York City is not just a milestone; it’s an investment in your future and your lifestyle. Here’s why buying a home could be the right choice for you.
Capital Gains Exemptions
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When the time comes to upgrade or diversify, a 1031 exchange can allow you to defer capital gains taxes when reinvesting in another property—helping your wealth grow strategically. Note: this applies only to investment properties.
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1031 Exchanges for Future Investments
When you sell your primary residence, you may qualify for significant capital gains tax exemptions—up to $250,000 for individuals and $500,000 for couples—allowing you to keep more of your profits. Note: please consult your tax advisor for best guidance.
An Investment That Appreciates Real estate has historically been a strong hedge against inflation. As property values rise, so does the value of your investment.
A Path to Building Wealth With every mortgage payment, you’re building equity and securing your financial future. Unlike rent, which provides no return, homeownership offers a chance to grow your wealth over time.
A Home That Works for You Owning a home means it’s yours to shape. From renovations to the smallest personal touches, your space reflects your vision and lifestyle.
Your home is more than a place to live; it’s an asset that can provide security, growth opportunities, and the foundation for your next chapter.
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A Foundation for Your Future
The Emotional Reward of Ownership Owning a home is more than a financial investment; it’s a personal achievement. It brings a sense of pride, security, and belonging that renting simply can’t match.
Rent can fluctuate year-to-year, but owning your home ensures a stable and predictable monthly cost, giving you peace of mind.
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Stability for the Long Term
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Homeownership offers potential savings through tax deductions on mortgage interest and property taxes, adding real value to your investment.
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Tax Advantages for Savvy Buyers
The NYC Buying Journey Step-By-Step 1 6
Navigating the homebuying process in New York City is a detailed journey—this guide breaks down each essential step to help you understand what to expect and when, from your first agent meeting to the moment you receive your keys.
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Find an Agent
Obtain Lender Pre-Approval
Hire an Attorney
Tour Properties
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Due Diligence Review and Home Inspection
Offer Negotiation
Submit an Offer
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Conduct Appraisal
Finalize Mortgage
Prepare Board Package
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Board Interview (Co-Op Only)
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Closing Scheduled by Attorneys
Board Approves the Purchase
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Final Walkthrough
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Closing Welcome Home!
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Sign Contract and Place Deposit
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Understanding Each Step 1 8
Every detail matters when buying in New York City. This section outlines each stage of the process in detail–so you know exactly what to expect at every turn, from the initial search to the final closing.
SIGN CONTRACT AND PLACE DEPOSIT Once the offer is accepted and your attorney has completed due diligence you’ll sign the purchase agreement.
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HOME INSPECTION AND DUE DILIGENCE REVIEW During this stage, your attorneys will review the seller’s disclosures and other property documents to ensure all details align with your expectations.
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OFFER NEGOTIATION Negotiations refine the terms of your offer, including price, contingencies, and closing timeline. We will advocate on your behalf to secure favorable terms.
CONDUCT APPRAISAL As the initial step in finalizing financing, a home appraisal is conducted by your lender in order for them to confirm your home's market value for your lender. These steps ensure confidence in your investment.
PREPARE BOARD PACKAGE For Co-Ops and some condos, this step involves assembling detailed financial and personal information to submit to the building’s board for review.
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FIND AN AGENT Partnering with the right agent is crucial to navigating New York City’s competitive real estate market. We will start with a detailed buyer consultation to understand your needs, goals, and timeline. We’ll use this information to craft a personalized strategy and guide you through every step of the buying journey, ensuring a seamless and informed process.
FINALIZE MORTGAGE Work closely with your lender to finalize loan approval, lock in your interest rate, and prepare for closing.
TOUR PROPERTIES Explore homes that align with your preferences and needs. We will arrange showings, provide market insights, and help you identify the best fit.
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SUBMIT AN OFFER Once you’ve found the perfect property, we will draft and submit an offer that considers the market, property value, and your budget.
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HIRE AN ATTORNEY In New York, selecting a real estate attorney early is crucial as they will review and negotiate contracts, conduct title searches, guide the closing process, and resolve any legal issues, ensuring a smooth transaction as you focus on finding your dream home.
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OBTAIN LENDER PRE-APPROVAL A mortgage pre-approval establishes your budget and shows sellers you’re a serious buyer. This step involves working with a lender to review your financials and determine your borrowing capacity.
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BOARD INTERVIEW (FOR CO-OPS ONLY) If invited for an interview, you typically meet with several Co-Op board members at the building around a timeline set forth by the board. Post-Covid, many boards are still conducting interviews virtually. We will prepare you for your interview. BOARD APPROVES THE PURCHASE If you’re purchasing in a condo, the board must approve the transaction by waving their ‘Right of First Refusal'. This may include an interview and a thorough review of your board package. CLOSING SCHEDULED BY ATTORNEYS Once all documents and approvals are in place, your attorneys will schedule the closing date, ensuring a smooth transition of ownership.
FINAL WALKTHROUGH Before closing, you’ll revisit the property to confirm it’s in the agreed-upon condition and ready for move-in. CLOSING - WELCOME HOME At closing, you’ll sign the final paperwork, transfer funds, and officially receive the keys to your new home. This will likely be done virtually but can also happen in-person. Congratulations and welcome home! You are now officially a homeowner.
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Types of Ownership 2 2
When considering real estate in New York City, understanding the different types of property ownership is essential. Each structure—whether a Condo, Co-Op, Condop, or Townhouse—offers distinct advantages, responsibilities, and levels of control.
You own your individual residence outright plus a share of common areas (hallways, lobbies, amenities).
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Instead of buying real property, you buy shares in a corporation that owns the building.
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Ownership is secured by a deed; you pay property taxes directly to the city.
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In return, you receive a proprietary lease for a specific apartment.
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Monthly common charges cover building maintenance, staff, repairs and also typically includes water and gas, with electric consumption billed separately.
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Monthly maintenance fees cover building expenses, real estate taxes, and the building’s underlying mortgage.
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Managed by a Board of Directors, elected by the residents, which governs the building and reviews and approves buyer applications.
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Typically stricter financial requirements and governance, dictating rules such as subletting, pied-a-terres, rules and timelines around renovations.
Many condos have a "right of first refusal", allowing the board to approve or decline buyers. If the condo board does not waive the right of first refusal they have to buy the apartment.
Condop •
A hybrid model combining elements of both condos and Co-Ops.
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You purchase shares (like in a Co-Op), usually with board approval required.
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You have full ownership of the building and land (known as "fee simple" ownership).
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Operates under condo-like rules— offering more flexibility in governance and use.
Provides maximum autonomy—no boards, no shared governance.
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Common in mixed-use buildings (e.g., residential as Co-Op, commercial as condo).
You’re responsible for all decisions, maintenance, upgrades, utilities, and taxes.
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Often includes private outdoor spaces.
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May be a single-family residence or multi-unit property.
Offers a balance between Co-Op stability and condo freedom.
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Townhouse
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Generally fewer restrictions than Co-Ops.
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Cooperative (Co-Op)
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Condominium (Condo)
Comparisons and Data 2 4
In a market as nuanced as New York City, informed decisions start with the right data. This section provides sideby-side comparisons of Condos, Co-Ops, and Townhouses–along with key market insights–to help you weigh your options and choose the property type that best fits your lifestyle and goals.
• Shares in a corporation with a proprietary lease to occupy a specific unit.
• Fee simple ownership of the entire property and the land it sits on.
Monthly Costs
• Common charges, property taxes, and homeowners insurance.
• Maintenance fees, includes building upkeep, taxes, and the building's underlying mortgage.
• Property taxes, utilities, and insurance; no shared costs.
Financial Requirements
• Financing typically up to 80%
• Debt to income ratio below 28%. Post-closing liquidity varies from co-op to co-op. Financing amount variable depending on co-op, often capped at 50%.
• Subject to bank approval; more flexible than condos or CoOps.
Board Approval
• Less rigorous–no interview. Quicker to approve.
• Moderately to highly stringent, involves a thorough evaluation and a personal interview.
• None required; owners have full autonomy over their property.
Subletting Rules
• Typically flexible; subject to condo bylaws.
• Limited; often requires board approval and may have restrictions on duration and frequency.
• At the owner’s discretion, subject to local zoning and certificate of occupancy rules.
Closing Costs
• 3–7% of purchase price; may include capital contribution.
• Substantially lower than condos; flip tax often applies to sellers.
• 3–7% of purchase price; includes inspections and surveys.
Approximate Timeline
• 2–3 months from contract signing.
• 2–3 months from contract signing, depending on board review.
• 1–2 months, depending on financing and seller timeline.
Tax Benefits
• Real estate tax abatements may apply; property taxes are deductible. Buyer must consult with their accountant because property taxes are capped due to SALT.
• Some tax deductions are available for the owner’s share of taxes. Buyers must consult with their accountant because property taxes are capped due to SALT.
• Real estate tax abatements may apply. Property taxes and mortgage interest are deductible. The SALT deduction limits how much. Buyers must consult with their accountant because property taxes are capped due to SALT.
Lifestyle Flexibility
• Ideal for buyers seeking amenities and ease of maintenance.
• Stable and communityfocused; best for long-term, owner-occupiers.
• Offers privacy, autonomy, and a single-family lifestyle.
InvestorFriendly
• Yes, often attracts buyers looking for rental income.
• Rarely; board rules typically limit or prohibit subletting.
• Yes, as long as local zoning allows.
B U Y E R ' S
• Deed/Title to the unit and a share of common areas.
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Ownership Type
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TOWNHOUSE
T E A M
Co-Op
D O M I
CONDO
H E A T H E R
ASPECT
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Comparisons: Condo vs Co-Op vs Townhouse
Closing Costs in New York City: Condo vs Co-Op FEE
CONDO
Co-Op
Attorney
• Consult your attorney
• Consult your attorney
Lien Search Fees
• N/A - part of the title insurance process
• ~$350
Board Package Fees
• $500–$2,000
• $500–$2,000
Move-In Deposit
• $500–$1,000 (refundable)
• $500–$1,500 (refundable)
Move-In Fees
• $250–$500
• $250–$1,000
Common Charges or Maintenance Adjustment
• Prorated for the month of closing
• Prorated for the month of closing
Credit Check Fees
• $300–$500 per buyer
• $100–$300 per buyer
Recognition Agreement Fees
• N/A
• $200–$300
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New Development Closing Costs (Condo Only) FEE
COST
NYC Transfer Tax
• 1% (<$500,000), 1.425% (>$500,000)
NYS Transfer Tax
• 0.4% (<$3M), 0.65% (>$3M)
Transfer Tax Filing Fee
• $100
Mansion Tax Brackets: Applies to Condos, Co-Ops and Townhouses 1.00%: $1M–$2M
3.25%: $10M–$15M
1.25%: $2M–$3M
3.50%: $15M–$20M
1.50%: $3M–$5M
3.75%: $20M–$25M
2.25%: $5M–$10M
3.90%: $25M+
CONDO
Co-Op
• ~0–3% of loan value
• ~0–3% of loan value
Bank Application, Credit Check, etc.
• $400–$600
• $400–$600
Bank Attorney
• $900–$1,500
• $900–$1,500
Appraisal
• $300–$1,500
• $300–$1,500
Tax Escrow
• ~2–6 months of property taxes
• N/A
Mortgage Orientation Fee/ Rate
• ~0–3% of loan value
• ~0–3% of loan value
UCC1 Filing
• N/A
• $125
Recognition Agreement Fee
• N/A
• $200–$300
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Points
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FEE
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Estimated Bank Costs
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City & State Costs
Mortgage Recording Tax
• 1.8% (<$500K), 1.925% (>$500K)
• N/A
Recording Fees
• $250
• N/A
Title Insurance
• ~0.45% of purchase price
• N/A
Municipal Searches
• $350–$500
• N/A
Real Estate Tax Adjustment
• Prorated based on tax timing
• N/A
Mansion Tax
• See brackets below
• See brackets below
Residential Deed Transfer Title
• $75
• N/A
Fee Closer
• $100–$500
• N/A
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Co-Op
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CONDO
H E A T H E R
FEE
New Development 2 8
Buying in a new development comes with unique considerations that differ from resales. From timelines and financing terms to resale rules and finish flexibility, it’s essential to understand what you’re agreeing to before signing a contract. Here are the top five factors every buyer should keep in mind.
G U I D E B U Y E R ' S H O M E
Sponsors aren’t required to provide a firm closing date. If your timeline is far out, negotiate a clear “drop-dead” date to avoid indefinite delays.
Concessions
Sponsors are more likely to offer closing credits or cover taxes than reduce the price. Understand project-specific closing costs and current market conditions to gauge what’s negotiable.
Mortgage Contingencies
Most sponsors don’t allow mortgage contingencies, or restrict them to preferred lenders. Buyers should understand the risks of proceeding non-contingent and explore ways to reduce exposure.
Resale Restrictions
Some luxury buildings prevent resale within a year of closing, with penalties such as profit-sharing or fees. This ensures ownership stability and reduces competition with sponsor-held inventory.
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Deadline to Close
Unit Condition
The Sponsor's Offering Plan will detail the quality of materials for fit, finish and equipment. By State law, modifications are allowed if replacements are of equal or better quality. Upon completion a punch list is created pre-closing for minor issues, which are addressed post-close. Closings cannot be delayed due to these items.
NYC Transfer Tax
• 1% (<$500,000), 1.425% (>$500,000)
NYS Transfer Tax
• 0.4% (<$3M), 0.65% (>$3M)
Transfer Tax Filing Fee
• $100
Sponsor’s Attorney’s Fee
• $2,500-$5,000
Capital Contribution
• Two month’s worth of common charges are typically required at closing. Pricing varies based on purchase.
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COST
H E A T H E R
FEE
T E A M
New Development Closing Costs (Condo Only)
Partnerships and the Douglas Elliman Network 3 0
Whether you’re buying in New York City or exploring a secondary market, you don’t have to navigate it alone. With Heather’s strong digital presence and deep ties to Douglas Elliman’s global network of top agents, you’ll gain access to trusted connections, local expertise, and elevated service; wherever your next move takes you.
G U I D E B U Y E R ' S H O M E T E A M
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Heather is the Founding Chair of the New York Residential Agent Continuum (NYRAC) and currently sits on the Executive Committee. Her leadership position provides access to the exclusive network of top local agents, marketing opportunities and visibility to your listing. Heather is often quoted in the press for her industry insights and consistently focuses on producing relevant and timely thought-leadership among her peers.
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NYRAC
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Heather is a member of the esteemed Sports and Entertainment Division at Douglas Elliman. Through this specialized network of advisors dedicated to serving athletes, entertainers, and high-profile clientele, your property gains strategic exposure within a trusted national platform backed by one of the country’s leading luxury brokerages.
Douglas Elliman Advantage & Technology 3 2
Douglas Elliman redefines the home buying experience with exclusive access, cutting-edge tools, and a world-class network. Unlock unparalleled opportunities and seamless collaboration every step of the way.
G U I D E B U Y E R ' S H O M E
Elliman Global Douglas Elliman’s global platform provides buyers with access beyond local inventory. Through Elliman International and strategic partnerships with premier financial and real estate media platforms worldwide, the firm maintains strong relationships with high-networth individuals, global investors, and cross-border advisors. For buyers, this means deeper market intelligence, awareness of international demand trends, and connectivity to opportunities in major markets around the world. Whether purchasing a primary residence, pied-à-terre, or investment property, you benefit from a brokerage with true global perspective and reach.
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When you work with a Douglas Elliman agent, you are supported not only by their market expertise, but by one of the largest independent residential brokerages in the United States. With more than 6,600 agents across 115 offices nationwide, Douglas Elliman’s referral and professional network connects you to trusted advisors across major markets. This scale allows for seamless coordination, trusted introductions, and access to opportunities beyond New York City when your real estate goals extend further.
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The Douglas Elliman Network
Douglas Elliman enhances the buying journey through intelligent, client-centered technology designed to support, not replace, expert guidance. Tools such as Elliman Inspirations provide an AI-assisted home discovery and collaboration experience, allowing buyers to explore listings, compare properties, and refine preferences within a personalized, agentbranded environment. Combined with real-time communication and curated market insight from the Heather Domi Team, this technology creates a streamlined, informed, and highly strategic buying process.
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As a buyer working with a Douglas Elliman agent, you gain access to Elliman Private Listings, a curated network of properties shared exclusively within the Elliman agent community. These homes may not appear on public websites, offering opportunities that remain discreet and highly targeted. Through strategic access to this private marketplace, the Heather Domi Team can help you identify and evaluate select properties before they reach the broader market, giving you a meaningful advantage in competitive conditions.
Elliman Technology & Client Experience
H E A T H E R
Elliman Private Listings
Understanding Real Estate KEY TERM & PHRASES 3 4
Real estate comes with its own language, but you don’t need to be fluent to feel confident. In this section, we break down common terms and industry phrases so you can navigate the buying process with clarity and ease.
CONTRACT DEPOSIT A percentage of the agreed-upon purchase price paid by the buyer at the time of signing the contract.
APPRAISAL Assessment of the property’s market value, typically done for the purpose of obtaining a mortgage.
CONTRACT OF SALE A legally binding agreement between the buyer and seller outlining the terms of the transaction.
ASSESSMENT A fee charged by the building or municipality for specific improvements or services, such as new elevators or sidewalks.
DEBT-TO-INCOME RATIO (DTI) The percentage of an individual’s monthly gross income relative to the amount of debt owed.
BUYER CONSULTATION An initial meeting with an agent to discuss goals, needs, and the homebuying process. CAPITAL GAINS EXEMPTIONS Tax exemptions on the profits from selling a primary residence (up to $250,000 for individuals, $500,000 for couples). CLOSING COSTS Fees associated with finalizing the sale of a home, including attorney fees, taxes, and lender charges. CLOSING DAY The final step where ownership is transferred, documents are signed, and keys are handed over. CO-OP SHAREHOLDER Owner of a Co-Op unit, since what they are actually purchasing are shares of stock in the Co-Op corporation. COMMON CHARGE Monthly maintenance fee paid by condo owners. Property taxes are not included in the common charge.
EQUITY The value of a homeowner’s interest in their property, calculated as the market value minus any outstanding mortgage.
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DOWN PAYMENT The portion of the purchase price paid upfront by the buyer, typically a percentage of the home’s price.
ESCROW DEPOSIT Deposit of funds to be transferred upon completion of the deal. ESCROW A neutral third party that holds funds or documents during a transaction to ensure all conditions are met. FINAL WALKTHROUGH A final inspection of the property before closing to ensure it meets agreed-upon conditions. FINANCIAL STATEMENT A formal record of all your financial assets, debts, and liabilities.
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BOARD INTERVIEW A meeting with the Co-Op board as part of the approval process for purchasing a unit.
DISCLOSURE Information provided by the seller about the property’s condition or issues.
FIXED-RATE MORTGAGE A loan with a consistent interest rate and monthly payment for the life of the loan.
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BOARD APPROVES THE PURCHASE The stage when a Co-Op or condo board officially approves your purchase, often after a review and/or interview.
DEED A legal document transferring ownership of a property from the seller to the buyer.
FLIP TAX A tax levied by a Co-Op and paid by the seller when a sale is made. They are designed to generate funds for the Co-Op’s cash reserve.
H E A T H E R
BOARD APPLICATION For Co-Ops and condos, the process of submitting financial and personal information for board review.
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AMORTIZATION The gradual repayment of a loan through regular payments over time.
B U Y E R ' S
COMPARABLE SALES (COMPS) Recent sales of similar properties used to determine a property’s value.
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ADJUSTABLE-RATE MORTGAGE (ARM) A loan with an interest rate that can change periodically, typically based on market conditions.
INSPECTION A professional evaluation of a property’s condition, including its structure, systems, and potential issues. INTEREST RATE The cost of borrowing money, expressed as a percentage, set by the lender. LIEN SEARCH A background check on the property and the seller to ensure there are no outstanding debts or claims upon the property.
SPONSOR The entity responsible for developing a new building or converting an existing rental building to a condo or Co-Op. TAX ABATEMENT Newly constructed buildings sometimes receive abatements so that owners do not have to pay taxes on their units for a specified amount of time. TITLE A legal document proving ownership of a property.
LIEN A legal claim against a property for unpaid debts, such as taxes or contractor payments.
TITLE INSURANCE A policy protecting the buyer and lender against claims or disputes over property ownership.
LOAN-TO-VALUE RATIO (LTV) The ratio of the loan amount to the appraised value or purchase price of the property.
TOUR PROPERTIES The process of viewing homes to refine preferences and identify the ideal property.
MAINTENANCE FEE Fees paid by Co-Op shareholders that contribute to building operations.
WALKTHROUGH A final visit to the property to ensure everything is in order before closing.
MARKET VALUE The estimated price a property would sell for in the current market.
ZONING Regulations governing how a property can be used, such as residential, commercial, or mixed-use.
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MORTGAGE APPROVAL Final lender approval for the loan, securing financing for the property purchase. OFFER NEGOTIATION The process of refining the terms of an offer, including price, contingencies, and timelines. PIED-À-TERRE A secondary residence, typically used part-time. POST-CLOSING The amount of cash the buyer must have on hand after deducting the down payment and closing costs. PRE-APPROVED Advanced approval from a bank or other lending institution for a home mortgage. PRE-QUALIFIED An initial estimate of what level of loan you will likely be approved for, based on a general financial overview. RECORDING FEE A fee paid to the local government to officially report a sale of a home; usually paid by the buyer.
“Heather is one of the best NY has to offer. Our family began working with Heather over 10 years ago. We have worked with her as renters, sellers and landlords. No matter how small or large the transaction, Heather and her team provided the same extraordinary service. She is friendly, professional, adaptable and highly skilled. They were never rushed, or flustered and with each step went above and beyond.” – Levitt Office
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H O M E
B U Y E R ' S
G U I D E
Preparing to Purchase 3 8
When it comes to buying in New York City, having the right legal guidance is essential. In this section, we've partnered with top real estate attorneys to share key strategies and insights–so you can move forward with confidence, avoid common pitfalls, and be fully prepared for what’s ahead.
G U I D E B U Y E R ' S
A purchase CEMA (Consolidation, Extension, and Modification Agreement) allows a buyer to take over the seller’s existing mortgage, reducing the amount of new loan taxes owed at closing. This structure can save thousands in mortgage recording tax, and is especially valued in NYC where those taxes are significant. Purchase CEMAs require cooperation from both lenders and are most commonly used in highervalue transactions where the savings justify the added paperwork and coordination.
H O M E
Purchase CEMAS
–Alison Gaskin of Chaves Perlowitz Luftig
FIRPTA "FIRPTA (Foreign Investment in Real Property Tax Act) requires that 15% of the gross sales price be withheld when a foreign person sells U.S. real estate. Although it is a seller imposed tax, the buyer is responsible for ensuring the withholding is made and submitted to the IRS, or they may be held liable."
Upside and Downside of Buying in an LLC "Buying in an LLC offers two key benefits: anonymity in public records and liability protection—particularly for investment properties. For tax purposes, LLC income flows to individual members and is taxed at personal, not corporate, rates. The downside? If the property is a primary residence, you’ll forfeit the 17.5% tax abatement. And if purchasing a co-op, most boards won’t approve a purchase in an LLC’s name." –Pierre E. Debbas, Esq. of Romer Debbas, LLP
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"Parents should consider estate planning issues, and issues that could arise if the adult child decides to marry (or divorce)." –Ilyse Dolgenas of Withers Bergman LLP
Co-Op/Condo Tax Abatement "Purchasers must use the apartment as a primary residence, and they cannot own in an LLC. Trusts are eligible–but the beneficiary of the trust must reside in the apartment as a primary residence." –Ilyse Dolgenas of Withers Bergman LLP
T E A M
–Pierre E. Debbas, Esq. of Romer Debbas, LLP
Parents Buying with Adult Children
D O M I
"We generally don’t recommend buyers inspect an apartment, as access is limited to the unit itself— excluding key systems like the roof, boiler, and internal plumbing. Inspections typically cover only what the seller is already obligated to deliver in working order. An exception is smaller buildings (under 20 units), where we do recommend an inspection. These buildings often have lower reserve funds, so major repairs are funded through assessments. With fewer owners, those costs can be significantly higher per unit. "
–Alison Gaskin of Chaves Perlowitz Luftig
H E A T H E R
To Inspect or Not to Inspect
Preferred Vendors 4 0
Our Preferred Vendors list offers trusted recommendations for all your needs.
Gotham City Home Inspections Tony Castoro | 718.360.1868 tonyc@abrooklynhomeinspection.com
Cathy Lorenz Designs Cathy Lorenz | 917.612.1822 cathy@cathylorenzdesigns.com
Chase Anthony Hooks M 818.961.7628 l O 212.528.2202 anthony.r.hooks@chase.com
Dennis Home Inspection LLC Michael Chai | 718.225.2831 DennisHomeInspection@gmail.com
WAVERLY STAGING + DESIGN Jane Saidenberg | 917.856.3029 jane@waverly-staging.com
JSB Inc. Scott Bray | 631.724.4944 jsbinc@comcast.net
Ash Staging staging@ashnyc.com 212 518 3153
Professional Home Inspections Inc. Richard Perri | 718.828.9116 phi@richperri.com
IMG (Interiors Marketing group) Eleni Madiar | 929.459.0049 eleni@imgnyc.com
ATV Engineering Joe Pastaturo | 718.720.5088/516.524.1784 JoeP@AVTEngineering.com
Organizers
Europe Paint Corp Manny Skouloudis | 917.716.5931 mannypainter@outlook.com
Brett Helsham Designs Brett Helsham | 646.642.8082 brett@bretthelshamdeisgns.com
Paint Works NY Marc Ringe | 646.695.1630
Ash World Andrew Bowen | 212.518.3153 andrew@ash.world
General Contractors Sciame Construction Joseph G. Mizzi | 212.232.2200 j.mizzi@sciame.com Source Constuction Joe Di Palermo | 646.340.2220 jdipalermo@sourceconstruction.net
Architects Workshop/APD Jonathan Kaplan | 212.273.9712 jlk@workshopapd.com Block Renovation Jolene Gibb | jolene@blockrenovation.com Daniel Frisch Architecture and Zoom Contracting James H. Schreibl | 212.489.8941 studio@danielfrisch.com
Movers Oz Moving & Storage Peter Buntzen | 917.224.3673 Peter@ozmoving.com Steinway Moving & Storage Joe Hamill | 718.278.9090/607.221.5387 joe@steinwaymovers.com Piece of Cake Customer Service Team | 212.390.5737 customersuccess@mypieceofcakemove.com HDTEAM (Promo Code)
Media Hedhifi Mark Hurwitz | mark@hedhifi.com Hudson Films Giancarlo Paone | 732.713.7717 gpaone97@gmail.com
Grober Imbey Insurance Agency Nathan Lewkowicz | 516.872.9500 ext 3500 Nathan@giains.com Lemonade Online Only | 1.844.733.8666 help@lemonade.com Wolfson Insurance Brokerage Adam Wolfson | 212.683.2622 awolfson@globalcourage.com
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Painters
Chase Mackenna Interiors Cheryl-Chase Mackenna | 646.588.9458 cheryl@chasemackenna.com
Insurance Providers
Title Companies Titlevest Nick Malfitano | 646.429.3120 nmalfitano@firstam.com
Attorneys Romer Debbas Pierre Debbas M 212.888.3100 | O 646.599.6994 PDebbas@romerdebbas.com Chaves Perlowitz Luftig Andrew Luftig | 212.791.5993 al@cpllawfirm.com Withers Worldwide LLP Ilyse Dolgenas O 212.848.9818 | M 917.859.9529 Ilyse.Dolgenas@withersworldwide.com
Property Management XL Real Property Manager Dylan Pichulik | 212.203.8684 dylan@xl-rpm.com TopHat Erica Pittman | 646.316.0238 estimates@tophathomeservices.com
T E A M
Interior Designers
Bank of America Mitchell Cohen | 212.852.3602 mitchell.cohen@bofa.com
D O M I
CitiQuiet Windows Josh Lentin | 718.752.0490 josh@citiquiet.com
Citizens Private Bank Scott van der Marck | 631-836-1800 Scott.vandermarck@citizensprivatebank.com
H E A T H E R
Others
Urban Clarity Amanda Wiss |917.449.9700 amanda@urbanclarity.net
Wells Fargo Andrew Mendelsohn M 516.637.2881 | O 212.214.7765 Andrew@wellsfargo.com
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Lenders
B U Y E R ' S
Stagers
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Inspectors
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50 THINGS A BUYER’S AGENT DOES BEFORE THE HOME SEARCH
DURING THE HOME SEARCH
1. Conducts an initial buyer consultation to understand your needs, goals, and budget. 2. Educates you on the current market trends and conditions. 3. Helps you determine your financial readiness and connects you with trusted lenders for pre-approval. 4. Reviews your desired neighborhoods, amenities, and property preferences. 5. Creates a tailored home search plan based on your criteria. 6. Provides insights on potential future resale value of properties. 7. Explains the differences between Condos, Co-Ops, and Townhouses. 8. Guides you through the steps of the buying process. 9. Establishes a clear timeline for your search and purchase. 10. Sets up alerts for new listings and price changes to keep you informed.
11.
Scours public and private listing databases for suitable properties. 12. Provides access to Douglas Elliman Private Exclusives and other off-market opportunities. 13. Schedules and organizes showings at convenient times. 14. Tours properties with you and provides professional feedback. 15. Points out potential issues or concerns during property visits. 16. Advises on the pros and cons of each property in relation to your goals. 17. Keeps track of properties of interest and organizes them for easy collaboration 18. Researches and verifies property details such as taxes, maintenance fees, and ownership structure. 19. Provides detailed market analyses for properties you’re considering. 20. Updates you on competing offers and market activity in real time.
26. Coordinates property inspections and appraisals. 27. Reviews inspection reports and helps you understand the findings. 28. Negotiates repairs, credits, or adjustments based on inspection results. 29. Works with your lender to finalize loan approval and documentation. 30. We do our best to help ensure the property is appraised at or above the purchase price. 31. Reviews the purchase agreement to ensure all terms are met. 32. Assists with submitting Co-Op or condo board packages, if applicable. 33. Prepares you for board interviews, if required. 34. Collaborates with attorneys to ensure a smooth legal process.
40. Attends the closing to provide support and guidance. 41. Coordinates communication between all parties to ensure a smooth transaction. 42. Ensures keys, access codes, and other essentials are transferred to you. 43. Addresses any last-minute questions or issues that arise.
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DURING THE DUE DILIGENCE PHASE
AT CLOSING
H O M E
21. Crafts a competitive and strategic offer based on market data. 22. Negotiates the best price and terms on your behalf. 23. Presents your offer to the listing agent professionally and persuasively. 24. Explains contingencies and ensures they align with your needs. 25. Advises on earnest money deposits and their implications.
38. Prepares a closing checklist to ensure nothing is overlooked. 39. Provides you with a detailed breakdown of closing costs.
AFTER CLOSING 44. Provides recommendations for movers, contractors, and service providers. 45. Assists with setting up utilities and local services. 46. Checks in post-move to ensure everything is going smoothly. 47. Remains a resource for future real estate needs or questions. 48. Keeps you updated on the market value of your home over time. 49. Provides referrals to other Douglas Elliman agents for nationwide or international transactions. 50. Builds a lasting relationship to support your long-term real estate goals.
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WHEN YOU FIND “THE ONE”
– Habib, NoHo Condo Buyer
D O M I
"Working with Heather and her team has been fantastic. We had a very clear goal with tight timelines which Heather not only respected but delivered on. The professionalism and thoughtful advice throughout the process was very helpful and ultimately got us exactly what we were seeking."
H E A T H E R
35. Conducts a final walkthrough to ensure the property is in the agreed-upon condition. 36. Confirms that all repairs and seller obligations have been met. 37. Coordinates with attorneys and lenders to confirm all closing documents are ready.
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BEFORE CLOSING
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Looking for more information around buying in NYC? Send us an email or give us a call and request a copy of our additional guides and resources.
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heatherdomi.com Licensed Associate Real Estate Broker Licensed as Heather L. Domi NYRAC Founding Chairperson Sports & Entertainment Division Member heather@heatherdomi.com M: 917.566.6644 instagram @heatherdomi.nyc