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
HEATHER DOMI
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.
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.
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.
Heather is a member of the exclusive Sports & Entertainment Division at Compass. The prestigious division offers a national network of specialists dedicated to helping athletes and artists find their perfect home. With connections to over 160 top-tier agents representing high-profile clientele and backed by the marketing and tech prowess of a national brokerage, Heather is equipped to elevate the luxury real estate experience for those navigating fastpaced, high-stakes lifestyles.
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.
Trust in Numbers
$2B SOLD IN RESIDENTIAL REAL ESTATE IN NEW YORK CITY & SOUTH FLORIDA
200K+
AVERAGE MONTHLY INSTAGRAM IMPRESSIONS
1,500+
BUYERS & SELLERS SUPPORTED 13K+
FOLLOWERS ACROSS SOCIAL MEDIA PAGES
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.
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.
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.”
– John, Greenwich Village
“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!”
– Sarah S.
“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.”
– Gorjana, West Village
HEATHER DOMI TEAM
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.
LUXURY REAL ESTATE SPECIALIST
m: 646.269.7236
ian.wolf@compass.com
LUXURY REAL ESTATE SPECIALIST
M. 214.616.8770
caroline.walker@compass.com
SENIOR BUSINESS DEVELOPMENT MANAGER
m. 917.743.5769
mya.dunlop@compass.com
HEAD OF OPERATIONS
m. 703.244.7768
andrew.perry@compass.com
Heather Domi Team
Experience
Unlock unparalleled representation with the Heather Domi Team–powered by deep market knowledge, 50+ years of combined industry insight, and the expansive resources of Compass’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.
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.
Entrust
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.
STATEN ISLAND
NEW JERSEY BOROUGHS
THE BRONX NEW YORK
BROOKLYN
QUEENS
MANHATTAN
MANHATTAN
QUEENS
BROOKLYN
Why Buy? The Benefits of Owning
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.
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.
Tax Advantages for Savvy Buyers
Homeownership offers potential savings through tax deductions on mortgage interest and property taxes, adding real value to your investment.
Stability for the Long Term
Rent can fluctuate year-to-year, but owning your home ensures a stable and predictable monthly cost, giving you peace of mind.
1031 Exchanges for Future Investments
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.
Capital Gains Exemptions
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 Foundation for Your Future
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.
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.
The NYC Buying Journey
Step-By-Step
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.
Understanding Each Step
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.
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.
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.
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.
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.
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.
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.
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.
SIGN CONTRACT AND PLACE DEPOSIT
Once the offer is accepted and your attorney has completed due diligence you’ll sign the purchase agreement.
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.
FINALIZE MORTGAGE
Work closely with your lender to finalize loan approval, lock in your interest rate, and prepare for closing.
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.
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.
Types of Ownership
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.
Condominium (Condo)
• You own your individual residence outright plus a share of common areas (hallways, lobbies, amenities).
• Ownership is secured by a deed; you pay property taxes directly to the city.
• Monthly common charges cover building maintenance, staff, repairs and also typically includes water and gas, with electric consumption billed separately.
• Generally fewer restrictions than Co-Ops.
• 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.
• You purchase shares (like in a Co-Op), usually with board approval required.
• Operates under condo-like rules— offering more flexibility in governance and use.
• Common in mixed-use buildings (e.g., residential as Co-Op, commercial as condo).
• Offers a balance between Co-Op stability and condo freedom.
Cooperative (Co-Op)
• Instead of buying real property, you buy shares in a corporation that owns the building.
• In return, you receive a proprietary lease for a specific apartment.
• Monthly maintenance fees cover building expenses, real estate taxes, and the building’s underlying mortgage.
• Managed by a Board of Directors, elected by the residents, which governs the building and reviews and approves buyer applications.
• Typically stricter financial requirements and governance, dictating rules such as subletting, pied-a-terres, rules and timelines around renovations.
Townhouse
• You have full ownership of the building and land (known as "fee simple" ownership).
• Provides maximum autonomy—no boards, no shared governance.
• You’re responsible for all decisions, maintenance, upgrades, utilities, and taxes.
• Often includes private outdoor spaces.
• May be a single-family residence or multi-unit property.
Comparisons and Data
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.
Comparisons: Condo vs Co-Op vs Townhouse
Ownership Type
• Deed/Title to the unit and a share of common areas.
Monthly Costs Common charges, property taxes, and homeowners insurance.
Financial Requirements
• Financing typically up to 80%
Board Approval Less rigorous–no interview. Quicker to approve.
Subletting Rules Typically flexible; subject to condo bylaws.
• Shares in a corporation with a proprietary lease to occupy a specific unit.
Maintenance fees, includes building upkeep, taxes, and the building's underlying mortgage.
• 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%.
Moderately to highly stringent, involves a thorough evaluation and a personal interview.
Limited; often requires board approval and may have restrictions on duration and frequency.
• Fee simple ownership of the entire property and the land it sits on.
Property taxes, utilities, and insurance; no shared costs.
• Subject to bank approval; more flexible than condos or CoOps.
None required; owners have full autonomy over their property.
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.
Approximate Timeline
Tax Benefits
Lifestyle Flexibility
• 2–3 months from contract signing.
Real estate tax abatements may apply; property taxes are deductible. Buyer must consult with their accountant because property taxes are capped due to SALT.
• Ideal for buyers seeking amenities and ease of maintenance.
InvestorFriendly Yes, often attracts buyers looking for rental income.
• Substantially lower than condos; flip tax often applies to sellers.
• 2–3 months from contract signing, depending on board review.
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.
• Stable and communityfocused; best for long-term, owner-occupiers.
• 3–7% of purchase price; includes inspections and surveys.
• 1–2 months, depending on financing and seller timeline.
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.
• Offers privacy, autonomy, and a single-family lifestyle.
Rarely; board rules typically limit or prohibit subletting. Yes, as long as local zoning allows.
Closing Costs in New York City: Condo vs Co-Op
FEE CONDO Co-Op
Attorney
Lien Search Fees
Board Package Fees
Move-In Deposit
Move-In Fees
Common Charges or Maintenance Adjustment
Credit Check Fees
• Consult your attorney
• N/A - part of the title insurance process
$500–$2,000
$500–$1,000 (refundable)
• $250–$500
• Consult your attorney
• ~$350
$500–$2,000
$500–$1,500 (refundable)
• $250–$1,000
Prorated for the month of closing Prorated for the month of closing
• $300–$500 per buyer
Recognition Agreement Fees N/A
New Development Closing Costs (Condo Only)
• $100–$300 per buyer
$200–$300
NYC Transfer Tax
NYS Transfer Tax
Transfer Tax Filing Fee
• 1% (<$500,000), 1.425% (>$500,000)
• 0.4% (<$3M), 0.65% (>$3M)
• $100
Mansion Tax Brackets: Applies to Condos, Co-Ops and Townhouses
Estimated Bank Costs
City & State Costs
New Development
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.
Deadline to Close
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.
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.
New Development Closing Costs (Condo Only)
$2,500-$5,000 Capital Contribution
• Two month’s worth of common charges are typically required at closing. Pricing varies based on purchase.
Partnerships and the National Compass Network
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 Compass’s national network of 35K+ top agents, you’ll gain access to trusted connections, local expertise, and elevated service–wherever your next move takes you.
Heather is a member of the esteemed S&E Division at Compass. Supporting more than 160+ partner agents, in 70+ markets across the nation, your listing will gain exposure across the S&E platform.
NYRAC
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.
Compass Advantage & Technology
Compass 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.
Compass Private Exclusives
As a buyer working with a Compass agent, you gain exclusive access to Compass Private Exclusives—a network of thousands of off-market listings that cannot be found anywhere else. These homes are privately shared within Compass, giving you an edge in your search by allowing you to explore some of the most desirable properties before they hit the public market. This unique access ensures that you’re always one step ahead in finding the perfect home.
Compass Collections
Imagine the Pinterest of real estate—that’s Compass Collections. This curated visual workspace allows you and your agent to collaborate seamlessly in real time. You can save and organize homes, centralize your discussions, and monitor market changes with immediate price and status updates. Compass Collections makes your home search efficient, interactive, and tailored to your needs, ensuring a streamlined and enjoyable buying experience.
The Compass Network
When you work with a Compass agent, you’re not just gaining local expertise—you’re tapping into one of the largest and most powerful referral networks in the world. With access to top-tier agents across the nation and globally, Compass ensures you’re connected to the best professionals in the industry, whether you're buying a second home, relocating, or exploring international opportunities. This unparalleled network provides you with a seamless experience and access to extraordinary properties worldwide.
Compass One
Compass One is your personalized real estate command center–designed to simplify your entire buying journey. From saving listings and scheduling showings to managing documents and staying in sync with your agent, Compass One puts everything you need into one intuitive, centralized platform. It's real estate, streamlined.
Understanding Real Estate
KEY TERM & PHRASES
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.
ADJUSTABLE-RATE MORTGAGE (ARM)
A loan with an interest rate that can change periodically, typically based on market conditions.
AMORTIZATION
The gradual repayment of a loan through regular payments over time.
APPRAISAL
Assessment of the property’s market value, typically done for the purpose of obtaining a mortgage.
ASSESSMENT
A fee charged by the building or municipality for specific improvements or services, such as new elevators or sidewalks.
BOARD APPLICATION
For Co-Ops and condos, the process of submitting financial and personal information for board review.
BOARD APPROVES THE PURCHASE
The stage when a Co-Op or condo board officially approves your purchase, often after a review and/or interview.
BOARD INTERVIEW
A meeting with the Co-Op board as part of the approval process for purchasing a unit.
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.
COMPARABLE SALES (COMPS)
Recent sales of similar properties used to determine a property’s value.
CONTRACT DEPOSIT
A percentage of the agreed-upon purchase price paid by the buyer at the time of signing the contract.
CONTRACT OF SALE
A legally binding agreement between the buyer and seller outlining the terms of the transaction.
DEBT-TO-INCOME RATIO (DTI)
The percentage of an individual’s monthly gross income relative to the amount of debt owed.
DEED
A legal document transferring ownership of a property from the seller to the buyer.
DISCLOSURE
Information provided by the seller about the property’s condition or issues.
DOWN PAYMENT
The portion of the purchase price paid upfront by the buyer, typically a percentage of the home’s price.
EQUITY
The value of a homeowner’s interest in their property, calculated as the market value minus any outstanding mortgage.
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.
FIXED-RATE MORTGAGE
A loan with a consistent interest rate and monthly payment for the life of the loan.
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.
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.
LIEN
A legal claim against a property for unpaid debts, such as taxes or contractor payments.
LOAN-TO-VALUE RATIO (LTV)
The ratio of the loan amount to the appraised value or purchase price of the property.
MAINTENANCE FEE
Fees paid by Co-Op shareholders that contribute to building operations.
MARKET VALUE
The estimated price a property would sell for in the current market.
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.
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.
TITLE INSURANCE
A policy protecting the buyer and lender against claims or disputes over property ownership.
TOUR PROPERTIES
The process of viewing homes to refine preferences and identify the ideal property.
WALKTHROUGH
A final visit to the property to ensure everything is in order before closing.
ZONING
Regulations governing how a property can be used, such as residential, commercial, or mixed-use.
“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
Preparing to Purchase
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.
To Inspect or Not to Inspect
"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. "
–Pierre E. Debbas, Esq. of Romer Debbas, LLP
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
Purchase CEMAS
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.
–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."
–Alison Gaskin of Chaves Perlowitz Luftig
Parents Buying with Adult Children
"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
Preferred Vendors
Our Preferred Vendors list offers trusted recommendations for all your needs.
Inspectors
Gotham City Home Inspections
Tony Castoro | 718.360.1868 tonyc@abrooklynhomeinspection.com
Dennis Home Inspection LLC
Michael Chai | 718.225.2831 DennisHomeInspection@gmail.com
JSB Inc.
Scott Bray | 631.724.4944 jsbinc@comcast.net
Professional Home Inspections Inc.
Richard Perri | 718.828.9116 phi@richperri.com
ATV Engineering
Joe Pastaturo | 718.720.5088/516.524.1784 JoeP@AVTEngineering.com
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 Compass 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 in Compass Collections 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.
WHEN YOU FIND “THE ONE”
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.
DURING THE DUE DILIGENCE PHASE
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.
BEFORE CLOSING
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.
38. Prepares a closing checklist to ensure nothing is overlooked.
39. Provides you with a detailed breakdown of closing costs.
AT CLOSING
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.
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 Compass agents for nationwide or international transactions.
50. Builds a lasting relationship to support your long-term real estate goals.
"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."
– Habib, NoHo Condo Buyer
heatherdomi.com
Licensed Associate Real Estate Broker
Licensed as Heather L. Domi
NYRAC Founding Chairperson
Sports & Entertainment Division Member heather@compass.com
