Buying a Manhattan New York Condo as parents buying for children, you should PLAN AHEAD, and speak with all the parties involved (not you and your child but rather the right mortgage consultant/banker, accountant, a knowledgeable Manhattan Real Estate attorney, but first, you should contact us (917)837-8869 to start the conversation early.)
- If Buying all cash, and you are buying a condominium, the quickest we can close would be 45 days. If it is a cooperative, then it can be 90 or more days subject to condo board approval. If it is new construction condo, it can be two weeks up to unknown period of time depending on construction stage. IF Financing this can be much longer.
- Mortgage consultant: If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
- Accountant: If you are planning to co-purchase the condo with your child, be sure to discuss the possible tax complication you may have with your accountant. Speak to your accountant prior to your purchase can be very helpful.
- Manhattan Real Estate Attorney: In addition, speak to a local Real Estate attorney will be helpful as well since the local Manhattan Real Estate can also advise you what is the best way to structure the purchase and think about who/how should take the title of the deed.
Manhattan New York condo buyers frequent asked questions: