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New York City First time home buyer and Investor MUST READ! The Financial Report of the Building pt. 3 of 5!
Part 3 - KNOW THE FINANCIAL REPORT OF THE BUILDING:
Whether you are a first time buyer or a seasoned investor buying a New York City Condo, Co-Op, Condop, or Townhouse it is important to understand the full financial picture of the building. When you are buying an apartment, besides buying the single apartment unit in the multi-dwelling complex you are also buying into a building. Having a financially sound building can help avoid any future unexpected costs.  A number of common questions usually asked by prospective buyers are does this building have any upcoming assessment, what is the underlying mortgage, if so how much, and what is the tax deductibility in this building.   Your attorney as part of their due diligence will go over the buildings financial documents, but here is an overview of the major areas that you as a buyer should be aware of. 
A building's financial statements are made up of three different areas: Income, Expenses, and Assets. The amount of cash and/or reserve fund that is held by the co-op or the condominium makes up the asset portion of the financial statement. The cash on hand is the amount of liquid assets held by co-op or the ... more

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