Manhattan New York Condo as parents buying for children (VIDEO)

By
Real Estate Agent with Douglas Elliman Real Estate

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.
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Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

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Topic:
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Comments 4 New Comment

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Rainmaker
881,825
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

This is a great explanation of the Manhattan condo buying process for your clients, Eileen.  And I love the video.  You look so comfortable doing it.

September 01, 2011 02:45 PM
Rainmaker
532,613
Morgan Evans
LICENSED REAL ESTATE SALESPERSON
Douglas Elliman Real Estate

Great outline of how Parents can buy for children in Manhattan New York condo market.

September 01, 2011 09:59 PM
Rainmaker
656,723
Eileen Hsu
LICENSED REAL ESTATE SALESPERSON
Douglas Elliman Real Estate

Hi Jane, thanks for the compliment, I think the video blog thing takes practice and well prepared material and it can be very easy.

September 01, 2011 10:01 PM
Rainmaker
532,613
Morgan Evans
LICENSED REAL ESTATE SALESPERSON
Douglas Elliman Real Estate

Great video for buyers understand the market better.

July 11, 2012 11:31 AM
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Rainmaker
656,723

Eileen Hsu

LICENSED REAL ESTATE SALESPERSON
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