- Alcove
- An area adjoining the living room space of an apartment. It is generally less than 100 square feet and is not considered a full room, but often called a half room.
- Alcove Studio
- This is either a one and a half or two room apartment with a separate alcove, often L-shaped, which can be used as a sleeping area.
- Appraiser
- An expert who officially estimates the worth, value, or quality of a property for a mortgage. Done on behalf of a bank, the appraisal ensures that the property meets the adequate requirements for the bank.
- Assessment
- A payment requested by the board of directors of a co-op or condominium to make a capital improvement or provide an essential service.
- Assignment
- The right to transfer a contract or a lease from one party to another. The term is often used to describe the process of assigning one's primary lease to that of a second party until the end of the term.
- Board Approval
- A condition when dealing with a co-op, that the seller must obtain approval from the Board of Directors as a prerequisite to transferring shares.
- Brownstone
- These are typically 4 to 6 story buildings built in the 1800's through the early 1900's. They are either single-family houses or have been converted over the years into multiple apartments. Generally, these buildings afford more "charm", with features such as gardens, fireplaces, beautiful floors and ornamental wood moldings. The term “brownstone” refers to the type of material used as facing on the front of the structure.
- Building Codes
- Regulations fully stating the structural requirements for a building.
- By-laws
- Rules under which the condominium and co-op associations operate.
- Capitol Improvement
- An improvement to real estate, usually increasing the
value of the property. Such an improvement may include a new roof, new
windows or a new elevator.
- Certificate of Occupancy
- (CO) A document stating that a building is ready and fit for occupancy. Each building in New York City possesses a Certificate of Occupancy, which outlines the legal uses of the piece of property.
- Co-broke
- An agreement between two brokerage firms to share a listing and the commission of that listing. This means that the brokerage firm representing the owner of the property will split the commission on a 50/50 basis with the brokerage firm that brings the buyer or tenant to the property and is able to conclude a transaction.
- Combined Apartment
- When an apartment owner takes two separate yet adjoining apartments and combines them into a larger single apartment. The city of New York has streamlined this process so that the procedure is far less cumbersome.
- Commitment Letter
- A legally binding letter, issued by a bank, to provide funds as specified to the written terms and conditions.
- Condominium
- A type of apartment ownership in which the owner owns real property, yet the apartment is part of a much larger building in which other owners own individual units. Each owner receives a unit deed and proof of ownership.
- Conversion
- A term used to describe the change in usage or ownership type of a building. An owner of a building may do this in order to derive the best financial means from his/her property.
- Convertible
- An apartment with an alcove off of the living room which can be converted into a bedroom or used for dining.
- Co-operative
- When a corporation owns a building, and therefore purchasers receive shares of stock in the corporation along with a proprietary lease for their apartment.
- Duplex
- An apartment with 2 floors or levels, not two apartment units.
- Exclusive Agency listing
- The owner of the property and the broker both have the right to represent the apartment. If the owner finds a buyer, he/she can sell the property on their own and exclude the broker from any commission.
- Exclusive Right to Sell
- A listing promoted by a single broker for which
he/she has been hired by an owner to market his/her apartment. The
individual broker has the right to earn a commission in the event that the
property sells during the term of the exclusive.
- Fixed Rate
- An interest rate that remains constant over the term of the
loan.
- Flip Tax
- A levy issued on the transfer of ownership, imposed by the
co-operative corporation or condominium association, against either the
seller or buyer. This fee could be a percentage of the gross sale, a
percentage of the net sale, a percentage of the gain, a fee based on the
number of shares held by the shareholder, or a fixed amount determined by
the co-operative. .
- Floating Rate
- An interest rate on a loan that fluctuates with the
prevailing rates offered to lending institutions.
- Full Service Building
- A building that employs both a concierge and full
time doorman. Other amenities often include: health clubs and swimming
pools, valet services and parking garages
- Lien
- A legal right or claim on a property, held until a debt is paid.
- Loft Building
- Buildings previously built for commercial or manufacturing
purposes and are now used for residential living spaces, or newly
constructed as loft buildings. The spaces typically offer higher ceilings,
open spaces, and rarely have a doorman.
- Maintenance
- This refers to the amount of monthly charges paid by an
individual co-operative owner to the co-operative as their proportionate
share of the expenses of the building.
- Market Value
- Following the analysis of current market conditions, the most
probable price that a property should be listed at in the open market
- Mortgage
- An agreement with a lending institution to provide an individual
with a loan to cover a large percentage of the purchase price of a property.
- Open House
- A time, scheduled and advertised by the broker, to get a large
number of people and/or other brokers through the property in a short period
of time.
- Open Listing
- A listing offered to the brokerage community by an apartment
owner, a developer, or a management firm. This type of listing often allows
a broker to earn a larger fee than if the property were being marketed by a
co-operating broker.
- Offering Plan
- A document issued by a sponsor in the process of converting
a building or developing a new building. It provides full disclosure of all
relevant information regarding the property.
- Pre-War Building
- Prewar buildings are those built before World War II.
These buildings are usually ten to twenty stories; provide spacious
apartment layouts, and gracious architectural amenities.
- Post War Building
- Built between the late 1940's through the 1970's. They
are generally hi-rise and are constructed of white, red or brown brick. They
have ample closets, live-in superintendent and laundry facilities.
- Real Property
- A piece of land and generally anything that is erected upon
that land.
- Security Deposit
- A rental tenant will put down a security deposit on an
apartment so that the owner of the apartment has security against any
potential damages in the apartment during the term of tenancy.
- Studio
- One or two rooms with combined living and sleeping area.
- Tax Abatement
- A reduction in the amount of real estate tax due over a
period of time.
- Walk-Up Building
- 4 to 5 story buildings with no elevator and usually no
doorman. They were originally constructed as multi-family housing and lack
the charm and elegance of traditional brownstones or townhouses.
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