Author Archives: Eric P. Gonchar

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About Eric P. Gonchar

Eric P. Gonchar is an independent real estate broker & owner of Gonchar Real Estate in New York, NY.
EMAIL: goncharrealestate@gmail.com
BIO: About Eric
PHONE: 917-734-2231

THE CERTIFICATE OF OCCUPANCY*
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THE CERTIFICATE OF OCCUPANCY* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

We have all heard the term “Certificate of Occupancy” when involved with a real estate transaction but many of us do not the full ramifications of what it is and what the New York City Building Department (DOB) requires. Don’t underestimate the importance of the Certificate of Occupancy. Whether you’re buying, renovating, or in a legal tussle with a landlord, you’ll occasionally hear talk of the “CO,” “C of O,” or Certificate of Occupancy. And while this legal document isn’t exactly the sexiest part of any real estate transaction, there’s a whole lot of power in this little piece of paper, so much so that it has the clout to win legal cases, end negotiations, put the kibosh on your mortgage, and more.

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DECIDING TO PURCHASE A CONDOMINIUM OR COOPERATIVE APARTMENT*
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DECIDING TO PURCHASE A CONDOMINIUM OR COOPERATIVE APARTMENT* | Eric P. Gonchar

©Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

Before purchasing a condo or co-op apartment, it is imperative that the Purchaser understand the significant differences between the two types of ownership. There are numerous legal and financial differences.

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LEGAL REPRESENTATION FOR REAL ESTATE PURCHASES AND SALES*
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LEGAL REPRESENTATION FOR REAL ESTATE PURCHASES AND SALES* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

The selection of a seasoned, competent and communicative attorney may be the single most important relationship in a real estate transaction. Now more than ever choosing an attorney who is sufficiently competent and whose fee is reasonable and customary is not the only two criteria to select a lawyer. A seller or purchaser should retain an attorney who is competent and experienced, who can protect your interests, who understands the market and who can help and not hinder the transaction.  Remember, if your attorney fails to include important provisions or negotiate a provision properly, the only person that will suffer is the client.

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A CO-OP’S GUIDE TO REFINANCING AN UNDERLYING MORTGAGE*
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A CO-OP’S GUIDE TO REFINANCING AN UNDERLYING MORTGAGE* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

Refinancing an underlying mortgage of a cooperative corporation is a complex, time· consuming and expensive transaction. There are numerous tasks a corporation can do to prepare for a successful closing. The following is an outline of what can be done by the Board of Directors to pre-qualify the cooperative corporation for an underlying mortgage with a lender.

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SAVING NEW YORK STATE MORTGAGE RECORDING TAX*
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SAVING NEW YORK STATE MORTGAGE RECORDING TAX* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

Purchasing a new home can be a very costly venture for a purchaser. The costs involve more than just the price of the property. Purchasers will face a string of settlement costs especially when a loan is involved. These loan costs include everything from loan origination fees to appraisal charges to credit report costs to lender legal fees. Each year closing costs continue to rise because lenders are required to comply with the ever-changing mortgage regulations and stricter lending requirements.

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NEW LAWS AFFECTING AIRBNB STARTING 2017*
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NEW LAWS AFFECTING AIRBNB STARTING 2017* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

As most of know, Airbnb is a peer-to-peer online marketplace and network enabling people to list and rent short-term lodging in residential properties, with the cost of such accommodation set by the property owner.

Airbnb was founded in August of 2008 and is based in San Francisco, California. It has become a trusted community marketplace for people to list, discover, and book on-line o from a mobile phone, unique accommodations around the world at any price point and for any type of property (ranging from a small apartment to a large mansion). The company receives percentage service fees from both guests and hosts in conjunction with every booking. In 2006, Airbnb was said to have over 2,000,000 listings in 34,000 cities and 191 countries. While there are other recognized companies like Homeaway, One Fine Stay, For Rent by Owner, Airbnb has been the leading company for people to monetize their extra space and showcase it to an audience of millions.

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REAL ESTATE DUE DILIGENCE (Part 2 of 2)*
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REAL ESTATE DUE DILIGENCE (Part 2 of 2)* | Eric P. Gonchar

©2013 Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

This is part 2 of a 2 section article about conducting due diligence on real estate transactions and should be read in conjunction with the sister article.

Financing The Purchase – While Condominiums generally do not set limitations on how much a purchaser may borrow, co-ops generally do. The purchaser must first determine if the co-op will allow the buyer to purchase the apartment with a loan which is secured by a pledge of the shares of the co-op. Many older co-ops do not allow financing at all. For those co-op’s that do allow financing, it is important to determine what the financing limitations are before the contract is signed. If the purchaser wants to finance 80% of the sales price but the co-op only allows 70%, then the transaction should not proceed.

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REAL ESTATE DUE DILIGENCE (Part 1 of 2)*
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Authored by , re: Commercial Real Estate, REAL ESTATE ARTICLES, Residential Real Estate, on .
REAL ESTATE DUE DILIGENCE (Part 1 of 2)* | Eric P. Gonchar

©2013 Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

This is part 1 of a 2 section article about conducting due diligence on real estate transactions and should be read in conjunction with the sister article.

One of the most important, if not the most important, parts of any real estate transaction is conducting a thorough due diligence review of the property to be purchased. The prospective purchaser should investigate the property thoroughly before signing a contract of sale.

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CUSTOMARY PROVISIONS IN A LETTER OF INTENT FOR A COMMERCIAL LEASE*
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CUSTOMARY PROVISIONS IN A LETTER OF INTENT FOR A COMMERCIAL LEASE* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

In a prior article, we examined the preliminary considerations for a Tenant in leasing retail or commercial space. Once the Tenant has a space picked out, it is time to understand the lease terms and negotiate the lease. The terms of the Lease will be summarized in a document called a “Letter of Intent.” This can be a complicated process, especially considering all the legal terminology and lease-speak that is often more confusing than it is helpful.  Keep in mind, a larger more well established Tenant may have more of an ability to negotiate better terms than a new start-up company without any experience.

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PRELIMINARY CONSIDERATIONS FOR A TENANT IN LEASING RETAIL OR COMMERCIAL SPACE*
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PRELIMINARY CONSIDERATIONS FOR A TENANT IN LEASING RETAIL OR COMMERCIAL SPACE* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

There are many considerations a Tenant must take into account before deciding to lease commercial space. But even before finding the right space, in the right neighborhood at the right rent, the Tenant must be prepared to provide certain financial and personal information to the Landlord.

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CLOSING DATES & “TIME OF THE ESSENCE” CLOSING*
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CLOSING DATES & “TIME OF THE ESSENCE” CLOSING* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

Sometimes the most negotiated point in a contract of sale for the purchase of real property (including the purchase of a co-op) is the closing date. There are many variables that affect the closing date some of which are in the control of the seller and purchaser and some of which are not.

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LOT LINE WINDOWS – BUYERS BEWARE!*
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LOT LINE WINDOWS – BUYERS BEWARE!* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

A “lot line window” is a window that is built on a side of a building that shares a boundary line with a neighboring property.  If the adjacent building is built up to or higher than this window, then the lot line window will likely need to be sealed off. For example, Unit 8A has a living room window that faces North. The adjoining property owner on the North builds a 10 story building blocking the windows of Unit 8A. Lot line windows will not affect an owner as an apartment dweller unless your neighbors build up to the level of your apartment or higher.  The concern for a purchaser is that a lot line window that is never disclosed and years later an adjoining building is constructed resulting in the window being permanently closed. In the event such obstruction occurs, the owner would be required to close up the window (usually at the owner’s own trouble and expense), losing both natural light and view.

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THE BOARD APPLICATION PROCESS*
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THE BOARD APPLICATION PROCESS* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

Every cooperative and condominium apartment purchase generally requires some sort of board application. Some applications can be very lengthy (particularly co-op applications) while others can be quite simple. Recently, condo applications have become very cumbersome particularly for luxury buildings. Co-op’s have always had some control as to who buys in the building by requiring a detailed board application from the purchaser. But now condominiums have gotten on the band wagon and have started to require very detailed and lengthy applications.

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POST CLOSING OCCUPANCY AGREEMENTS*
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POST CLOSING OCCUPANCY AGREEMENTS* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

Working out the logistics of a seller moving out of one apartment and into a new apartment can be very sensitive and complicated. If the two closings cannot be handled simultaneously, then the seller will need to move out of the existing property, place his or her belongings in storage and stay in a hotel until the purchase can be completed. This can be a very large hassle and expense to the seller.

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