A chronological summary of the recorded instruments and proceedings on the title of a property.

The right to use or control the space above a property. Air Rights can also be sold, rented or leased to another party. These build able rights are determined by city zoning regulations and public need.

An estimate of the value of the property. One may have an appraisal to determine the offering price during the sale of a property.

The process whereby rights or a contract is transferred from one party to another. Assigned contracts can include mortgages, leases and deeds of trust.

A state licensed sales agent who acts for property owners and prospective purchasers in Real Estate transactions.

A 19th century home which shares a common wall with the neighboring property.

The assets and usage that buildings offer its owners or tenants. These can include a doorman, health club, lounge, valet parking etc.

Requirements and other criteria in building codes that can influence the size and appearance of the building.

An improvement that will have a life of more than one year and will increase the value of the property.

When a building is required to have a Certificate of Occupancy which permits the structure to be occupied by members of the public. This means that the building is in compliance with health and building regulations.

The process of transferring ownership of a property from the seller to the buyer according to the sales agreement.

When a broker sends out their listing to other brokers and other agencies, this is called a “co-broke”. The brokerage community then receives the listings and the commission will be split between the seller's broker and the agency that provides the buyer for the property.

Fee paid to the broker for his or her efforts on marketing and selling the property. It is usually a percentage or set amount of the total purchase price.

The sharing of the commission between the listing agent/broker and buyer’s agent/broker.

The area on the property or in a building that is available for use to all the owners and tenants.

Used in assessing or determining the fair market value (FMV) of a property, a property which has been sold recently that is similar in size, condition, location and amenities.

A building where individuals own seperate units but share common areas within the building with other unit owners. Much more liberal type of ownership than Coops, Condominiums are also more lenient in regards to subletting & pet policies.

A legally binding agreement between two parties. To have a valid contract for the sale of Real Estate there must be the following:
          • an offer
          • an acceptance
          • competent parties
          • consideration
          • legal purpose
          • written documentation
          • description of the property
          • signatures of the principals

Property changing to a different form of ownership, such as a condominium to a cooperative or a commercial building to a residential building.

A one or two bedroom apartment that has enough space to make another bedroom within the unit. The other bedroom can be made with the construction of a partition wall; however, the new bedroom must have a window in order for it to be legal.

Another type of ownership of a property. This is when the individual unit owners own shares in the cooperative building and do not own the actual property. The amount of shares owned is determined by the value and size of the apartment. The cooperative building owns all of the units and the purchaser is buying stock in the building.

A written document by which title of property is expressed from one party to another.

An apartment unit that has two levels.

A state where consideration, benefits, legal rights, money, documents or other valuables are transferred to another party in advance of that party's legal claim to them, on the basis that the legal claim will arise at a given point in the future. It is a form of trust.

The word used to describe the collection of all assets of a deceased person. Also, the extent of interest a person has in real property.

The interest of real property that ends with the death of a person.

This is used to describe the condition of the apartment; “mint”, “great”, fantastic” are other words for excellent meaning the apartment is in phenomenal condition.

A contract whereby the owner of a property grants a single agent/broker the right to market the property for sale.

The front exterior wall of a property.

Borrowing money from a lender to purchase a property.

When an asking price for a property is “firm” and not open for any negotiations.

A loan where the interest rate remains constant throughout the entire term of the loan.

Tax imposed on the co-op apartment by the co-op. This tax can either be paid by the seller or purchaser and is usually a percentage of the sales price.

Normally a scale diagram of the layout of rooms and their sizes drawn by an architect.

An enforcement process in which the lender under a defaulted mortgage takes title to the property for the purpose of selling it to recoup moneys owed under the mortgage.

A bathroom with a bath or a shower.

If a new law is passed or an old is changed those people whose activity was legal under the previous law are allowed to continue because of this condition. This law is common with pets; some buildings that do not allow pets now, did in past, therefore, those owners are allowed to keep their pets.

A bathroom without a bath or a shower.

The cost of borrowing money from a lender. Rates change over time and are set by the Federal Reserve.

A written agreement to rent a property or part of a property from the owner.

A legal claim against property for money owed.

The agreement that allows an agent/broker to market a property. Available rental apartments are also referred to as listings.

A loft refers to open living space that was converted from commercial space to residential space. Lofts contain very high ceilings, large windows and open space.

Monthly charges paid by the owner or tenant of a co-op building for that person's share of costs of up-keeping the common-use portions of the building in good condition. This includes the daily cost to operate the building and it is calculated based on each individual unit.

An estimated value of a property in relation to the current real estate market.

Money borrowed from a lender in order to purchase a property. Mortgages vary in terms of length & interest rates.

The process of discussing issues between two parties who are working towards the same goal. Successful negotiation usually leads to a contract and then hopefully a sale.

To verify the authenticity of a signature by a certified Notary Public.

An expression of the desire to purchase a property at a specific price. Once an offer is made and then accepted it leads to the purchase of the property.

The term refers to when the seller of the property agrees and accepts the offer and terms of the buyer.

A specified time when a property that is for sale is advertised by opening its doors to prospective buyers & other agencies. A broker advertises an open house to help the sale of the property.

A listing where the seller of the property hires more than one agent/broker and only pays commission to the one that provides the buyer.

A luxurious apartment in a high rise building.

French term meaning an apartment that is not the primary residence of the owner. A Pied a Terre is used when a person lives in another location and stays at another several times a month or a few weeks a year to either work or enjoy this great city of New York.

A building that was built after World War II.

A building that was built before World War II. Common characteristics of a pre war apartment are fireplaces, moldings and hardwood floors.

The tax issued on the ownership of property.

A fee levied by the lender on the borrower for the mortgage for prepaid interest. Each point is equal to 1% of the principal of the mortgage.

Also referred to as a half bath. A powder room is a bathroom without a shower or a bath.

An apartment with four levels.

A recommendation made to a client about the services of a particular agent/broker or agency.

A building where the apartments are only rented and not for sale.

Laws that regulate the amount of rent that is charged for a particular space.

The amount of money paid by the buyer to the seller. Also known as the purchase price.

A payment required by a landlord to guarantee that the tenant meets his or her obligations under the lease and to guard against any potential damages that may be incurred during the term of the lease.

When one purchases an apartment in a co-op building he or she is actually purchasing the shares in the co-op. They represent the proportion of the building owned by the unit owner based on the size and value of the apartment.

The area measured in square feet of a certain property. Square footage can be measured in different ways and is usually considered approximate. Condominium apartments have specific laws that determine the way which the apartment is measured therefore condominium measurements are more accurate.

The term used when an owner of an apartment decides to rent the apartment to a tenant.

An expense that can reduce taxable income. Each year, shareholders in co-op apartments are able to deduct a certain amount from their personal taxes. The amount is determined by the amount of shares that are owned.

A specified period of time.

The term in which the interest and principal payments of a loan must be made.

The legal term for the evidence that the owner is in lawful possession of the land and property.

A townhouse is a private residence where at least one wall is shared with another residence. In NYC, townhouses are a very popular and a more private way of living.

An apartment with three levels.

A single residence within a building.

Services such as water, gas, electricity, telephone and cable television. Utilities in some buildings throughout NYC are included in the maintenance charges.

A building that does not have an elevator. Most walk up buildings are four to six floors.

Also referred to as a “Final Walk through”, is the inspection of a property immediately before the closing to ensure that the property does not have any new damages.

An area set by local law for specific use with certain rules and regulations.