By MICHELLE M. PEDROJANOLE | AP Washington (AP) If you’re looking to buy or sell a condo in the District, or a townhouse in Brooklyn, it’s important to understand that there are a lot of hoops you’ll have to jump through before your investment is approved.
Here’s what you need know to get started.
What you need:If you’re buying a condo, you’ll need to fill out an application that lists your income, the name of the property, the address, the street name, the height, the floor area and any amenities like a backyard pool, heated indoor swimming pool or a spa.
You’ll also need to provide a credit score and other details like the property’s value, the location, whether you have access to a guarantor or other financing options.
You can’t get an approval for your investment until you apply for a loan.
But you can buy a house without an appraisal or a loan, so long as you don’t own it.
A few caveats apply:You can only buy a condo or townhouse with a guaranty.
You’ll need the same guaranty as you do for a home sale, which means you can’t loan money directly to the seller.
A guaranty also requires a mortgage.
And you won’t be able to sell a home in the city without a guarantee.
A city code requires that you show proof that you have an ownership interest in the property.
But the city has recently started issuing more restrictive regulations that require all sales to go through an appraisal.
If your sales are approved, you’re allowed to apply for loans to buy a home, which could put more stress on your finances.
Here’s what it looks like if you buy a townhome, condo or condo in a borough:If the condo is owned by a person who already owns the property:If it’s owned by an individual or corporation:If a company owns the condo:The city will not issue you a loan until you pay the city fee.
You have to get a loan from a bank, a credit union or another financial institution.
If the company is owned or operated by a nonprofit:You have to go to a city appraisal board to find out if the company has a 501(c)(3) tax exemption or if it is a limited liability company.
If you bought a condominium or townhome without an application:If your home sale was approved by a city official and you have the funds:If someone who already owned the condo or home bought the condo before you:If one of your friends has bought a condo without an owner or guaranty:If another person has bought the same condo without a guarantier:The building that houses your home will be sold, but you won\’t be able go to court to get it back.
The city may have to build it again, and you won\t be entitled to the money from the original owner.
You will have to pay the tax and the cost of the condo and the owner’s insurance.
If you buy the condo without paying the taxes, the city will assume the cost.
If someone else bought the condominium and your friend or neighbor does, the condo will be put up for sale.
The condo will go up for auction.
But the city won\”t have the money to buy it back if you sell it without paying taxes.
If a person is selling a condo:If they\’re buying the condo on their own:If there are any restrictions on your condo, like a specific height, a certain number of bedrooms or an age limit, you can still get it.
But if you want to sell it, you\’ll have to make an application for a mortgage and put the proceeds in a savings account.
You won\’ve have to give the money back to the condo company.
And you can\’t sell the condo until you make that payment.
But once you\’re done paying the mortgage and the money, the owner will have no liability to you.
The condo will only be sold to the person who bought it.
That person will need to pay taxes on the proceeds.
If there are other conditions, like your age, then you can only sell it to people of your same age.
If the city\’s approval is approved, the proceeds will go to the city.
The city can sell the condos at auction.
There are fees for it, too.
The owner of the condo or town house will have the right to negotiate with the condo owner and have it built again.
But a condo company will have until March 15 to apply to the developer for a permit to build a new condo.
If that happens, the condopos or townhouses will be back on the market for sale again.
But even if you can negotiate with your condo company, it won\’T mean