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FAQ's
What’s the difference between a Co-op and a Condo?
When you purchase a co-op, you are actually buying shares in a corporation. In return for owning those shares, you are given a lease to live in the apartment that the purchased shares are assigned to. When you purchase a condo, you are buying the “four walls” of the apartment, as well as a fractional ownership interest in the “common areas” of the building or complex. Co-ops and condos are very different from each other and offer distinct advantages and disadvantages, depending on your individual situation. Glassberg & Associates, LLC will be happy to assist you in determining which is more suited for you. Contact us today.
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What is title insurance and do I really need it?
Title insurance is insurance purchased simultaneously when purchasing real property. It insures your ownership of the premises and protects you against certain title claims if they are made against your ownership. Lenders will require you to purchase title insurance if you are buying property using a mortgage. Even if you purchase a property “all cash” it is highly recommended that you purchase title insurance as well.
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Once I sign the contract, how long will it be before I can close on the property?
Unfortunately, there is no real way to predict how long it will be until your closing from the time that the contract to purchase a house or apartment is signed. The time varies greatly depending on the specifics of your situation. At a minimum, you should expect to schedule the closing about 3-4 weeks after signing the contract. Any delays with your mortgage or with the title report will add time.
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How much will it really cost to buy a $500,000 house?
There are several additional costs to budget for when purchasing a property. For example, let’s say that you are purchasing a $500,000 house with an 80% mortgage of $400,000. In this case, your closing costs can be as much as $20,000 or more. This amount includes mortgage tax charged by New York State, title insurance, required title searches, bank costs, and legal fees. Please note that this is only an estimate. Glassberg & Associates, LLC will be happy to discuss your specific circumstances with you to more accurately determine your closing costs. Please contact us at (212) 608-6726 or info@glassbergassociates.com for and individual consultation.
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How can I start my own business?
Starting your own business is one of the most exciting and rewarding ventures you can undertake. It is also a difficult decision which can be fraught with hazards if not properly undertaken. All you really need to become a successful entrepreneur is ambition and guts. Glassberg & Associates, LLC has formed, and continues to advise, businesses in many industries. Contact us today to find out how we can help you.
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What business structure is best for me?
There are numerous types of structures under which you can operate a business. Business structures are different from one another in terms of the number of owners, taxation, and individual owners’ personal liability, among other variables. Sometimes the best business structure depends on the industry. There is no single “best” type of structure. Glassberg & Associates, LLC will be delighted to meet with you to discuss your very best business arrangements as you embark upon your entrepreneurial venture.
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