Download - Kaplove | Morgan Team Buyer's Guide
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Kaplove & Morgan Buyer’s Guide 1
BUYER’SGUIDE
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Kaplove & Morgan Buyer’s Guide 2
CO-OP OR CONDOOWNERSHIP STRUCTUREdŚĞƌĞĂƌĞƚǁŽƚLJƉĞƐŽĨĂƉĂƌƚŵĞŶƚŽǁŶĞƌƐŚŝƉƐƚƌƵĐƚƵƌĞŝŶEzŽͲŽƉ;ƐŚŽƌƚĨŽƌĐŽŽƉĞƌĂƟǀĞͿand condominium.
DĂŶLJƉĞŽƉůĞĐŽŶĨƵƐĞĐŽŶĚŽŵŝŶŝƵŵƐǁŝƚŚĐŽŽƉĞƌĂƟǀĞƐƐĨĂƌĂƐůŝǀŝŶŐƐƚĂŶĚĂƌĚƐŐŽƚŚĞƚǁŽĂƌĞƐŝŵŝůĂƌ ,ŽǁĞǀĞƌ ĨƌŽŵĂůĞŐĂůĂŶĚĮŶĂŶĐŝĂůƉŽŝŶƚŽĨǀŝĞǁƚŚĞƌĞĂƌĞŵĂũŽƌĚŝīĞƌĞŶĐĞƐKůĚĞƌďƵŝůĚŝŶŐƐ;ƉƌĞͲϭϵϴϬƐͿƚĞŶĚƚŽďĞĐŽͲŽƉƐǁŚŝůĞƉƌĞƩLJŵƵĐŚĞǀĞƌLJƚŚŝŶŐďƵŝůƚĨƌŽŵƚŚĞϭϵϴϬƐonward is condo.
,ĞƌĞ ƐĂƋƵŝĐŬŽǀĞƌǀŝĞǁŽĨƚŚĞŬĞLJĚŝīĞƌĞŶĐĞƐĂŶĚĐŽŶƐŝĚĞƌĂƟŽŶƐ
CO-OP:/ŶĂĐŽͲŽƉƚŚĞĞŶƟƌĞďƵŝůĚŝŶŐŝƐŽǁŶĞĚďLJĂƐŝŶŐůĞĐŽƌƉŽƌĂƟŽŶ/ŶƐƚĞĂĚŽĨĂĚĞĞĚďƵLJĞƌƐŐĞƚƐŚĂƌĞƐ;ƐƚŽĐŬĐĞƌƟĮĐĂƚĞƐͿŝŶƚŚĞĐŽƌƉŽƌĂƟŽŶĂŶĚĂƉƌŽƉƌŝĞƚĂƌLJůĞĂƐĞƚŚĂƚĂůůŽǁƐďƵLJĞƌƐƚŽŽĐĐƵƉLJĂƐƉĞĐŝĮĐƵŶŝƚĂŶĚƉƌŽǀŝĚĞƐƌƵůĞƐĂŶĚƌŝŐŚƚƐŵƵĐŚůŝŬĞĂůĞĂƐĞŝŶĂƌĞŶƚĂůďƵŝůĚŝŶŐƵLJĞƌƐŽĨĐŽͲŽƉĂƉĂƌƚŵĞŶƚƐĂƌĞƌĞĨĞƌƌĞĚƚŽĂƐƚĞŶĂŶƚƐŽƌƐŚĂƌĞŚŽůĚĞƌƐ ŶŽƚŽǁŶĞƌƐ
CONDO:ƵLJŝŶŐĂĐŽŶĚŽŝƐƐŝŵŝůĂƌƚŽďƵLJŝŶŐĂƐŝŶŐůĞͲĨĂŵŝůLJŚŽƵƐĞzŽƵŐĞƚĂĚĞĞĚƚŽƚŚĞĂƉĂƌƚŵĞŶƚƚŚĂƚŐŝǀĞƐLJŽƵŽǁŶĞƌƐŚŝƉŽĨƚŚĞŝŶƚĞƌŝŽƌŽĨLJŽƵƌƵŶŝƚĂŶĚƚŚĞƐƵƌĨĂĐĞŽĨŝƚƐǁĂůůƐĂƐǁĞůůĂƐĂŶƵŶĚŝǀŝĚĞĚŝŶƚĞƌĞƐƚŝŶƚŚĞďƵŝůĚŝŶŐ ƐĐŽŵŵŽŶĞůĞŵĞŶƚƐdŚŝƐŝƐƚŚĞƚLJƉĞŽĨŽǁŶĞƌƐŚŝƉĂůŵŽƐƚĞǀĞƌLJŽŶĞŚĂƐŝŶŵŝŶĚǁŚĞŶƚŚĞLJƚŚŝŶŬĂďŽƵƚďƵLJŝŶŐĂŚŽŵĞĂŶĚĂůŵŽƐƚĂůůŶĞǁĞƌďƵŝůĚŝŶŐƐĂƌĞĐŽŶĚŽƐ
ŌĞƌLJŽƵďƵLJLJŽƵƌĂƉĂƌƚŵĞŶƚLJŽƵǁŝůůůĂƌŐĞůLJĮŶĚƚŚĂƚƚŚĞůĞŐĂůŽǁŶĞƌƐŚŝƉƐƚƌƵĐƚƵƌĞŚĂƐůŝƩůĞŝŵƉĂĐƚŽŶLJŽƵƌƵƐĞŽĨŝƚ,ŽǁĞǀĞƌƚŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨƋƵŝƌŬƐƌĞůĂƚĞĚƚŽĞĂĐŚƚŚĂƚǁŝůůďĞdiscussed further below.
CO-OP & CONDO BOARDSCO-OP:^ŚĂƌĞŚŽůĚĞƌƐĞůĞĐƚĂǀŽůƵŶƚĞĞƌĐŽͲŽƉďŽĂƌĚƚŚĂƚͲͲĞdžĐĞƉƚŝŶƐŽŵĞǀĞƌLJƐŵĂůůďƵŝůĚŝŶŐƐƚŚĂƚĐŚŽŽƐĞƚŽƐĂǀĞŵŽŶĞLJďLJƐĞůĨͲŵĂŶĂŐŝŶŐͲͲǁŽƌŬƐǁŝƚŚĂƉƌŽƉĞƌƚLJŵĂŶĂŐĞŵĞŶƚĐŽŵƉĂŶLJƚŽŽǀĞƌƐĞĞƚŚĞĐĂƌĞĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞďƵŝůĚŝŶŐ
dŚĞďŽĂƌĚĂůƐŽĐƌĞĂƚĞƐĂŶĚĞŶĨŽƌĐĞƐƌƵůĞƐĂďŽƵƚĞǀĞƌLJƚŚŝŶŐĨƌŽŵƌĞŶŽǀĂƟŽŶŝŶƐŝĚĞƵŶŝƚƐƚŽǁŚĂƚ ƐĂůůŽǁĞĚƚŽƚƌĂŶƐƉŝƌĞŽŶƚŚĞƌŽŽĨĚĞĐŬƚŽǁŚĞƚŚĞƌLJŽƵĐĂŶƐƉĞĂŬŽŶLJŽƵƌĐĞůůƉŚŽŶĞŝŶƚŚĞůŽďďLJ ŽƌǁŚĞƚŚĞƌĚŽŐƐǁŝůůďĞĂůůŽǁĞĚŝŶƚŚĞďƵŝůĚŝŶŐdŚĞďŽĂƌĚĐĂŶůĞǀLJĮŶĞƐĂŐĂŝŶƐƚƌƵůĞͲďƌĞĂŬĞƌƐĂŶĚƵŶůŝŬĞĐŽŶĚŽďŽĂƌĚƐĐĂŶĞǀĞŶĞǀŝĐƚĂŶĞdžƚƌĞŵĞůLJĚŝƐƌƵƉƟǀĞƐŚĂƌĞŚŽůĚĞƌĂŶĚĨŽƌĐĞthem to sell their apartment.
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Kaplove & Morgan Buyer’s Guide 3
CONDO:ŽŶĚŽŽǁŶĞƌƐĂůƐŽĞůĞĐƚĂďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐƚŚĂƚƉĞƌĨŽƌŵŵĂŶLJŽĨƚŚĞƐĂŵĞĨƵŶĐƟŽŶƐĂƐĂĐŽͲŽƉďŽĂƌĚ'ĞŶĞƌĂůůLJƐƉĞĂŬŝŶŐƚŚŽƵŐŚŵŽƐƚĐŽŶĚŽďŽĂƌĚƐƚĞŶĚƚŽďĞŵŽƌĞŚĂŶĚƐͲŽīǁŚĞŶŝƚĐŽŵĞƐƚŽƌƵůĞŵĂŬŝŶŐ
dŚĂƚƐůŝŐŚƚůLJŵŽƌĞůĂŝƐƐĞnjͲĨĂŝƌĞĂƉƉƌŽĂĐŚŝƐƉĂƌƚůLJĚƵĞƚŽƉŚŝůŽƐŽƉŚŝĐĂůƵŶĚĞƌƉŝŶŶŝŶŐƐ;ŵŽƌĞŽŶƚŚĂƚďĞůŽǁͿĂŶĚƉĂƌƚůLJďĞĐĂƵƐĞĐŽŶĚŽďŽĂƌĚƐǁŝĞůĚůĞƐƐĞŶĨŽƌĐĞŵĞŶƚŵƵƐĐůĞdŚĞLJĐĂŶĮŶĞŽǁŶĞƌƐŽŶůLJĨŽƌƚŚĞĞdžƉĞŶƐĞƌĞůĂƚĞĚƚŽĂŶLJƌƵůĞŝŶĨƌĂĐƟŽŶ;ŽƌŐĞƚĂŶŝŶũƵŶĐƟŽŶƚŽƐƚŽƉŝƚĨƌŽŵŚĂƉƉĞŶŝŶŐĂŐĂŝŶͿƵƚďĞĐĂƵƐĞĂĐŽŶĚŽŽǁŶĞƌĂĐƚƵĂůůLJŽǁŶƐŚŝƐŽƌŚĞƌƵŶŝƚĂĐŽŶĚŽďŽĂƌĚƵŶůŝŬĞĂĐŽͲŽƉďŽĂƌĚĐĂŶƚĞǀŝĐƚĂŶŽǁŶĞƌĨƌŽŵĂŶĂƉĂƌƚŵĞŶƚ
Note:/ŶďŽƚŚĐŽͲŽƉĂŶĚĐŽŶĚŽƐLJŽƵƌǀŽƟŶŐƉŽǁĞƌŝŶĐƌĞĂƐĞƐǁŝƚŚƚŚĞƐŝnjĞŽĨLJŽƵƌĂƉĂƌƚŵĞŶƚ
MONTHLY CHARGES AND ASSESMENTSCO-OP:ŽͲŽƉƐŚĂƌĞŚŽůĚĞƌƐƉĂLJĂŵŽŶƚŚůLJŵĂŝŶƚĞŶĂŶĐĞĨĞĞWĂƌƚŽĨƚŚĞĨĞĞŐŽĞƐƚŽǁĂƌĚƚŚĞĞdžƉĞŶƐĞŽĨŽƉĞƌĂƟŶŐƚŚĞďƵŝůĚŝŶŐdŚĞŽƚŚĞƌƉĂƌƚŝƐƚŚĞĂŵŽƵŶƚŽĨƌĞĂůĞƐƚĂƚĞƚĂdžĞƐĂƉƉŽƌƟŽŶĞĚƚŽĞĂĐŚƐŚĂƌĞŚŽůĚĞƌďĂƐĞĚŽŶƚŚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐĂƐƐŝŐŶĞĚƚŽĞĂĐŚĂƉĂƌƚŵĞŶƚWĂƌƟĐƵůĂƌůLJƚŚĞƐĞĚĂLJƐǁŚĞŶƉƌŽƉĞƌƚLJƚĂdžĞƐĂŶĚĨƵĞůĐŽƐƚƐĂƌĞƌŝƐŝŶŐƐŚĂƌƉůLJ ŵĂŝŶƚĞŶĂŶĐĞĨĞĞƐĂƌĞĨƌĞƋƵĞŶƚůLJĂĚũƵƐƚĞĚƵƉǁĂƌĚĞĂĐŚLJĞĂƌ;ϯйͲϳйĂŶŶƵĂůŝŶĐƌĞĂƐĞƐĂƌĞƋƵŝƚĞĐŽŵŵŽŶͿ
/ŶĂĚĚŝƟŽŶĐŽͲŽƉďŽĂƌĚƐĐĂŶƌĞƋƵŝƌĞƐŚĂƌĞŚŽůĚĞƌƐƚŽƉŽŶLJƵƉĞdžƚƌĂĐĂƐŚĨƌŽŵƟŵĞƚŽƟŵĞƚŽďŽŽƐƚƚŚĞƌĞƐĞƌǀĞĨƵŶĚŽƌƉĂLJĨŽƌĂƐƉĞĐŝĮĐƉƌŽũĞĐƚ/ŶĂϰϬͲƵŶŝƚďƵŝůĚŝŶŐĨŽƌĞdžĂŵƉůĞĂŶĂƐƐĞƐƐŵĞŶƚƚŽƌĞƉůĂĐĞĂŶĞůĞǀĂƚŽƌŵŝŐŚƚƌƵŶΨϴϬϬϬͲΨϭϱϬϬϬƉĞƌƵŶŝƚĚĞƉĞŶĚŝŶŐŽŶŚŽǁŵĂŶLJƐŚĂƌĞƐLJŽƵŽǁŶdLJƉŝĐĂůůLJ ƐŚĂƌĞŚŽůĚĞƌƐĐĂŶƐƉƌĞĂĚƚŚĞŝƌƉĂLJŵĞŶƚƐŽƵƚŽǀĞƌĂƉĞƌŝŽĚŽĨƟŵĞƐƵĐŚĂƐϲͲϭϴŵŽŶƚŚƐ
CONDO:dŚĞŵŽŶƚŚůLJĐŚĂƌŐĞƐŝŶĂĐŽŶĚŽďƵŝůĚŝŶŐĂƌĞƌĞĨĞƌƌĞĚƚŽĂƐĐŽŵŵŽŶĐŚĂƌŐĞƐZĞĂůĞƐƚĂƚĞƚĂdžĞƐĂƌĞŶŽƚŝŶĐůƵĚĞĚŝŶĚŝǀŝĚƵĂůŽǁŶĞƌƐĂƌĞďŝůůĞĚĚŝƌĞĐƚůLJďLJƚŚĞŝƚLJŽĨEĞǁzŽƌŬdŚŝƐŝƐĂŶŝŵƉŽƌƚĂŶĐĞŶƵĂŶĐĞƚŽŬĞĞƉŝŶŵŝŶĚǁŚĞŶĐŽŵƉĂƌŝŶŐĐĂƌƌLJŝŶŐĐŽƐƚƐŽĨĐŽͲŽƉƐƚŽĐŽŶĚŽƐďĞĐĂƵƐĞĂƚĮƌƐƚŐůĂŶĐĞĐŽŶĚŽƐŵĂLJůŽŽŬĐŚĞĂƉĞƌŽŶĂŵŽŶƚŚůLJďĂƐŝƐ
>ŝŬĞĐŽͲŽƉďŽĂƌĚƐĐŽŶĚŽďŽĂƌĚƐĂůƐŽůĞǀLJĂƐƐĞƐƐŵĞŶƚƐǁŚĞŶŶĞĐĞƐƐĂƌLJ
DŽŶƚŚůLJĐŚĂƌŐĞƐŝŶďŽƚŚĐŽͲŽƉƐĂŶĚĐŽŶĚŽƐƚĞŶĚƚŽŝŶĐƌĞĂƐĞǁŝƚŚƚŚĞĞdžƉĂŶƐŝǀĞŶĞƐƐŽĨĂŵĞŶŝƟĞƐĂŶĚƐƚĂī,ŽǁĞǀĞƌ ůĂƌŐĞƌďƵŝůĚŝŶŐƐŚĂǀĞĞĐŽŶŽŵŝĞƐŽĨƐĐĂůĞǁŚĞŶŝƚĐŽŵĞƐƐƚĂĸŶŐĂŶĚŽƉĞƌĂƟŽŶƚŚĂƚĂƌĞŽŌĞŶƌĞŇĞĐƚĞĚŝŶůŽǁĞƌĐŽŵŵŽŶĐŚĂƌŐĞƐ
APPROVAL TO BUY:CO-OP:ĐŽͲŽƉďŽĂƌĚĐĂŶƚƵƌŶĚŽǁŶĂďƵLJĞƌĨŽƌĂŶLJůĂǁĨƵůƌĞĂƐŽŶ,ŽǁĞǀĞƌ ďĞĐĂƵƐĞƚŚĞƌĞĂƐŽŶĨŽƌƌĞũĞĐƟŽŶŶĞĞĚŶŽƚďĞĚŝǀƵůŐĞĚƚŚŝƐŵĞĂŶƐƚŚĂƚŝŶƉƌĂĐƟĐĞƵŶůĂǁĨƵůƌĞĂƐŽŶƐ;ƌĂĐĞƌĞůŝŐŝŽŶƉƌŽĨĞƐƐŝŽŶƐĞdžƵĂůŽƌŝĞŶƚĂƟŽŶŶĂƟŽŶĂůŝƚLJ ĞƚĐͿŵĂLJĂůƐŽƉƌŽŵƉƚĂƌĞũĞĐƟŽŶ,ŽǁĞǀĞƌ ŝĨLJŽƵďƵLJĂŶĂƉĂƌƚŵĞŶƚĚŝƌĞĐƚůLJĨƌŽŵƚŚĞƐƉŽŶƐŽƌ LJŽƵǁŝůůŶŽƚŶĞĞĚďŽĂƌĚĂƉƉƌŽǀĂůĂƚĂůů
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Kaplove & Morgan Buyer’s Guide 4
CONDO:&ŽƌǀĂƌŝŽƵƐƌĞĂƐŽŶƐŵŽƐƚĐŽŶĚŽďƵLJĞƌƐƚŚĞƐĞĚĂLJƐĂƌĞƐƵďũĞĐƚĞĚƚŽŶĞĂƌůLJĂƐŵƵĐŚĮŶĂŶĐŝĂůĂŶĚƉĞƌƐŽŶĂůƐĐƌƵƟŶLJĂƐĐŽͲŽƉďƵLJĞƌƐƵƚƌĂƚŚĞƌƚŚĂŶďĞŝŶŐƚƵƌŶĞĚĚŽǁŶŽƵƚƌŝŐŚƚƉƌĞƩLJŵƵĐŚƚŚĞǁŽƌƐƚƚŚĂƚĐĂŶŚĂƉƉĞŶƚŽĂĐŽŶĚŽďƵLJĞƌŝƐƚŚĂƚƚŚĞLJǁŝƚŚĞƌĂǁĂLJŽŶƚŚĞǀŝŶĞǁŚŝůĞĂďŽĂƌĚĞŶŐĂŐĞƐŝŶĚĞůŝďĞƌĂƚĞƐƚĂůůŝŶŐƚĂĐƟĐƐ^ƚĂůůŝŶŐŝƐĂďŽƵƚĂůůĂŶƵŶĞŶƚŚƵƐŝĂƐƟĐďŽĂƌĚĐĂŶĚŽĞdžĐĞƉƚĨŽƌďƵLJŝŶŐƚŚĞƉůĂĐĞŽƵƚƌŝŐŚƚǀŝĂƚŚĞƌŝŐŚƚŽĨĮƌƐƚƌĞĨƵƐĂůͶǁŚŝĐŚǀŝƌƚƵĂůůLJŶĞǀĞƌhappens.
MINIMUM DOWN PAYMENT AND LQUID ASSESTCO-OP:DŽƐƚĐŽͲŽƉƐƌĞƋƵŝƌĞďƵLJĞƌƐƚŽƉƵƚĚŽǁŶϮϬͲϮϱйŽĨƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞĂďŽƵƚƚŚĞƐĂŵĞĂƐǁŚĂƚŵŽƐƚůĞŶĚĞƌƐƌĞƋƵŝƌĞƚŚĞƐĞĚĂLJƐƵƚƚŚĞƌĂŶŐĞĐĂŶďĞǀĂƐƚĚĞƉĞŶĚŝŶŐŽŶƚŚĞĐŽͲŽƉͶĂŶLJǁŚĞƌĞĨƌŽŵϭϬйĚŽǁŶ;ǀĞƌLJƌĂƌĞͿƚŽϱϬйŽƌŵŽƌĞĂƚŚŝŐŚĞƌͲĞŶĚďƵŝůĚŝŶŐƐ
ŽͲŽƉƐĂůƐŽĞdžƉĞĐƚLJŽƵƚŽŚĂǀĞƐƵĸĐŝĞŶƚŵŽŶĞLJůĞŌŽǀĞƌ;ĂůƐŽŬŶŽǁŶĂƐůŝƋƵŝĚĂƐƐĞƚƌĞƋƵŝƌĞŵĞŶƚƐͿdŚĞƌĞƋƵŝƌĞĚĂŵŽƵŶƚĐĂŶƌĂŶŐĞĚƌĂƐƟĐĂůůLJ ĨƌŽŵĂĨĞǁŵŽŶƚŚƐǁŽƌƚŚŽĨŵĂŝŶƚĞŶĂŶĐĞƉĂLJŵĞŶƚƐƚŽϭƚŽϯƟŵĞƐƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞŽĨƚŚĞĂƉĂƌƚŵĞŶƚdǁŽLJĞĂƌƐǁŽƌƚŚŽĨŵŽƌƚŐĂŐĞĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŚĂƌŐĞƐŝƐĂďŽƵƚĂǀĞƌĂŐĞ
/ŶĂĚĚŝƟŽŶĞĂĐŚĐŽͲŽƉǁŝůůĞdžƉĞĐƚLJŽƵƚŽŵĞĞƚĂĚĞďƚͲƚŽͲŝŶĐŽŵĞƌĂƟŽƵƐƵĂůůLJĂƌŽƵŶĚϮϱйͲϮϵйdŚĂƚŵĞĂŶƐLJŽƵƌƚŽƚĂůŵŽŶƚŚůLJƉĂLJŵĞŶƚƐͲͲŵŽƌƚŐĂŐĞĂŶĚŵĂŝŶƚĞŶĂŶĐĞͲͲĐĂŶŶŽƚĞdžĐĞĞĚƚŚĞƐƉĞĐŝĮĞĚƉĞƌĐĞŶƚĂŐĞŽĨLJŽƵƌŐƌŽƐƐŝŶĐŽŵĞŶĞdžĐĞůůĞŶƚĐƌĞĚŝƚƐĐŽƌĞŝƐĂůƐŽƌĞƋƵŝƌĞĚ
ĚĚƚŚĞŵĂůůƵƉĂŶĚLJŽƵǁŝůůĮŶĚƚŚĂƚƚŚĞĂǀĞƌĂŐĞĐŽͲŽƉ ƐĮŶĂŶĐŝĂůƐƚĂŶĚĂƌĚƐĂƌĞŵƵĐŚŚŝŐŚĞƌƚŚĂŶƚŚĞĂǀĞƌĂŐĞŵŽƌƚŐĂŐĞďĂŶŬĂƉƌŝŵĂƌLJƌĞĂƐŽŶEzĐŽͲŽƉƐǁŝƚŚƐƚŽŽĚƚŚĞƌĞĐĞŶƚƌĞĐĞƐƐŝŽŶƐŽǁĞůů
CONDO:dŚĞƚLJƉŝĐĂůĚŽǁŶƉĂLJŵĞŶƚƌĞƋƵŝƌĞĚŝŶĂĐŽŶĚŽďƵŝůĚŝŶŐŝƐĂƌŽƵŶĚϭϬйĚĞƉĞŶĚŝŶŐŽŶƚŚĞďƵŝůĚŝŶŐ ƐďLJůĂǁƐĞĂƌŝŶŵŝŶĚƚŚŽƵŐŚƚŚĂƚŝĨLJŽƵƌĞŐĞƫŶŐĂŵŽƌƚŐĂŐĞďĂŶŬƐƚŚĞƐĞĚĂLJƐŽŌĞŶƌĞƋƵŝƌĞϮϬйƵŶůĞƐƐƚŚĞďƵŝůĚŝŶŐƋƵĂůŝĮĞƐĨŽƌĂŶ&,ůŽĂŶǁŚŝĐŚĐĂƌƌŝĞƐĂϯϱйdownpayment requirement.
DĂŶLJĐŽͲŽƉƐĂŶĚĐŽŶĚŽƐƚŚĞƐĞĚĂLJƐƌĞƋƵŝƌĞďƵLJĞƌƐƚŽƉƵƚĂŶĂĚĚŝƟŽŶĂůŽŶĞƚŽƚǁŽLJĞĂƌƐŽĨĐŽŵŵŽŶĐŚĂƌŐĞƐŝŶĂŶĞƐĐƌŽǁĂĐĐŽƵŶƚĂƐŝŶƐƵƌĂŶĐĞĂŐĂŝŶƐƚŶŽŶƉĂLJŵĞŶƚdŚĞŽĚĚƐŽĨƚŚŝƐŚĂƉƉĞŶŝŶŐƚŽLJŽƵŝŶĐƌĞĂƐĞĂůŽŶŐǁŝƚŚƚŚĞƉĞƌĐĞŝǀĞĚƌŝƐŬŝŶĞƐƐŽĨLJŽƵƌĂƉƉůŝĐĂƟŽŶĂƐŵĞĂƐƵƌĞĚŝŶĚĞďƚͲƚŽͲŝŶĐŽŵĞƌĂƟŽh^ĐŝƟnjĞŶƐŚŝƉƐƚĂƚƵƐŽƌĂǀĂƌŝĞƚLJŽĨŽƚŚĞƌĨĂĐƚŽƌƐ
COSTEzĐŽͲŽƉƐĂƌĞĐŚĞĂƉĞƌ ŽŶĂǀĞƌĂŐĞƚŚĂŶĐŽŶĚŽƐWĂƌƚŽĨƚŚĞƌĞĂƐŽŶĐŽͲŽƉƐƚĞŶĚƚŽĐŽƐƚůĞƐƐŝƐďĞĐĂƵƐĞƚŚĞLJĂƌĞƚLJƉŝĐĂůůLJŽůĚĞƌ ůĂĐŬŝŶŐƚŚĞĂŵĞŶŝƟĞƐŽĨƚŚĞƚŚŽƵƐĂŶĚƐŽĨŶĞǁĐŽŶĚŽƐĐŽŶƐƚƌƵĐƚĞĚŝŶƚŚĞƉĂƐƚĚĞĐĂĚĞDĂŶLJŶĞǁĞƌĐŽŶĚŽƐŚĂǀĞĂůƐŽƐĞĐƵƌĞĚƉƌŽƉĞƌƚLJƚĂdžĂďĂƚĞŵĞŶƚƐƚŚĂƚĞŶĂďůĞĚĞǀĞůŽƉĞƌƐƚŽĐŽŵŵĂŶĚŚŝŐŚĞƌƐĂůĞƐƉƌŝĐĞƐƚŚĂŶŝĨďƵLJĞƌƐŚĂĚƚŽƉĂLJĨƵůůƚĂdžďŝůůƐ ƌŝŐŚƚĂǁĂLJ
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Kaplove & Morgan Buyer’s Guide 5
/ŶĂĚĚŝƟŽŶƚŽŚŝŐŚĞƌƉƵƌĐŚĂƐĞƉƌŝĐĞƐĐŽŶĚŽƐĂůƐŽŚĂǀĞƐƵďƐƚĂŶƟĂůůLJŚŝŐŚĞƌĐůŽƐŝŶŐĐŽƐƚƐŝĨLJŽƵƌĞƚĂŬŝŶŐŽƵƚĂŵŽƌƚŐĂŐĞzŽƵǁŝůůƉĂLJĂŵŽƌƚŐĂŐĞƌĞĐŽƌĚŝŶŐƚĂdžŽĨϭϴйŽĨƚŚĞŵŽƌƚŐĂŐĞĂŵŽƵŶƚĨŽƌůŽĂŶƐƵŶĚĞƌΨϱϬϬŬŽƌϭϵϮϱйĨŽƌůŽĂŶƐĂďŽǀĞƚŚĂƚůƐŽLJŽƵƌůĞŶĚĞƌǁŝůůƌĞƋƵŝƌĞLJŽƵƚŽďƵLJƟƚůĞŝŶƐƵƌĂŶĐĞǁŚŝĐŚĐŽƐƚƐĂďŽƵƚϱйŽĨƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞ
;EŽƚĞdŚĞEĞǁzŽƌŬ^ƚĂƚĞůĞŐŝƐůĂƚƵƌĞŝƐƚƌLJŝŶŐƚŽĞdžƚĞŶĚƚŚĞŵŽƌƚŐĂŐĞƌĞĐŽƌĚŝŶŐƚĂdžƚŽĐŽͲŽƉƉƵƌĐŚĂƐĞƐĂƐǁĞůůͿ
/ĨLJŽƵƌĞďƵLJŝŶŐĂŶĞǁĐŽŶĚŽ;ǀĞƌƐƵƐĂƌĞƐĂůĞͿƚƌĂŶƐĨĞƌƚĂdžĞƐ;ϭϴϮϱйŽĨƉƵƌĐŚĂƐĞƉƌŝĐĞĨŽƌƉƌŽƉĞƌƟĞƐŽǀĞƌΨϱϬϬϬϬϬĂŶĚϭϰϮϱйĨŽƌƉƌŽƉĞƌƟĞƐƵŶĚĞƌΨϱϬϬϬϬϬͿĂƌĞĂůƐŽƚŚĞďƵLJĞƌƐƌĞƐƉŽŶƐŝďŝůŝƚLJ ƚŚŽƵŐŚƚŚĞƐĞĐĂŶŽŌĞŶďĞĂƉŽŝŶƚŽĨŶĞŐŽƟĂƟŽŶǁŝƚŚĂĚĞǀĞůŽƉĞƌ ǁŚŽŝƐŵŽƌĞĂƉƚƚŽĐŽǀĞƌĨĞĞƐůŝŬĞƚŚŝƐƚŚĂŶƌĞĚƵĐĞƚŚĞƐĂůĞƐƉƌŝĐĞǁŚŝĐŚĐĂŶĂīĞĐƚĨƵƚƵƌĞƐĂůĞƐ
SUBLETTINGCO-OP:DŽƐƚĐŽͲŽƉƐŚĂǀĞǀĞƌLJƐƚƌŝĐƚƉŽůŝĐŝĞƐĂďŽƵƚƐƵďůĞƫŶŐǁŚŝĐŚĚŽĞƐŶŽƚŵĂŬĞƚŚĞŵĂŶŝĚĞĂůŝŶǀĞƐƚŵĞŶƚŽƉƉŽƌƚƵŶŝƚLJĂŶĚĐĂŶƉƌĞƐĞŶƚĂƐĞƌŝŽƵƐĐŚĂůůĞŶŐĞŝĨLJŽƵƌũŽďƐƵĚĚĞŶůLJƌĞůŽĐĂƚĞƐƚŽ>ŽŶĚŽŶĨŽƌŝŶƐƚĂŶĐĞdŚĞƌƵůĞƐǀĂƌLJ ďƵƚŽǁŶĞƌƐĂƌĞƵƐƵĂůůLJĂůůŽǁĞĚƚŽƐƵďůĞƚƚŚĞŝƌĂƉĂƌƚŵĞŶƚĨŽƌŶŽůŽŶŐĞƌƚŚĂŶϭƚŽϮLJĞĂƌƐŝŶĂŶLJϱͲϳLJĞĂƌƉĞƌŝŽĚdŚĞďŽĂƌĚĂůƐŽŐĞƚƐƚŽĂƉƉƌŽǀĞLJŽƵƌƚĞŶĂŶƚĂŶĚĐŚĂƌŐĞLJŽƵĂĨĞĞĨŽƌƐƵďůĞƫŶŐ
CONDO:ŽŶĚŽƐƵďůĞƚƉŽůŝĐŝĞƐĂƌĞĨĂƌŵŽƌĞůŝďĞƌĂůtŚŝůĞƚŚĞƌĞŵĂLJďĞƌƵůĞƐĂŐĂŝŶƐƚƐŚŽƌƚͲƚĞƌŵƐƵďůĞƚƐ;ƐĂLJ ůĞƐƐƚŚĂŶϲŵŽŶƚŚƐͿƚŚĞƌĞŝƐƵƐƵĂůůLJŶŽŽƵƚƐŝĚĞůŝŵŝƚŶŽƌĚŽďŽĂƌĚƐŚĂǀĞƚŚĞƌŝŐŚƚƚŽƚƵƌŶĚŽǁŶĂƚĞŶĂŶƚƵŶůĞƐƐƚŚĞLJĞdžĞƌĐŝƐĞƚŚĂƚƌŝŐŚƚŽĨĮƌƐƚƌĞĨƵƐĂůĂŶĚůĞĂƐĞLJŽƵƌĂƉĂƌƚŵĞŶƚƚŚĞŵƐĞůǀĞƐƵƚũƵƐƚůŝŬĞĂĐŽͲŽƉĂƉƉůŝĐĂƟŽŶĨĞĞƐŵŽǀĞͲŝŶĨĞĞƐƉƌŽĐĞƐƐŝŶŐĨĞĞƐĞƚĐĐĂŶƌĂŶŐĞĨƌŽŵĂĨĞǁŚƵŶĚƌĞĚƚŽĂĐŽƵƉůĞŽĨƚŚŽƵƐĂŶĚĚŽůůĂƌƐĞdžƚƌĂƚŚĂƚLJŽƵŽƌLJŽƵƌƉŽƚĞŶƟĂůƚĞŶĂŶƚǁŝůůŚĂǀĞƚŽƉĂLJŶĚLJŽƵǁŝůůďĞůŝǀŝŶŐŝŶĂďƵŝůĚŝŶŐǁŝƚŚĂŵŽƌĞƚƌĂŶƐŝĞŶƚƉŽƉƵůĂƟŽŶƚŚĂŶĂĐŽͲŽƉ
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Kaplove & Morgan Buyer’s Guide 6
LIFESTYLES & OTHER CONSIDERATIONSEŽǁďƌĂĐĞLJŽƵƌƐĞůĨĨŽƌƐŽŵĞƐǁĞĞƉŝŶŐŐĞŶĞƌĂůŝnjĂƟŽŶƐĂďŽƵƚůŝĨĞƐƚLJůĞĂŶĚŽƚŚĞƌĐŽŶƐŝĚĞƌĂƟŽŶƐŝŶĂĐŽͲŽƉǀƐĐŽŶĚŽzŽƵǁŝůůŶĞĞĚƚŽĚŽLJŽƵƌƌĞƐĞĂƌĐŚƚŽĚŝƐĐŽǀĞƌǁŚŝĐŚŽĨƚŚĞƐĞƐƚĂƚĞŵĞŶƚƐĂĐƚƵĂůůLJĂƉƉůŝĞƐƚŽƚŚĞďƵŝůĚŝŶŐLJŽƵƌĞĐŽŶƐŝĚĞƌŝŶŐ
1 Condo owners favor freedom and autonomy.ŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐƚŚĞLJĚŽŶƚǁĂŶƚƚŽďĞƚŽůĚǁŚĞƚŚĞƌƚŚĞLJĐĂŶďƵLJĂŶĂƉĂƌƚŵĞŶƚŽƌƚŽǁŚŽŵƚŚĞLJĐĂŶƐĞůůŝƚŽƌƐƵďůĞƚŝƚƚŽǁŚĞƚŚĞƌƚŚĞLJĐĂŶŚĂǀĞĂĚŽŐ;ŽƌǁŚĂƚŬŝŶĚŽƌƚŚĞŵĂdžŝŵƵŵŝƚĐĂŶǁĞŝŐŚͿǁŚĞƚŚĞƌƚŚĞLJŵĂLJƌĞĮŶĂŶĐĞŽƌƚĂŬĞŽƵƚĂŚŽŵĞĞƋƵŝƚLJůŽĂŶĞƚĐ
2 Co-op owners are more worried about whether the living environment they think they are ďƵLJŝŶŐŝŶƚŽǁŝůůůŝǀĞƵƉƚŽƚŚĞŝƌĞdžƉĞĐƚĂƟŽŶƐͶĂŶĚƚŚĞLJǁĂŶƚƚŽƉƌŽƚĞĐƚŝƚ
3 &ŽƌƚŚĞƌĞĂƐŽŶƐĂďŽǀĞcondos may be noisierĂŶĚĮůůĞĚǁŝƚŚĂŚŝŐŚƚƵƌŶŽǀĞƌŽĨƌĞŶƚĞƌƐǁŚŽĚŽŶƚĐĂƌĞĂďŽƵƚŐĞƫŶŐĂůŽŶŐǁŝƚŚƚŚĞŶĞŝŐŚďŽƌƐĂŶĚŵĂLJŚĂǀĞĂŐƌĞĂƚĞƌƚĞŶĚĞŶĐLJƚŽŶĞŐůĞĐƚƚŚĞďƵŝůĚŝŶŐŽͲŽƉƐǁŚŝůĞŽŌĞŶŵŽƌĞƉĞĂĐĞĨƵůĂŶĚďĞƩĞƌƚĞŶĚĞĚĐĂŶďĞŵŝĐƌŽŵĂŶĂŐĞĚŝŶďƌĞĚĂŶĚĐŚĂŶŐĞĂǀĞƌƐĞ
4 EĞǁĞƌĐŽŶĚŽƐƚŚĂƚƐƉƌĂŶŐƵƉĚƵƌŝŶŐƚŚĞƌĞĐĞŶƚĐŽŶƐƚƌƵĐƟŽŶŵĂŶĚĂŌĞƌǁĂƌĚͶthe majority of condos for sale today—tend to be located in less convenient or desirable areasǁŚĞƌĞůĂŶĚǁĂƐĂǀĂŝůĂďůĞ/ŶDĂŶŚĂƩĂŶĨŽƌŝŶƐƚĂŶĐĞ,ĂƌůĞŵƚŚĞ&ŝŶĂŶĐŝĂůŝƐƚƌŝĐƚĂŶĚDŝĚƚŽǁŶtĞƐƚŝŶƉĂƌƟĐƵůĂƌƐĂǁĂĚŝƐƉƌŽƉŽƌƟŽŶĂƚĞƐŚĂƌĞŽĨŶĞǁĚĞǀĞůŽƉŵĞŶƚ
5 EĞǁĞƌĐŽŶĚŽƐƚĞŶĚƚŽŚĂǀĞŵŽƌĞĚĞƐŝƌĂďůĞĂŵĞŶŝƟĞƐ both inside the apartment (washer/ĚƌLJĞƌƐĂŶLJŽŶĞͿĂŶĚŽƵƚƐŝĚĞ;ƌŽŽĨĚĞĐŬƐƉůĂLJƌŽŽŵƐŚĞĂůƚŚͲĐůƵďͲƋƵĂůŝƚLJŐLJŵƐĞƚĐͿƚŚĂŶĐŽͲŽƉƐĂŶĚŽůĚĞƌĐŽŶĚŽƐ;dŚĂƚƐĂŝĚŵĂŶLJĐŽͲŽƉƐŚĂǀĞƐƚĂƌƚĞĚƌĞƚƌŽĮƫŶŐƐŽŵĞĂŵĞŶŝƟĞƐŝŶŽƌĚĞƌƚŽƐƚĂLJĐŽŵƉĞƟƟǀĞŽŌĞŶǁŝƚŚŵŝdžĞĚƌĞƐƵůƚƐͿ
6 /ƚĐĂŶďĞĚŝĸĐƵůƚĂŶĚĞdžƉĞŶƐŝǀĞƚŽĮŶĚĐŽŶĚŽƐŝŶƚŚĞŵŽƐƚĚĞƐŝƌĂďůĞĂƌĞĂƐ such as Central WĂƌŬtĞƐƚŽƌƚŚĞďĞƐƚƉĂƌƚƐŽĨƚŚĞtĞƐƚsŝůůĂŐĞ^ŝŵŝůĂƌůLJ ŝĨLJŽƵƌĞůŽŽŬŝŶŐĨŽƌƉƌĞǁĂƌĚĞƚĂŝůƐƚŚĞƐĞďƵŝůĚŝŶŐƐĂƌĞĂůŵŽƐƚĂůǁĂLJƐĐŽͲŽƉƐͲͲĂŶĚǁŚĞŶLJŽƵĮŶĚĂƌĂƌĞƉƌĞǁĂƌĐŽŶĚŽĚĞŵĂŶĚĂŶĚƉƌŝĐĞƐĂƌĞƚLJƉŝĐĂůůLJŚŝŐŚ
TIPOFFS THAT YOU MAY BE THE CONDO TYPE/ŶĂĚĚŝƟŽŶƚŽƚŚĞŐĞŶĞƌĂůŝnjĂƟŽŶƐĂďŽǀĞLJŽƵŵĂLJǁĂŶƚƚŽĨŽĐƵƐLJŽƵƌƐĞĂƌĐŚŽŶĐŽŶĚŽƐŝĨ
1 zŽƵŚĂǀĞĂůĂƌŐĞŽƌĨĞĂƌĞĚďƌĞĞĚŽĨĚŽŐ;ďĂƐŝƐĨŽƌďĞŝŶŐƌĞũĞĐƚĞĚĨƌŽŵĂĐŽͲŽƉĞǀĞŶŝĨŝƚĂůůŽǁƐĚŽŐƐĂŶĚĚŽĞƐŶŽƚŚĂǀĞĂƐƚĂƚĞĚƐŝnjĞŽƌďƌĞĞĚƌĞƐƚƌŝĐƟŽŶͿ
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Kaplove & Morgan Buyer’s Guide 7
2 zŽƵĂƌĞůŽŽŬŝŶŐĨŽƌĂŶĞǁĞƌďƵŝůĚŝŶŐ;ϭϵϴϬƐƚŚƌŽƵŐŚƉƌĞƐĞŶƚͿ
3 zŽƵĂƌĞďƵLJŝŶŐƵƐŝŶŐĂƚƌƵƐƚŽƌĂŶ>>
4 You want to use the apartment as a pied a terre
5 zŽƵĂƌĞďƵLJŝŶŐƚŚĞĂƉĂƌƚŵĞŶƚĨŽƌLJŽƵƌŬŝĚƐ
6 zŽƵŚĂǀĞƐƵĞĚĂůĂŶĚůŽƌĚŽƌLJŽƵƌůĂƐƚĐŽͲŽƉŽƌĐŽŶĚŽďŽĂƌĚŽƌLJŽƵƌĞŐĞŶĞƌĂůůLJůŝƟŐŝŽƵƐ;ŽƌLJŽƵĂƌĞĂŶĂƩŽƌŶĞLJͿ
7 You’re a musician
8 zŽƵŚĂǀĞĂŚŽŵĞͲďĂƐĞĚďƵƐŝŶĞƐƐƚŚĂƚŝŶǀŽůǀĞƐŶŽŝƐĞŽƌůŽƚƐŽĨǀŝƐŝƚŽƌƐůŝŬĞƚĞĂĐŚŝŶŐŵƵƐŝĐŽƌƉƌĂĐƟĐŝŶŐƉƐLJĐŚŽůŽŐLJ
9 zŽƵĐĂŶƚĂīŽƌĚĂϮϬͲϮϱйĚŽǁŶƉĂLJŵĞŶƚ
10 zŽƵƌĞĂĨŽƌĞŝŐŶĐŝƟnjĞŶ
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Kaplove & Morgan Buyer’s Guide 8
STEP 2FINANCINGĞĨŽƌĞLJŽƵƐƚĂƌƚůŽŽŬŝŶŐĨŽƌĂŶĂƉĂƌƚŵĞŶƚLJŽƵŶĞĞĚĂƉƌĞĂƉƉƌŽǀĂůůĞƩĞƌ 'ĞƫŶŐŽŶĞŝƐĂĐƵƌƐŽƌLJƉƌŽĐĞƐƐƚŚĂƚŝŶǀŽůǀĞƐĐĂůůŝŶŐƵƉĂůĞŶĚĞƌŽƌŵŽƌƚŐĂŐĞďƌŽŬĞƌ ƐƉĞŶĚŝŶŐĂĨĞǁŵŝŶƵƚĞƐŽŶƚŚĞƉŚŽŶĞĂŶƐǁĞƌŝŶŐƋƵĞƐƟŽŶƐĂďŽƵƚLJŽƵƌŝŶĐŽŵĞĂŶĚĮŶĂŶĐŝĂůŚŝƐƚŽƌLJ ĂŶĚƉƌĞƩLJŵƵĐŚŝŵŵĞĚŝĂƚĞůLJƌĞĐĞŝǀŝŶŐĂůĞƩĞƌƐƚĂƟŶŐƚŚĂƚLJŽƵĂƌĞƉƌĞĂƉƉƌŽǀĞĚĨŽƌĂůŽĂŶƵƉƚŽyĂŵŽƵŶƚĂƚĂŶinterest rate of Y.
/ƚ ƐĞĂƐLJƚŽŐĞƚĂƉƌĞĂƉƉƌŽǀĂůůĞƩĞƌ dŽŽĞĂƐLJ
KŶĞŽĨƚŚĞƉƌŽďůĞŵƐŽĨƚŚĞůĞƩĞƌŝƐƚŚĂƚŶŽƚŽŶůLJŚĂƐŶŽŶĞŽĨƚŚĞŝŶĨŽƌŵĂƟŽŶƌĞůŝĞĚŽŶƚŽƉƌŽĚƵĐĞďĞĞŶǀĞƌŝĮĞĚLJĞƚďƵƚĂůůƚŽŽŽŌĞŶƐŽŵĞĐƌŝƟĐĂůŶƵĂŶĐĞŚĂƐďĞĞŶŵŝƐƐĞĚĂŶĚŝŶĞǀŝƚĂďůLJsurfaces later.
dŚĞƌĞĨŽƌĞƚŚŝƐƉŝĞĐĞŽĨƉĂƉĞƌŵĞĂŶƐǀĞƌLJůŝƩůĞďĞLJŽŶĚŐŝǀŝŶŐLJŽƵĂƐĞŶƐĞŽĨǁŚĞƚŚĞƌLJŽƵƋƵĂůŝĨLJ
THE COMMITMENT LETTERKŶĐĞLJŽƵƌŽīĞƌŽŶĂƉĂƌƚŵĞŶƚŝƐĂĐĐĞƉƚĞĚLJŽƵƌĞƚƵƌŶƚŽLJŽƵƌůĞŶĚĞƌŽƌŵŽƌƚŐĂŐĞďƌŽŬĞƌĨŽƌĂĐŽŵŵŝƚŵĞŶƚůĞƩĞƌ zŽƵƐƵďŵŝƚĂůŽƚŽĨĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶƚŚĞƉƌŽƉĞƌƚLJŝƐĂƉƉƌĂŝƐĞĚƚŚĞůĞŶĚĞƌŽƌŵŽƌƚŐĂŐĞďƌŽŬĞƌůŽŽŬƐĂƚƚŚĞďƵŝůĚŝŶŐŝƚƐĞůĨƚŽŵĂŬĞƐƵƌĞŝƚŵĞĞƚƐƚŚĞŝƌůĞŶĚŝŶŐŐƵŝĚĞůŝŶĞƐĂŶĚĮŶĂůůLJƚŚĞLJŐŝǀĞLJŽƵĂĐŽŵŵŝƚŵĞŶƚƚŽůĞŶĚƵƉƚŽyĂŵŽƵŶƚďLJzĚĂƚĞĂƚŝŶƚĞƌĞƐƚƌĂƚĞ
MORTGAGE CONTINGENCY VS FUNDING CONTINGENCY^ŽŵĞEzƐĞůůĞƌƐŵĂLJĂŐƌĞĞƚŽĂŵŽƌƚŐĂŐĞĐŽŶƟŶŐĞŶĐLJĐůĂƵƐĞŝŶƚŚĞĐŽŶƚƌĂĐƚdŚĞĐůĂƵƐĞŐŝǀĞƐLJŽƵƚŚĞƌŝŐŚƚƚŽǁĂůŬĂǁĂLJǁŝƚŚLJŽƵƌĚĞƉŽƐŝƚŝĨLJŽƵĂƌĞƵŶĂďůĞƚŽŐĞƚĂĐŽŵŵŝƚŵĞŶƚůĞƩĞƌ
ĞĐĂƵƐĞĐŽŵŵŝƚŵĞŶƚůĞƩĞƌƐŚĂǀĞƐŽŵĂŶLJůŽŽƉŚŽůĞƐŵĂŶLJďƵLJĞƌƐĂƩŽƌŶĞLJƐĂƐŬĨŽƌĨƵŶĚŝŶŐĐŽŶƟŶŐĞŶĐŝĞƐŝŶĂĚĚŝƟŽŶƚŽĂŵŽƌƚŐĂŐĞĐŽŶƟŶŐĞŶĐLJĨƵŶĚŝŶŐĐŽŶƟŶŐĞŶĐLJĨƌĞĞƐLJŽƵĨƌŽŵƚŚĞcontract with your deposit if the bank fails to fund the loan for any reason except one that is your fault.
hŶĨŽƌƚƵŶĂƚĞůLJĨŽƌďƵLJĞƌƐƐĞůůĞƌƐĂƌĞůŝŬĞůLJƚŽĂŐƌĞĞƚŽĂŶLJŽĨƚŚĞĂďŽǀĞŝŶĂƐůŽǁŵĂƌŬĞƚŽƌŝĨƚŚĞLJƌĞŚĂǀŝŶŐƚƌŽƵďůĞƐĞůůŝŶŐƚŚĞŝƌƉůĂĐĞ
FINANCING FOR INTERNATIONAL BUYERS/ĨLJŽƵĂƌĞŶŽƚĂh^ĐŝƟnjĞŶLJŽƵǁŝůůŚĂǀĞƚƌŽƵďůĞŐĞƫŶŐĂŵŽƌƚŐĂŐĞĨƌŽŵĂh^ďĂŶŬƵŶůĞƐƐLJŽƵ
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Kaplove & Morgan Buyer’s Guide 9
ĂƌĞĂƉƌŝǀĂƚĞďĂŶŬŝŶŐĐƵƐƚŽŵĞƌŽĨƚŚĞŝƌƐŽǀĞƌƐĞĂƐLJŽƵĂƌĞŝŶďƵƐŝŶĞƐƐŚĞƌĞĂŶĚƚŚĞďĂŶŬǁĂŶƚƐLJŽƵƌďƵƐŝŶĞƐƐĂĐĐŽƵŶƚŽƌƚŚĞďĂŶŬǁĂŶƚƐĂĐĐŽƵŶƚƐŽǀĞƌƐĞĂƐƚŚĂƚŝƚĚŽĞƐŶƚĐƵƌƌĞŶƚůLJŚĂǀĞ
džĐĞƉƟŽŶzŽƵŵĂLJďĞĂďůĞƚŽƚĂŬĞŽƵƚĂŶŝŶƚĞƌĞƐƚͲŽŶůLJĐŽŵŵĞƌĐŝĂůͲƚLJƉĞůŽĂŶǁŝƚŚĂďĂůůŽŽŶƉĂLJŵĞŶƚĚƵĞĂƚĂƐƉĞĐŝĮĞĚƟŵĞŝŶƚŚĞĨƵƚƵƌĞŽƌŽŶĞƚŚĂƚƌĞƋƵŝƌĞƐLJŽƵƚŽŬĞĞƉĂĐĞƌƚĂŝŶĂŵŽƵŶƚŽĨŵŽŶĞLJŝŶƚŚĞďĂŶŬĂƐĂŵŝŶŝŵƵŵďĂůĂŶĐĞĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨLJŽƵƌůŽĂŶ
1. Do you have to work with a real estate agent?
EŽtŚŝůĞƚŚĞǀĂƐƚŵĂũŽƌŝƚLJŽĨEzĂƉĂƌƚŵĞŶƚƐĂƌĞƌĞƉƌĞƐĞŶƚĞĚďLJĂůŝƐƟŶŐĂŐĞŶƚ;&^KͶŽƌ&Žƌ^ĂůĞLJKǁŶĞƌͶůŝƐƟŶŐƐĂƌĞƌĞůĂƟǀĞůLJƌĂƌĞŝŶEzͿǁŚŽƐĞϱͲϲйĐŽŵŵŝƐƐŝŽŶŝƐƉĂŝĚďLJƚŚĞƐĞůůĞƌ ďƵLJĞƌƐĚŽŶŽƚŚĂǀĞƚŽƉŝĐŬŽŶĞƌĞĂůĞƐƚĂƚĞĂŐĞŶƚǁŝƚŚǁŚŽŵƚŽǁŽƌŬĞdžĐůƵƐŝǀĞůLJtŽƌŬŝŶŐĚŝƌĞĐƚůLJǁŝƚŚƚŚĞƐĞůůĞƌ ƐĂŐĞŶƚͲͲǁŚŽƐĞůŽLJĂůƟĞƐĂƌĞĚŝǀŝĚĞĚďĞƚǁĞĞŶďƵLJĞƌĂŶĚƐĞůůĞƌͲͲŝƐĂďĂĚŝĚĞĂŝŶƉƌĞƩLJŵƵĐŚĞǀĞƌLJŽƚŚĞƌǁĂLJŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐLJŽƵǁŽŶƚŚĂǀĞĂƌĞĂůĂĚǀŽĐĂƚĞĚƵƌŝŶŐĐŽŶƚƌĂĐƚŶĞŐŽƟĂƟŽŶƐĂŶĚLJŽƵŵĂLJŶŽƚŚĞĂƌĂďŽƵƚƉƌŽďůĞŵƐǁŝƚŚƚŚĞĂƉĂƌƚŵĞŶƚŽƌƚŚĞďƵŝůĚŝŶŐŽƌƌĞƐĂůĞƉŽƚĞŶƟĂů
2. It’s especially imperative to work with a (good) agent under any of the following cir-
cumstances:
1 You’re busy.zŽƵĚŽŶƚŚĂǀĞƚŚĞƟŵĞŽƌŝŶĐůŝŶĂƟŽŶƚŽŵĂŶĂŐĞLJŽƵƌƐĞĂƌĐŚŝŶĐůƵĚŝŶŐƌĞƐĞĂƌĐŚŝŶŐĂǀĂŝůĂďůĞƉƌŽƉĞƌƟĞƐĂŶĚĐŽŵƉĂƌĂďůĞƐŽƌƐĞƫŶŐƵƉĂƉƉŽŝŶƚŵĞŶƚƐǁŝƚŚĂŐĞŶƚƐ
2 You are ĂĮƌƐƚͲƟŵĞďƵLJĞƌ.
3 You are new to New York City.
4 You are unfamiliar with the neighborhoodŝŶǁŚŝĐŚLJŽƵĂƌĞůŽŽŬŝŶŐ
5 There are ƐƉĞĐŝĂůĐŝƌĐƵŵƐƚĂŶĐĞƐĂďŽƵƚLJŽƵƌƋƵĂůŝĮĐĂƟŽŶƐĐŝƌĐƵŵƐƚĂŶĐĞƐŽƌĚĞƐŝƌĞĚapartmentƚŚĂƚǁŝůůŵĂŬĞLJŽƵƌƐĞĂƌĐŚƉĂƌƟĐƵůĂƌůLJĐŚĂůůĞŶŐŝŶŐƐŝŶĂŶLJďƵƐŝŶĞƐƐƚƌĂŶƐĂĐƟŽŶĐƌĞĂƟǀĞĚĞĂůƐƚƌƵĐƚƵƌŝŶŐĐĂŶƐĂǀĞƚŚĞĚĂLJ&ŽƌĞdžĂŵƉůĞǁŚŝůĞŵĂŶLJĐŽͲŽƉƐǁŝůůŶŽƚĂƉƉƌŽǀĞĂƉŝĞĚĂƚĞƌƌĞƉƵƌĐŚĂƐĞďLJƉĂƌĞŶƚƐǁŚŽŝŶƚĞŶĚĨŽƌƚŚĞŝƌĂĚƵůƚĐŚŝůĚƚŽůŝǀĞƚŚĞƌĞƐŽŵĞǁŝůůĂƉƉƌŽǀĞĂĐŽͲƉƵƌĐŚĂƐĞƐŝƚƵĂƟŽŶŝŶǁŚŝĐŚĂůůƉĂƌƟĞƐ;ƉĂƌĞŶƚĂŶĚĐŚŝůĚͿĂƌĞŽŶƚŚĞƉƌŽƉƌŝĞƚĂƌLJůĞĂƐĞĂŶĚƐƚŽĐŬĐĞƌƟĮĐĂƚĞ
6 You are ďƵLJŝŶŐŝŶĂĚŝĸĐƵůƚĐŽͲŽƉŐŽŽĚĂŐĞŶƚǁŝůůďĞĂďůĞƚŽĚĞƚĞƌŵŝŶĞƚŚĞůŝŬĞůŝŚŽŽĚƚŚĂƚLJŽƵǁŝůůƉĂƐƐƚŚĞďŽĂƌĚďĞĨŽƌĞLJŽƵĞǀĞƌŵĂŬĞĂŶŽīĞƌ ǁŚŝĐŚǁŝůůƐĂǀĞĞǀĞƌLJŽŶĞƐƵďƐƚĂŶƟĂůƟŵĞŵŽŶĞLJĂŶĚŚĞĂƌƚĂĐŚĞůƐŽĂŐŽŽĚĂŐĞŶƚǁŝůůďĞĂďůĞƚŽŚĞůƉLJŽƵĐƌĂŌĂŶĂƉƉůŝĐĂƟŽŶƉĂĐŬĂŐĞƚŚĂƚĐĂƚĞƌƐƚŽƚŚĞǁŚŝŵƐŽĨƚŚĞďŽĂƌĚƐŽƚŚĂƚLJŽƵƌĐŚĂŶĐĞƐŽĨďĞŝŶŐĂƉƉƌŽǀĞĚĂƌĞŚŝŐŚĞƌ
7 You are buying for investment:ŐŽŽĚĂŐĞŶƚǁŝƚŚĂƐŽůŝĚƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƟĞƐƐŚŽƵůĚďĞĂďůĞƚŽŚĞůƉLJŽƵĚĞǀĞůŽƉLJŽƵƌƉƌŽĨŽƌŵĂƚŽŵŽĚĞůĂŶƟĐŝƉĂƚĞĚĐĂƐŚŇŽǁƐĐĂƉƌĂƚĞƐŝŶƚĞƌŶĂůƌĂƚĞƐŽĨƌĞƚƵƌŶĂŶĚĞdžƉĞĐƚĞĚŶĞƚƉƌŽĮƚƐdŚĞLJǁŝůůĂůƐŽďĞĂďůĞƚŽƉƵƚLJŽƵŝŶ
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Kaplove & Morgan Buyer’s Guide 10
ƚŽƵĐŚǁŝƚŚůĞŶĚĞƌƐĂŶĚƉƌŽƉĞƌƚLJŵĂŶĂŐĞƌƐƚŚĂƚƐƉĞĐŝĂůŝnjĞŝŶŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJĂŶĚŚĞůƉLJŽƵĚĞƚĞƌŵŝŶĞƚŚĞŵĂƌŬĞƚǀĂůƵĞŽĨƌĞŶƚƐdŚĞLJŵĂLJĂůƐŽďĞĂďůĞƚŽŚĞůƉǁŝƚŚůĞĂƐŝŶŐĂŌĞƌLJŽƵďƵLJ
8 You are buying from a developer:ĞĐĂƵƐĞƚŚŝƐĐĂŶďĞŵƵĐŚŵŽƌĞĐŽŵƉůŝĐĂƚĞĚƚŚĂŶƚŚĞƌĞƐĂůĞƉƌŽĐĞƐƐƚŚĞƐƉŽŶƐŽƌĚĞǀĞůŽƉĞƌĚƌĂŌƐƚŚĞŝƌŽǁŶƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐ;ƵŶůŝŬĞƚŚĞďŽŝůĞƌƉůĂƚĞĐŽŶƚƌĂĐƚƐƚLJƉŝĐĂůůLJƵƐĞĚĨŽƌƌĞƐĂůĞƐͿdŚĂƚŽŌĞŶůĞĂǀĞƐŵŽƌĞŝƐƐƵĞƐƚŽďĞƉƌŽƚĞĐƚĞĚĂŐĂŝŶƐƚĂŶĚŶĞŐŽƟĂƚĞĚƚŚĂƚĂƌĞůĂƌŐĞůLJƵŶĨĂŵŝůŝĂƌƚŽƚŚĞƚLJƉŝĐĂůƉƵƌĐŚĂƐĞƌ ůƐŽĂŐŽŽĚĂŐĞŶƚƐŚŽƵůĚďĞĂďůĞƚŽƉƌŽǀŝĚĞLJŽƵǁŝƚŚƐŽŵĞŝŶĚƵƐƚƌLJŝŶƐŝŐŚƚŝŶƚŽƚŚĞďƵŝůĚŝŶŐďĞĨŽƌĞLJŽƵƐƵďŵŝƚĂŶŽīĞƌ
3. How to pick a good real estate agent
,ĞƌĞƐŽŵĞƐŝŐŶƐŽĨŐŽŽĚĂŐĞŶƚƐ
1 dŚĞLJĂƌĞŝŶƟŵĂƚĞůLJĨĂŵŝůŝĂƌǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ;ƐͿLJŽƵĂƌĞůŽŽŬŝŶŐŝŶ
2 dŚĞLJĂƌĞďƵƐLJ ďƵƚŶŽƚƐŽďƵƐLJƚŚĂƚƚŚĞLJŚĂŶĚLJŽƵŽīƚŽĂŶĂƐƐŝƐƚĂŶƚ
3 dŚĞLJǁŽƌŬĨƵůůͲƟŵĞ
4 zŽƵŚĂǀĞĂŐŽŽĚŐƵƚŝŶƐƟŶĐƚĂďŽƵƚƚŚĞŵ;ŶŽŚŝŐŚͲƉƌĞƐƐƵƌĞƚĂĐƟĐƐͿ
5 dŚĞLJŚĂǀĞĞdžƉĞƌŝĞŶĐĞǁŝƚŚĐŽŶĚŽƐĐŽͲŽƉƐĂŶĚŶĞǁĚĞǀĞůŽƉŵĞŶƚƐ;ǁŚŝĐŚĞǀĞƌLJŽƵĂƌĞĨŽĐƵƐŝŶŐŽŶͿ
6 dŚĞLJƐĞĞŵƚŽƵŶĚĞƌƐƚĂŶĚLJŽƵƌƚĂƐƚĞĂŶĚƐĞŶƐŝďŝůŝƟĞƐ
KŶĐĞĂƐĞůůĞƌŚĂƐĂĐĐĞƉƚĞĚƚŚĞŽīĞƌŶĞŐŽƟĂƚĞĚǁŝƚŚLJŽƵĂŶĚLJŽƵƌĂŐĞŶƚLJŽƵǁŝůůŶĞĞĚƚŽŚŝƌĞĂƌĞĂůĞƐƚĂƚĞĂƩŽƌŶĞLJƚŽƉƌĞƉĂƌĞĂŶĚŶĞŐŽƟĂƚĞƚŚĞĚĞƚĂŝůƐŽĨƚŚĞĐŽŶƚƌĂĐƚ
ƵƚĚŽŶƚǁĂŝƚƵŶƟůƚŚĞůĂƐƚŵŝŶƵƚĞƚŽĮŐƵƌĞŽƵƚǁŚŝĐŚĂƩŽƌŶĞLJLJŽƵƉůĂŶƚŽǁŽƌŬǁŝƚŚdŚĞƌĞǁŝůůďĞĂůŽƚŽĨĨĂƐƚŵŽǀŝŶŐƉŝĞĐĞƐĂŶĚŚĞŝŐŚƚĞŶĞĚĞŵŽƟŽŶƐͲͲĂŶĚLJŽƵĚŽŶƚǁĂŶƚƚŽƌƵƐŚƚŚŝƐ
,ĞƌĞĂƌĞĂĨĞǁƉŽŝŶƚĞƌƐĨŽƌƉŝĐŬŝŶŐĂŐŽŽĚĐůŽƐŝŶŐůĂǁLJĞƌ
1 :ƵƐƚĂďŽƵƚƚŚĞǁŽƌƐƚƚŚŝŶŐLJŽƵĐĂŶĚŽŝƐŚŝƌĞĂŶĂƩŽƌŶĞLJǁŚŽĚŽĞƐŶŽƚƐƉĞĐŝĂůŝnjĞŝŶEzƌĞƐŝĚĞŶƟĂůƌĞĂůĞƐƚĂƚĞdŚĞŝŶƚƌŝĐĂĐŝĞƐŽĨĐůŽƐŝŶŐĂEzƌĞĂůĞƐƚĂƚĞĚĞĂůͶĨƌŽŵĚƵĞĚŝůŝŐĞŶĐĞŽŶĂĐŽͲŽƉƚŽƌĞĂĚŝŶŐĂĐŽŶĚŽďŽĂƌĚŵŝŶƵƚĞƐͶĂƌĞŶŽƚƚĂƵŐŚƚŝŶůĂǁƐĐŚŽŽůŽƌĚĞĂůƚǁŝƚŚŝŶŵĂŶLJother real estate markets.
2 KŶƚŚĞŽƚŚĞƌĞdžƚƌĞŵĞĚŽŶƚƉŝĐŬĂĐŚŽƉͲƐŚŽƉĐůŽƐŝŶŐůĂǁLJĞƌǁŚŽƚĂŬĞƐĂĐŽŽŬŝĞĐƵƩĞƌĂƉƉƌŽĂĐŚƚŽLJŽƵƌƚƌĂŶƐĂĐƟŽŶĂŶĚŽƌŝƐƚŽŽŽǀĞƌůŽĂĚĞĚƚŽďĞƌĞƐƉŽŶƐŝǀĞ
3 /ĨLJŽƵĚŽŶƚĂůƌĞĂĚLJŬŶŽǁĂŐŽŽĚĐůŽƐŝŶŐĂƩŽƌŶĞLJ ĂƐŬĨŽƌƌĞĨĞƌƌĂůƐĨƌŽŵƉĞŽƉůĞLJŽƵŬŶŽǁŝŶĐůƵĚŝŶŐLJŽƵƌƌĞĂůĞƐƚĂƚĞĂŐĞŶƚ
4 &ĞĞƐƚLJƉŝĐĂůůLJƌĂŶŐĞĨƌŽŵΨϭϱϬϬƚŽΨϮϱϬϬĨŽƌƚŚĞĂǀĞƌĂŐĞƚƌĂŶƐĂĐƟŽŶdžƉĞĐƚƚŽƉĂLJƵƉƚŽĂĨĞǁƚŚŽƵƐĂŶĚŵŽƌĞŝĨ ĨŽƌŝŶƐƚĂŶĐĞLJŽƵǁĂŶƚƚŽƉƌĞƐĞƌǀĞLJŽƵƌƉƌŝǀĂĐLJďLJďƵLJŝŶŐĂŶĂƉĂƌƚŵĞŶƚunder an LLC created for this purpose.
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Kaplove & Morgan Buyer’s Guide 11
5 DĂŬĞƐƵƌĞƚŚĞĨĞĞŝŶĐůƵĚĞƐĚƵĞĚŝůŝŐĞŶĐĞĂŶĚƚŚĂƚLJŽƵƌĂƩŽƌŶĞLJ;ŶŽƚĂƉĂƌĂůĞŐĂůͿǁŝůůďĞŐŽŝŶŐƚŽƚŚĞŵĂŶĂŐŝŶŐĂŐĞŶƚ ƐŽĸĐĞƚŽƌĞĂĚƚŚĞĮŶĂŶĐŝĂůƐĂŶĚŵŝŶƵƚĞƐ;ĂŶĚƌĞĂĚƚŚĞŽīĞƌŝŶŐƉůĂŶŝĨƚŚĞďƵŝůĚŝŶŐŝƐůĞƐƐƚŚĂŶϱLJĞĂƌƐŽůĚͿ/ƚ ƐĂůƐŽďĞƐƚƉƌĂĐƟĐĞĨŽƌLJŽƵƌĂƩŽƌŶĞLJƚŽĂĚŵŝŶŝƐƚĞƌƚŚĞŵĂŶĂŐŝŶŐĂŐĞŶƚƋƵĞƐƟŽŶŶĂŝƌĞ;ĂďŽƵƚďĞĚďƵŐƐůĞĂŬƐŶŽŝƐĞĐŽŵƉůĂŝŶƚƐƌĞƐĞƌǀĞĨƵŶĚƐŵĂũŽƌĐĂƉŝƚĂůƉƌŽũĞĐƚƐĞƚĐͿŝŶƉĞƌƐŽŶŽƌŽǀĞƌƚŚĞƉŚŽŶĞĐ&ŝŶĚŽƵƚŚŽǁŵƵĐŚŽĨƚŚĞĂƩŽƌŶĞLJ ƐĨĞĞƐĂƌĞƌĞĨƵŶĚĂďůĞŝĨƚŚĞĚĞĂůĚŽĞƐŶƚŐŽƚŚƌŽƵŐŚ
FINDING THE RIGHT BUILDING:&ƌŽŵĂƋƵĂůŝƚLJŽĨůŝĨĞĂŶĚŝŶǀĞƐƚŵĞŶƚƉĞƌƐƉĞĐƟǀĞƚŚĞďƵŝůĚŝŶŐLJŽƵďƵLJŝŶƚŽĐĂŶŵĂƩĞƌŵŽƌĞƚŚĂŶƚŚĞƐƉĞĐŝĮĐĂƉĂƌƚŵĞŶƚLJŽƵǁŝŶĚƵƉďƵLJŝŶŐdŚĂƚ ƐĂůĞƐƐŽŶĮƌƐƚͲƟŵĞďƵLJĞƌƐĂŶĚƉĞŽƉůĞŶĞǁƚŽEzŐĞŶĞƌĂůůLJǁŝŶĚƵƉůĞĂƌŶŝŶŐƚŚĞŚĂƌĚǁĂLJͲͲĨĂůůŝŶŐĨŽƌƚŚĞǀŝĞǁĂŶĚƌĞŐƌĞƫŶŐƚŚĞŚŝŐŚŵĂŝŶƚĞŶĂŶĐĞĐŚĂƌŐĞƐ;ŽƌƚŚĞŚŝŐŚͲŵĂŝŶƚĞŶĂŶĐĞďŽĂƌĚͿ
‘Full service’ and ‘white-glove’ vs plain old “doorman” buildings:ƐŝŵƉůĞĚŽŽƌŵĂŶďƵŝůĚŝŶŐĐĂŶďĞĂƐŶŽͲĨƌŝůůƐĂƐĂƉĂƌƚͲƟŵĞĚŽŽƌŵĂŶďƵŝůĚŝŶŐƚŚĂƚŚĂƐĂůŝǀĞͲŝŶƐƵƉĞƌ &ƵůůͲƐĞƌǀŝĐĞŝŵƉůŝĞƐĂůůƚŚĞƚƌŝŵŵŝŶŐƐLJŽƵǁŽƵůĚĞdžƉĞĐƚƐƵĐŚĂƐƉŽƌƚĞƌƐĂƌĞƐŝĚĞŶƚŵĂŶĂŐĞƌ ĂŶĚƉŽƐƐŝďůLJĂĐŽŶĐŝĞƌŐĞŝŶĂĚĚŝƟŽŶƚŽƌŽƵŶĚͲƚŚĞͲĐůŽĐŬĚŽŽƌŵĞŶǁŚŝƚĞŐůŽǀĞƚďƵŝůĚŝŶŐŝƐĨƵůůͲƐĞƌǀŝĐĞǁŝƚŚĂĮǀĞͲƐƚĂƌͲŚŽƚĞůůĞǀĞůŽĨƐĞƌǀŝĐĞĂŶĚĐůĞĂŶůŝŶĞƐƐ
zŽƵƌŵŽŶƚŚůLJĐŚĂƌŐĞƐǁŝůůƌĞŇĞĐƚƚŚĞůĞǀĞůŽĨƐƚĂĸŶŐĂŶĚŐĞŶĞƌĂůůLJƐƉĞĂŬŝŶŐƚŚĞƌĞŝƐĂŶĞĐŽŶŽŵLJŽĨƐĐĂůĞ/ƚĐĂŶĐŽƐƚůĞƐƐƉĞƌĂƉĂƌƚŵĞŶƚƚŽƐƚĂīĂϯϬϬͲƵŶŝƚĨƵůůͲƐĞƌǀŝĐĞďƵŝůĚŝŶŐƚŚĂŶŝƚĚŽĞƐƚŽƐƚĂīĂϭϮϱͲƵŶŝƚďƵŝůĚŝŶŐdŝƉƉŝŶŐĚƵƌŝŶŐƚŚĞŚŽůŝĚĂLJƐŝŶĂĨƵůůͲƐĞƌǀŝĐĞďƵŝůĚŝŶŐĐĂŶƌĂŶŐĞĨƌŽŵΨϭϬϬϬͲϮϱϬϬƉĞƌLJĞĂƌ ƚŚŽƵŐŚƚŚĞƌĞŝƐŶŽŽďůŝŐĂƟŽŶƚŽƟƉ
“Attended elevator” buildings:dŚŝƐŝƐĂƌĂƉŝĚůLJĚLJŝŶŐďƌĞĞĚŽĨƐŵĂůůĞƌƉƌĞǁĂƌďƵŝůĚŝŶŐƐƚŚĂƚƐƟůůĨĞĂƚƵƌĞŽůĚͲĨĂƐŚŝŽŶĞĚŵĂŶƵĂůůLJͲŽƉĞƌĂƚĞĚĞůĞǀĂƚŽƌƐdŚĞĞůĞǀĂƚŽƌŝƐŽƉĞƌĂƚĞĚďLJĂƵŶŝĨŽƌŵĞĚĂƩĞŶĚĂŶƚǁŚŽĨƵŶĐƟŽŶƐĂƐĂĚŽŽƌŵĂŶǁŚĞŶŶŽƚĨĞƌƌLJŝŶŐƉĂƐƐĞŶŐĞƌƐ,ŽǁĞǀĞƌ ƚŚĞƌĞŝƐŶŽƚĂƐĞƉĂƌĂƚĞĚŽŽƌŵĂŶƐŽƉĂĐŬĂŐĞĂĐĐĞƉƚĂŶĐĞĂŶĚŽƚŚĞƌƚLJƉĞƐŽĨĚƵƟĞƐĐĂŶŶŽƚďĞƌĞůŝĂďůLJĐĂƌƌŝĞĚŽƵƚĂƚĂůůƟŵĞƐǁŝƚŚƚŚĞĂƩĞŶĚĂŶƚƚŽŐŐůŝŶŐďĂĐŬĂŶĚĨŽƌƚŚďĞƚǁĞĞŶƚŚĞĨƌŽŶƚĚŽŽƌĂŶĚƚŚĞĞůĞǀĂƚŽƌ
tĞĐĂŶƚƌĞĂůůLJƚŚŝŶŬŽĨĂŶƵƉƐŝĚĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ;ďĞƐŝĚĞƐĚĞůĂLJŝŶŐƚŚĞĐŽƐƚŽĨƵƉŐƌĂĚŝŶŐƚŚĞĞůĞǀĂƚŽƌͿůůƚŚŝŶŐƐďĞŝŶŐĞƋƵĂůǁĞĚƌĂƚŚĞƌŚĂǀĞĂĚŽŽƌŵĂŶ
Elevator buildings:ŽŵƉĂƌĞĚƚŽůƵdžƵƌLJĨƵůůͲƐĞƌǀŝĐĞďƵŝůĚŝŶŐƐƚŚĞƐĞĂƌĞŐĞŶĞƌĂůůLJŽŶƚŚĞƐŵĂůůĞƌƐŝĚĞƚŽƉƉŝŶŐŽƵƚĂƚĂƌŽƵŶĚϭϬͲϭϱƐƚŽƌŝĞƐƚŵŽƐƚƚŚĞLJĂƌĞƐƚĂīĞĚǁŝƚŚĂůŝǀĞͲŝŶƐƵƉĞƌĂŶĚŵĂLJďĞĂƉĂƌƚͲƟŵĞƉŽƌƚĞƌŚĂŶĚLJŵĂŶƚŽŚĞůƉŽƵƚ
DĂŶLJƉĞŽƉůĞƐǁĞĂƌƚŚĞLJǁŽƵůĚŶĞǀĞƌůŝǀĞŝŶĂŶŽŶͲĚŽŽƌŵĂŶďƵŝůĚŝŶŐĐŝƟŶŐƐĂĨĞƚLJĂŶĚĐŽŶǀĞŶŝĞŶĐĞKƚŚĞƌƐĮŶĚƚŚĂƚĂŐŽŽĚůŝǀĞͲŝŶƐƵƉĞƌǁŚŽĂĐĐĞƉƚƐƉĂĐŬĂŐĞƐŝƐĂŶĞdžĐĞůůĞŶƚƚƌĂĚĞŽīĨŽƌŝŶĐƌĞĂƐĞĚƉƌŝǀĂĐLJĂŶĚƐŝŐŶŝĮĐĂŶƚůLJůŽǁĞƌŵŽŶƚŚůLJĐŚĂƌŐĞƐdŚĞƐĞĚĂLJƐƚŚĞƌĞĂƌĞĂůƐŽ
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Kaplove & Morgan Buyer’s Guide 12
ƐŽƉŚŝƐƟĐĂƚĞĚƌĞŵŽƚĞĚŽŽƌŵĂŶƐLJƐƚĞŵƐƚŚĂƚĐĂŶƉĞƌĨŽƌŵŵĂŶLJŽĨƚŚĞĨƵŶĐƟŽŶƐŽĨĂƚƌĂĚŝƟŽŶĂůdoorman.
Walk-ups:dŚĞƐĞĮǀĞͲŽƌƐŝdžͲƐƚŽƌLJďƵŝůĚŝŶŐƐĂƌĞƵƐƵĂůůLJǀĞƌLJĐŽŵƉĞƟƟǀĞƉƌŝĐĞǁŝƐĞDĂŶLJŝĨŶŽƚŵŽƐƚƌĞůLJŽŶŚĞůƉĨƌŽŵĂƉĂƌƚͲƟŵĞŽīͲƐŝƚĞƐƵƉĞƌ ĂŶĚƐŽŵĞƌĞƋƵŝƌĞƚŚĂƚŽǁŶĞƌƐƚĂŬĞƵƉƐŽŵĞĚƵƟĞƐƵƐƵĂůůLJƉĞƌĨŽƌŵĞĚďLJĂƐƵƉĞƌ ƐƵĐŚĂƐƐŚŽǀĞůŝŶŐƐŶŽǁ
Prewar vs postwar vs new:Prewar buildingsǁĞƌĞďƵŝůƚďĞĨŽƌĞtŽƌůĚtĂƌ//ĂŶĚŐĞŶĞƌĂůůLJďƵƚŶŽƚĂůǁĂLJƐĞŵďŽĚLJƚŚĞĞůĞŐĂŶƚŝĐŽŶŝĐĂƌĐŚŝƚĞĐƚƵƌĂůƐƚLJůĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŽůĚEĞǁzŽƌŬĂŶĚŽŌĞŶŚĂǀĞŐƌĂĐŝŽƵƐƌŽŽŵƉƌŽƉŽƌƟŽŶƐǁŝƚŚŚŝŐŚĐĞŝůŝŶŐƐ
KŶƚŚĞŶĞŐĂƟǀĞƐŝĚĞƉƌĞǁĂƌďƵŝůĚŝŶŐƐƚĞŶĚƚŽŚĂǀĞĨĞǁĞƌĂŵĞŶŝƟĞƐĂŶĚƵŶůŝŬĞƚŚĞŶĞǁĞƐƚĐƌŽƉŽĨĐŽŶƐƚƌƵĐƟŽŶĐŽŵƉĂƌĂƟǀĞůLJĨĞǁĂůůŽǁŝŶͲƵŶŝƚǁĂƐŚĞƌĚƌLJĞƌƐƚŚŽƵŐŚƚŚĞƌĞŝƐƐŽŵĞƉƌŽŐƌĞƐƐďĞŝŶŐŵĂĚĞŽŶƚŚĂƚƉŽŝŶƚĂƐƉƌĞǁĂƌďƵŝůĚŝŶŐƐƌĞǀŝƐŝƚƉůƵŵďŝŶŐŝƐƐƵĞƐƚŽƚƌLJƚŽƌĞŵĂŝŶĐŽŵƉĞƟƟǀĞŝŶƚŚĞƌĞƐĂůĞŵĂƌŬĞƚƵĞƚŽƚŚĞŝƌŽůĚĞƌǀŝŶƚĂŐĞŵŽƐƚƉƌĞǁĂƌƐĂƌĞĐŽͲŽƉƐƌĂƚŚĞƌƚŚĂŶĐŽŶĚŽƐ
Postwar buildingsďĂƐŝĐĂůůLJƐƉĂŶƚŚĞƉĞƌŝŽĚĨƌŽŵtŽƌůĚtĂƌ//ƵƉƵŶƟůƚŚĞůĂƚĞƐƚĐŝƌĐĂͲϮϬϬϬĐŽŶƐƚƌƵĐƟŽŶŵdŚĞƐĞďƵŝůĚŝŶŐƐŝŶĐůƵĚĞƚŚĞŚƵŐĞŵŝĚĚůĞͲĐůĂƐƐŚŽƵƐŝŶŐƉƌŽũĞĐƚƐůŝŬĞ^ƚƵLJǀĞƐĂŶƚdŽǁŶƚŽƚŚĞϲϬƐͲĞƌĂǁŚŝƚĞͲďƌŝĐŬŚŝŐŚͲƌŝƐĞƐƉůĞŶƟĨƵůŽŶƚŚĞhƉƉĞƌĂƐƚ^ŝĚĞĞĂƐƚŽĨ>ĞdžŝŶŐƚŽŶǀĞŶƵĞƚŽƌĞĚͲďƌŝĐŬĐŽŽŬŝĞĐƵƩĞƌĐŽŶƐƚƌƵĐƟŽŶƚŚĂƚĐŚĂƌĂĐƚĞƌŝnjĞƐŵƵĐŚŽĨƚŚĞϭϵϴϬƐĐŽŶƐƚƌƵĐƟŽŶ
tŚŝůĞƚŚĞƌĞĂƌĞĞdžĐĞƉƟŽŶƐƚŚĞĐŽŽŬŝĞͲĐƵƩĞƌŶĂƚƵƌĞĂŶĚůĂĐŬŽĨĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƚĂŝůŽĨŵĂŶLJŽĨƚŚĞƐĞďƵŝůĚŝŶŐƐĐĂŶŵĂŬĞƚŚĞŵĂŵŽƌĞĂīŽƌĚĂďůĞŽƉƟŽŶƚŚĂŶƉƌĞǁĂƌŽƌƚŚĞŶĞǁĞƐƚĐŽŶƐƚƌƵĐƟŽŶdŚĞLJĂƌĞůŝŬĞůLJƚŽŚĂǀĞĂŵĞŶŝƟĞƐůŝŬĞůĂƵŶĚƌLJƌŽŽŵƐĂŶĚĮƚŶĞƐƐĐĞŶƚĞƌƐĂŶĚƚŚĞŝƌǁŝŶĚŽǁƐďĂƚŚƌŽŽŵƐĂŶĚĞůĞǀĂƚŽƌƐĂƌĞŽŌĞŶůĂƌŐĞƌƚŚĂŶƉƌĞǁĂƌ ďƵƚŵĂŶLJĂƌĞĂůƐŽŬŶŽǁŶĨŽƌƚŚĞŝƌůŽǁĐĞŝůŝŶŐƐĂŶĚƐůĂƉĚĂƐŚĐŽŶƐƚƌƵĐƟŽŶƚŚĂƚƐŚŽǁƐƵƉŝŶŶŽŝƐĞͲƚƌĂŶƐŵŝƫŶŐǁĂůůƐĂŶĚŇŽŽƌƐ
EĞǁĐŽŶƐƚƌƵĐƟŽŶďƵŝůĚŝŶŐƐďŽƌŶŝŶƚŚĞŵŽƐƚƌĞĐĞŶƚ;ƉŽƐƚͲϮϬϬϬͿĐŽŶƐƚƌƵĐƟŽŶŵĂŶĚĂŌĞƌǁĂƌĚƚĞŶĚƚŽůĂǀŝƐŚŵƵĐŚĂƩĞŶƟŽŶŽŶƐƚLJůĞĂŶĚĚĞƐŝŐŶ,ĂůůŵĂƌŬƐŝŶĐůƵĚĞĂŶĞŵƉŚĂƐŝƐŽŶŇŽŽƌͲƚŽͲĐĞŝůŝŶŐǁŝŶĚŽǁƐŽƉĞŶŬŝƚĐŚĞŶƐĂŶĚĂŵĞŶŝƚLJƐƉĂĐĞƐƚŚĂƚĐĂŶƌĂŶŐĞĨƌŽŵĨƵůůͲƐĞƌǀŝĐĞŐLJŵƐĂŶĚƐĐƌĞĞŶŝŶŐƌŽŽŵƐƚŽƉĞƚƐƉĂƐůĂŶĚƐĐĂƉĞĚƌŽŽĨƚĞƌƌĂĐĞƐĂŶĚĐŚŝůĚƌĞŶ ƐƉůĂLJƌŽŽŵƐǁŝƚŚĂĨƵůůƐĐŚĞĚƵůĞŽĨĐůĂƐƐĞƐĂŶĚĂĐƟǀŝƟĞƐĂŶLJƵŶŝƚƐǁĞƌĞĚĞƐŝŐŶĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞǁĂƐŚĞƌͲĚƌLJĞƌƐ
ůůŽĨƚŚŝƐĐŽŵĞƐĂƚĂĐŽƐƚdŚĞƐĞŶƐĞŽĨƐƉĂĐŝŽƵƐŶĞƐƐƉƌŽǀŝĚĞĚďLJŚƵŐĞǁŝŶĚŽǁƐĂŶĚŽƉĞŶŬŝƚĐŚĞŶƐĂůůŽǁĚĞǀĞůŽƉĞƌƐƚŽƐŚĂǀĞĂĐƚƵĂůƐƋƵĂƌĞĨĞĞƚĨƌŽŵůŝǀŝŶŐĂƌĞĂƐĂŵĞŶŝƟĞƐƐƚƚŚĞĐŽŵŵŽŶĐŚĂƌŐĞƐĂŶĚĂƐŵĞŶƟŽŶĞĚĞĂƌůŝĞƌ ŵĂŶLJŶĞǁĞƌďƵŝůĚŝŶŐƐ;ϭͲϯLJĞĂƌƐͿĂƌĞƐƟůůĞdžƉĞƌŝĞŶĐŝŶŐŐƌŽǁŝŶŐƉĂŝŶƐƌĞůĂƚĞĚƚŽĐŽŶƐƚƌƵĐƟŽŶĚĞĨĞĐƚƐĂŶĚƐƉŽŶƐŽƌƌƵůĞĞƉĞŶĚŝŶŐŽŶƚŚĞĚĞǀĞůŽƉĞƌ ŶŽŝƐĞƚƌĂŶƐŵŝƐƐŝŽŶĂŶĚĂŝƌƋƵĂůŝƚLJŝƐƐƵĞƐĐĂŶĂůƐŽďĞĂƉƌŽďůĞŵ
ůƐŽďĞĐĂƵƐĞŶĞǁĐŽŶƐƚƌƵĐƟŽŶǁĂƐƚŚĞůĂƐƚƚŽƚŚĞůĂŶĚͲŐƌĂďƚĂďůĞŶĞǁĞƌďƵŝůĚŝŶŐƐƚĞŶĚƚŽďĞůĞƐƐĐŽŶǀĞŶŝĞŶƚůLJůŽĐĂƚĞĚƚŚĂŶŽůĚĞƌŚŽƵƐŝŶŐƐƚŽĐŬdŚĞLJĂƌĞĐŽŶĚŽƐŶŽƚĐŽͲŽƉƐďĞĐĂƵƐĞŽĨĂ
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Kaplove & Morgan Buyer’s Guide 13
ĐŽŶĚŽ ƐůĂdžƐƵďůĞƚƌƵůĞƐƚŚŝƐĐĂŶůĞĂĚƚŽĂŚŝŐŚĞƌƉƌŽƉŽƌƟŽŶŽĨƌĞŶƚĞƌƐƚŚĂŶƐŽŵĞŽǁŶĞƌƐĂƌĞcomfortable with.
FINANCIAL HEALTHŌĞƌLJŽƵƌŽīĞƌŝƐĂĐĐĞƉƚĞĚĂŐŽŽĚĂƩŽƌŶĞLJǁŝůůĐŽŶĚƵĐƚĂƚŚŽƌŽƵŐŚĂŶĂůLJƐŝƐŽĨLJŽƵƌƉƌŽƐƉĞĐƟǀĞďƵŝůĚŝŶŐ ƐĮŶĂŶĐŝĂůƐŝƚƵĂƟŽŶtŚŝůĞLJŽƵƌĞŽƵƚƚŚĞƌĞƐŚŽƉƉŝŶŐĂŶĚĐŽŵƉĂƌŝŶŐďƵŝůĚŝŶŐƐŬĞĞƉŝŶŵŝŶĚƚŚĂƚŝĨĂďƵŝůĚŝŶŐŚĂƐŶƚƌĂŝƐĞĚŝƚƐŵŽŶƚŚůLJĐŚĂƌŐĞƐŝŶLJĞĂƌƐƚŚŝƐŝƐůŝŬĞůLJĂƐŝŐŶŽĨďĂĚŵĂŶĂŐĞŵĞŶƚŝŶƚŚĂƚŝŵƉŽƌƚĂŶƚƉƌŽũĞĐƚƐĂƌĞƉƌŽďĂďůLJďĞŝŶŐĚĞĨĞƌƌĞĚ^ŝŵŝůĂƌůLJ ǁŚŝůĞƐŽŵĞŚŝŐŚĞƌͲĞŶĚďƵŝůĚŝŶŐƐŵĂŬĞĂƉƌĂĐƟĐĞŽĨƌƵŶŶŝŶŐůĞĂŶĂŶĚůĞǀLJŝŶŐĂƐƐĞƐƐŵĞŶƚƐĨŽƌĞŵĞƌŐĞŶĐŝĞƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƉƌŽũĞĐƚƐĂƌĞƐĞƌǀĞĨƵŶĚŽĨůĞƐƐƚŚĂŶϯŵŽŶƚŚƐŵĂLJŵĞĂŶƚŚŝƐďƵŝůĚŝŶŐŝƐƐƚƌƵŐŐůŝŶŐ
STEP 6 SHOPPING FOR THE RIGHT APARTMENT:KƉĞŶŚŽƵƐĞƐĂƌĞĂŶĞdžĐĞůůĞŶƚǁĂLJƚŽďĞĐŽŵĞĨĂŵŝůŝĂƌǁŝƚŚƚŚĞďƵŝůĚŝŶŐƐĂŶĚĂƉĂƌƚŵĞŶƚƐŝŶLJŽƵƌƉƌŝĐĞƉŽŝŶƚŝŶĂƉĂƌƟĐƵůĂƌŶĞŝŐŚďŽƌŚŽŽĚDŽƐƚĂƌĞŚĞůĚŽŶ^ƵŶĚĂLJĂŌĞƌŶŽŽŶƐĂŶĚLJŽƵĚŽŶŽƚŶĞĞĚƚŽĂƩĞŶĚǁŝƚŚĂďƌŽŬĞƌ ;EŽƚĞƚŚĂƚŶŽƚĂůůďƵŝůĚŝŶŐƐĂůůŽǁŽƉĞŶŚŽƵƐĞƐŝŶǁŚŝĐŚĐĂƐĞƐŚŽǁŝŶŐƐŵĂLJďĞĚŽŶĞďLJĂƉƉŽŝŶƚŵĞŶƚŽŶůLJͿ
The sign-in sheet
DĂŶLJďƵLJĞƌƐǀŝƐŝƚŽƉĞŶŚŽƵƐĞƐŽŶƚŚĞŝƌŽǁŶĞŝƚŚĞƌǁŚŝůĞǁŽƌŬŝŶŐǁŝƚŚĂŶĂŐĞŶƚ;ǁƌŝƟŶŐƚŚĞĂŐĞŶƚ ƐŶĂŵĞŽŶƚŚĞƐŝŐŶŝŶƐŚĞĞƚͿŽƌǁŚŝůĞŐĞƫŶŐƚŚĞŝƌĨĞĞƚǁĞƚďĞĨŽƌĞĐŚŽŽƐŝŶŐĂĂŐĞŶƚ/ĨLJŽƵƐŝŐŶŝŶǁŝƚŚŽƵƚĂŶĂŐĞŶƚĂŶĚǁĂŶƚƚŽŵĂŬĞĂŶŽīĞƌŽŶƚŚĞĂƉĂƌƚŵĞŶƚLJŽƵƵƐƵĂůůLJŚĂǀĞƚŚĞƌŝŐŚƚƚŽďƌŝŶŐŝŶLJŽƵƌŽǁŶĂŐĞŶƚĂƚĂŶLJƟŵĞƵƉƵŶƟůĂŶŽīĞƌŝƐƐƵďŵŝƩĞĚŶŽŵĂƩĞƌǁŚĂƚƚŚĞƐĞůůĞƌ ƐĂŐĞŶƚƚĞůůƐLJŽƵ
dŚĞƌĞĂƌĞƚǁŽŝŵƉŽƌƚĂŶƚĞdžĐĞƉƟŽŶƐ/ĨƚŚĞƐĞůůĞƌ ƐďƌŽŬĞƌŝƐŶŽƚĂŵĞŵďĞƌŽĨƚŚĞZĞĂůƐƚĂƚĞŽĂƌĚŽĨEĞǁzŽƌŬ;ZEzͿǁŚŝĐŚŝƐŵŽƌĞĐŽŵŵŽŶŝŶďŽƌŽƵŐŚƐŽƵƚƐŝĚĞŽĨDĂŶŚĂƩĂŶƚŚĞLJĂƌĞŶŽƚŽďůŝŐĂƚĞĚƚŽƐƉůŝƚƚŚĞŝƌĨĞĞǁŝƚŚĂŶŽƚŚĞƌĂŐĞŶƚ;ĂŬĂĐŽͲďƌŽŬĞͿdŚĞƐĂŵĞŝƐƚƌƵĞŝŶƐŽŵĞŶĞǁĚĞǀĞůŽƉŵĞŶƚƐǁŚĞƌĞƚŚĞĚĞǀĞůŽƉĞƌ ƐĂŐĞŶƚƐĂƌĞŝŶͲŚŽƵƐĞŽƌŶŽƚZEzŵĞŵďĞƌƐ
/ŶƚŚĞƐĞƚǁŽĐŝƌĐƵŵƐƚĂŶĐĞƐĂůƚŚŽƵŐŚLJŽƵŚĂǀĞĂůĞŐĂůƌŝŐŚƚƚŽĐŚŽŽƐĞĂŶĂŐĞŶƚƚŽƌĞƉƌĞƐĞŶƚLJŽƵLJŽƵŵĂLJŚĂǀĞƚŽƉĂLJƚŚĞŵLJŽƵƌƐĞůĨ
How to “do” an open house
tĂůŬƚŚƌŽƵŐŚƚŚĞĂƉĂƌƚŵĞŶƚĂƐŝĨLJŽƵůŝǀĞŝŶŝƚƚŚŝŶŬŝŶŐĂďŽƵƚLJŽƵƌĚĂŝůLJƌŽƵƟŶĞŽŶƚĂƐƐƵŵĞƚŚĂƚLJŽƵĐĂŶĐŚĂŶŐĞƐŽŵĞƚŚŝŶŐůŝŬĞĞdžƉĂŶĚƚŚĞďĂƚŚƌŽŽŵŽƌĂĚĚĂǁĂƐŚĞƌͲĚƌLJĞƌ ŽƵůĚLJŽƵůŝǀĞǁŝƚŚŝƚƚŚĞǁĂLJŝƚŝƐ
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Kaplove & Morgan Buyer’s Guide 14
ĞĐĂƵƐĞŽĨƚŚĞŚŝŐŚƚƌĂŶƐĂĐƟŽŶĐŽƐƚƐŝŶǀŽůǀĞĚŝŶďƵLJŝŶŐĂŶĚƐĞůůŝŶŐĂƉĂƌƚŵĞŶƚƐŝŶEĞǁzŽƌŬŝƚLJ LJŽƵƐŚŽƵůĚďƵLJĂŶĂƉĂƌƚŵĞŶƚǁŝƚŚƌŽŽŵƚŽŐƌŽǁŽǀĞƌƚŚĞŶĞdžƚϱͲϳLJĞĂƌƐ^ŽŝĨLJŽƵƌĞŶĞǁůLJŵĂƌƌŝĞĚĂŶĚƉůĂŶŶŝŶŐĨŽƌĐŚŝůĚƌĞŶLJŽƵŵĂLJǁĂŶƚƚŽŬĞĞƉƌĞŶƟŶŐƌĂƚŚĞƌƚŚĂŶďƵLJĂŽŶĞͲďĞĚƌŽŽŵstarter apartment.
FINDING A REPUTABLE DEVELOPER:tŚŝůĞďƵLJĞƌƐŽĨďƌĂŶĚͲŶĞǁǁŝůůŶĞǀĞƌďĞĂďůĞƚŽĞůŝŵŝŶĂƚĞƚŚĞƉƌŽƐƉĞĐƚŽĨĐŽŶƐƚƌƵĐƟŽŶĚĞĨĞĐƚƐƚŚĞďĞƐƚŚĞĚŐĞŝƐƚŽďƵLJĨƌŽŵĂƌĞƉƵƚĂďůĞĚĞǀĞůŽƉĞƌͶŽŶĞǁŚŽŶŽƚŽŶůLJďƵŝůĚƐƚŽĂŐƌĞĂƚĞƌƐƚĂŶĚĂƌĚŽĨĐĂƌĞďƵƚĐĂŶĂīŽƌĚƚŽĮdžƚŚŝŶŐƐƚŚĂƚŐŽǁƌŽŶŐĂŶĚǁĂŶƚƐƚŽŝŶŽƌĚĞƌƚŽƉƌĞƐĞƌǀĞŝƚƐƌĞƉƵƚĂƟŽŶĂŶĚďĞĂďůĞƚŽƐĞůůĨƵƚƵƌĞƉƌŽũĞĐƚƐ
^ŽŚŽǁĚŽLJŽƵĮŶĚƚŚĞŐŽŽĚŽŶĞƐŐŽŽĚƌĞĂůĞƐƚĂƚĞĂƩŽƌŶĞLJ;ŶŽƚŽŶĞƌĞĨĞƌƌĞĚƚŽLJŽƵďLJƚŚĞĚĞǀĞůŽƉĞƌͿƐŚŽƵůĚďĞĂďůĞƚŽƐƚĞĞƌLJŽƵĂǁĂLJĨƌŽŵƚŚĞǁŽƌƐƚĂŶĚƌĞĐŝƚĞĂůŝƐƚŽĨƚŚĞďĞƐƚ
zŽƵƐŚŽƵůĚĂůƐŽ'ŽŽŐůĞƚŚĞŶĂŵĞŽĨƚŚĞĚĞǀĞůŽƉĞƌĨŽƌĚŝƐĐƵƐƐŝŽŶƐĂďŽƵƚƉƌŽďůĞŵƐŝŶƉĂƐƚƉƌŽũĞĐƚƐZĞŵĞŵďĞƌƚŚĂƚŵĂŶLJĚĞǀĞůŽƉĞƌƐĐƌĞĂƚĞĂŶĞǁ>>ĨŽƌĞĂĐŚƉƌŽũĞĐƚƐŽůŽŽŬŝŶƚŚĞŽīĞƌŝŶŐƉůĂŶͶĂŚƵŐĞƚĞůĞƉŚŽŶĞͲŬͲƐŝnjĞĚĚŽĐƵŵĞŶƚƚŚĂƚĂůŽŶŐǁŝƚŚŝƚƐĂŵĞŶĚŵĞŶƚƐĞƐƐĞŶƟĂůůLJĞdžƉůĂŝŶƐĞǀĞƌLJƚŚŝŶŐĂďŽƵƚƚŚĞďƵŝůĚŝŶŐĨƌŽŵŚŽǁŵĂŶLJƵŶŝƚƐŚĂǀĞƚŽƐĞůůŝŶŽƌĚĞƌĨŽƌƚŚĞƐƉŽŶƐŽƌƚŽƌĞůŝŶƋƵŝƐŚŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞďƵŝůĚŝŶŐƌŝŐŚƚĚŽǁŶƚŽƚŚĞĮŶŝƐŚŽĨƚŚĞĐŽƵŶƚĞƌƚŽƉŝŶƚŚĞƉŽǁĚĞƌƌŽŽŵͶƚŽĮŶĚŽƵƚĞdžĂĐƚůLJǁŚŝĐŚĞŶƟƟĞƐĂƌĞƉĂƌƚŶĞƌƐŝŶƚŚĞ>>ĂŶĚ'ŽŽŐůĞƚŚŽƐĞnames too.
BUYING “PRECONSTRUCTION” UNITS ƵLJŝŶŐƉƌĞĐŽŶƐƚƌƵĐƟŽŶŵĞĂŶƐƌĞůLJŝŶŐŽŶƌĞŶĚĞƌŝŶŐƐƚŽĚĞƉŝĐƚĞǀĞƌLJƚŚŝŶŐĨƌŽŵƚŚĞǀŝĞǁŽƵƚƐŝĚĞƚŚĞǁŝŶĚŽǁƚŽƚŚĞƐƉĂĐŝŽƵƐŶĞƐƐŽĨƚŚĞŵĂƐƚĞƌďĞĚƌŽŽŵƚŽƚŚĞĮŶŝƐŚĞƐŝŶƚŚĞďĂƚŚƌŽŽŵ
ůǁĂLJƐƌĞŵĞŵďĞƌƚŚĂƚƚŚĞƐƉŽŶƐŽƌŝƐŽŶůLJůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽĚĞůŝǀĞƌǁŚĂƚ ƐƐƉĞĐŝĮĞĚŝŶƚŚĞŽīĞƌŝŶŐƉůĂŶƚŚĞƉƌĞƩLJƉŝĐƚƵƌĞƐĂƌĞŝƌƌĞůĞǀĂŶƚĂŶĚƐŽŝƐƚŚĞŵŽĚĞůĂƉĂƌƚŵĞŶƚ
dŚĞƌĞĂƌĞƚǁŽŵĂŝŶĂĚǀĂŶƚĂŐĞƐƚŽďƵLJŝŶŐŽīŽĨĂŇŽŽƌƉůĂŶ^ĞĐƵƌŝŶŐĂƵŶŝƚŝŶĂŚŽƚŵĂƌŬĞƚůŝŬĞƚŚŝƐŽŶĞĂŶĚƚLJƉŝĐĂůůLJůŽǁĞƌĞĂƌůLJͲďŝƌĚƉƌŝĐŝŶŐ
^ƉŽŶƐŽƌƐƌĞůĞĂƐĞƵŶŝƚƐĨŽƌƐĂůĞŝŶƐĞǀĞƌĂůďĂƚĐŚĞƐƌĂŝƐŝŶŐƉƌŝĐĞƐĞĂĐŚƟŵĞdŚĞƐƉƌĞĂĚďĞƚǁĞĞŶƚŚĞĮƌƐƚŐƌŽƵƉĂŶĚƚŚĞůĂƐƚŝƐƵƐƵĂůůLJϱƚŽϮϬй
EŽƚĞŚŽǁĞǀĞƌ ƚŚĂƚǁŚŝůĞLJŽƵŵĂLJŐĞƚĂĐŚĞĂƉĞƌĂƉĂƌƚŵĞŶƚŝĨďƵLJĞĂƌůLJ LJŽƵǁŽŶƚŶĞĐĞƐƐĂƌŝůLJŐĞƚĂďĞƩĞƌŽŶĞ^ƉŽŶƐŽƌƐŝŶĐůƵĚĞĂŶƵŵďĞƌŽĨƚŚĞŵŽƐƚĚĞƐŝƌĂďůĞƵŶŝƚƐŝŶĞĂĐŚŶĞǁďĂƚĐŚŽĨƵŶŝƚƐĂŶĚŽŌĞŶƐĂǀĞƚŚĞďĞƐƚĨŽƌůĂƐƚǁŚĞŶƚŚĞLJĞdžƉĞĐƚƚŽƌĞĐĞŝǀĞƚŚĞŚŝŐŚĞƐƚƉƌŝĐĞ
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Kaplove & Morgan Buyer’s Guide 15
FINANCING NEW CONSTRUCTION/ŶƚŚĞƐŬŝƫƐŚŵŽĚĞƌŶĐƌĞĚŝƚĐůŝŵĂƚĞůĞŶĚĞƌƐůŽŽŬĂƐĐůŽƐĞůLJĂƚƚŚĞďƵŝůĚŝŶŐĂƐĂƚLJŽƵƌĮŶĂŶĐŝĂůŚŝƐƚŽƌLJĂŶĚŝŶĐŽŵĞŝŶĚĞĐŝĚŝŶŐǁŚĞƚŚĞƌƚŽŐŝǀĞLJŽƵĂŵŽƌƚŐĂŐĞ
ƵŝůĚŝŶŐͲǁŝƐĞůĞŶĚĞƌƐƌĞƋƵŝƌĞƚŚĂƚĂŶLJǁŚĞƌĞĨƌŽŵϭϱйƚŽϱϬйŽĨƚŚĞĂƉĂƌƚŵĞŶƚƐŝŶƚŚĞďƵŝůĚŝŶŐŵƵƐƚďĞŝŶĐŽŶƚƌĂĐƚdŚĞĞdžĂĐƚƉĞƌĐĞŶƚĂŐĞŝƐƵƉƚŽƚŚĞůĞŶĚĞƌ ĂŶĚƐŽͲĐĂůůĞĚƉƌĞĨĞƌƌĞĚůĞŶĚĞƌƐĂƌĞƚLJƉŝĐĂůůLJĂƚƚŚĞůŽǁĞƌĞŶĚŽĨƚŚŝƐƌĂŶŐĞWƌĞĨĞƌƌĞĚůĞŶĚĞƌƐŶĂŵĞĚŝŶƚŚĞŽīĞƌŝŶŐƉůĂŶďĞĐŽŵĞŝŶƟŵĂƚĞůLJĨĂŵŝůŝĂƌǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚĚŽŶƚŚĂǀĞƚŽƐƚĂƌƚĨƌŽŵƐĐƌĂƚĐŚĂƐĂŶŽƵƚƐŝĚĞůĞŶĚĞƌŵŝŐŚƚdŚŝƐŵŝŶŝŵŝnjĞƐƚŚĞƉŽƐƐŝďŝůŝƚLJŽĨƚŚĞůŽĂŶďĞŝŶŐĚĞŶŝĞĚďĞĐĂƵƐĞŽĨŝƐƐƵĞƐǁŝƚŚƚŚĞďƵŝůĚŝŶŐƚŚŽƵŐŚŝƚĚŽĞƐŶƚƌƵůĞŝƚŽƵƚƚŚĞůĞŶĚĞƌŵĂLJĚĞĐŝĚĞĂƚƐŽŵĞƉŽŝŶƚƚŽƉƵƚĂĐĂƉŽŶƚŚĞŶƵŵďĞƌŽĨƵŶŝƚƐŝƚŝƐǁŝůůŝŶŐƚŽĮŶĂŶĐĞĨŽƌŝŶƐƚĂŶĐĞ
ĞĨŽƌĞŝƐƐƵŝŶŐĂŵŽƌƚŐĂŐĞƚŽĂďƵLJĞƌ ůĞŶĚĞƌƐĂůƐŽƌĞƋƵŝƌĞƚŚĂƚƚŚĞďƵŝůĚŝŶŐŚĂǀĞĂĞƌƟĮĐĂƚĞŽĨKĐĐƵƉĂŶĐLJŽƌdĞŵƉŽƌĂƌLJĞƌƟĮĐĂƚĞŽĨKĐĐƵƉĂŶĐLJŝƐƐƵĞĚďLJƚŚĞĞƉĂƌƚŵĞŶƚŽĨƵŝůĚŝŶŐƐ
DŽƐƚůĞŶĚĞƌƐƌĞƋƵŝƌĞƚŚĂƚLJŽƵƉƵƚĂƚůĞĂƐƚϭϬйĚŽǁŶŽŶLJŽƵƌŶĞǁĐŽŶĚŽƚŚĞĂǀĞƌĂŐĞŝƐĂƌŽƵŶĚϭϬͲϮϬй/ĨLJŽƵƌďƵŝůĚŝŶŐŝƐ&,ͲĂƉƉƌŽǀĞĚLJŽƵǁŝůůŽŶůLJŶĞĞĚƚŽƉƵƚϯϱйĚŽǁŶ
TAX ABATEMENTSDĂŶLJŶĞǁďƵŝůĚŝŶŐƐŽīĞƌƉƌŽƉĞƌƚLJƚĂdžĂďĂƚĞŵĞŶƚƐƚŚĂƚƌĂŶŐĞĨƌŽŵϱƚŽϮϱLJĞĂƌƐŵĞĂŶŝŶŐƚŚĂƚLJŽƵǁŝůůŽǁĞŶŽƉƌŽƉĞƌƚLJƚĂdžŽƌŽŶůLJĂƐƉĞĐŝĮĞĚĨƌĂĐƟŽŶĞĂĐŚLJĞĂƌƵŶƟůƚŚĞƉƌŽŐƌĂŵĞdžƉŝƌĞƐĂŶĚLJŽƵƌĞũŽŝŶƚŚĞŚŝŐŚůLJƚĂdžĞĚŚĞƌĚ
ĨĞǁƉŽŝŶƚƐĂďŽƵƚĂďĂƚĞŵĞŶƚƐ
1 dŚĞůŽŶŐĞƌĂďĂƚĞŵĞŶƚƐƚĞŶĚƚŽďĞůŽĐĂƚĞĚŝŶĞŵĞƌŐŝŶŐŶĞŝŐŚďŽƌŚŽŽĚƐDĂŬĞƐƵƌĞLJŽƵƵŶĚĞƌƐƚĂŶĚƚŚĞƉŚĂƐŝŶŐͲŝŶƐĐŚĞĚƵůĞzŽƵŵĂLJŽǁĞnjĞƌŽƚĂdžĞƐĨŽƌϭϬLJĞĂƌƐƚŚĞŶϮϱйŽĨŶŽƌŵĂůƚĂdžĞƐŝŶLJĞĂƌϭϭϱϬйŝŶLJĞĂƌϭϮĞƚĐƌĂƉŝĚƉŚĂƐĞͲŝŶĐĂŶďĞĂĮŶĂŶĐŝĂůƐŚŽĐŬ
2 DĂŬĞƐƵƌĞLJŽƵŚĂǀĞĂƌĞĂůŝƐƟĐƐĞŶƐĞŽĨLJŽƵƌĂĐƚƵĂůƚĂdžďƵƌĚĞŶŽŶĐĞƚŚĞĂďĂƚĞŵĞŶƚĞdžƉŝƌĞƐdŚĞĚŝnjnjLJŝŶŐůLJŚŝŐŚŶƵŵďĞƌƚŚĂƚƚŚĞŽīĞƌŝŶŐƉůĂŶƐĂLJƐǁŝůůďĞLJŽƵƌƚĂdžĂƚƚŚĞĞdžƉŝƌĂƟŽŶŽĨLJŽƵƌabatement is based on currentƚĂdžƌĂƚĞƐĂŶĚĂƐƐĞƐƐĞĚƉƌŽƉĞƌƚLJǀĂůƵĞƐzŽƵƌĂĐƚƵĂůŶƵŵďĞƌŝŶϳϭϰŽƌϮϱLJĞĂƌƐŝƐůŝŬĞůLJƚŽďĞŵƵĐŚŚŝŐŚĞƌĂƐƚĂdžƌĂƚĞƐĂŶĚĂƐƐĞƐƐĞĚǀĂůƵĞƐĐŽŶƟŶƵĞƚŚĞŝƌŝŶĞǀŝƚĂďůĞĐůŝŵď
3 ŽŶƚĂƐƐƵŵĞLJŽƵĂƌĞŐŽŝŶŐƚŽƐĞůůŝŶzĞĂƌϳŝŶƚŚĞĞǀĞŶƚLJŽƵƌŝŶĐŽŵĞĐĂŶƚŬĞĞƉƵƉǁŝƚŚLJŽƵƌƚĂdžĞƐDĂŶLJŽĨLJŽƵƌŶĞŝŐŚďŽƌƐŵĂLJŚĂǀĞƚŚĞƐĂŵĞŝĚĞĂͶĂŶĚƚŚĞĐŽŵƉĞƟƟŽŶǁŝůůŵĂŬĞŝƚharder to sell for the price you need.
4 ƐĂŐĞŶĞƌĂůƌƵůĞŽĨƚŚƵŵďĚŽŶƚƐƉĞŶĚƵƉďĞĐĂƵƐĞLJŽƵŚĂǀĞĂŶĂďĂƚĞŵĞŶƚƵLJƚŚĞĂƉĂƌƚŵĞŶƚLJŽƵĐŽƵůĚĂīŽƌĚŝĨƚŚĞƌĞǁĞƌĞŶŽĂďĂƚĞŵĞŶƚ
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Kaplove & Morgan Buyer’s Guide 16
NEGOTIATING WITH A DEVELOPER/ŶƚŽĚĂLJ ƐŚŽƚŵĂƌŬĞƚĚŽŶƚĞdžƉĞĐƚƚŽĮŶĚŵƵĐŚŶĞŐŽƟĂďŝůŝƚLJĞdžĐĞƉƚŝŶƚƌŽƵďůĞĚƉƌŽũĞĐƚƐĂƚĐƌŝƟĐĂůŵŽŵĞŶƚƐŽĨĂĚĞǀĞůŽƉŵĞŶƚ ƐůŝĨĞĐLJĐůĞĂŶĚŽƌŝĨLJŽƵƌĞƉĂLJŝŶŐĂůůĐĂƐŚ
<ĞĞƉŝŶŵŝŶĚƚŚĂƚƵŶůŝŬĞŝŶĚŝǀŝĚƵĂůƐĞůůĞƌƐĚĞǀĞůŽƉĞƌƐ;ĂůƐŽƌĞĨĞƌƌĞĚƚŽĂƐƐƉŽŶƐŽƌƐͿŐĞŶĞƌĂůůLJĂǀŽŝĚŽƵƚƌŝŐŚƚƉƌŝĐĞƌĞĚƵĐƟŽŶƐWƌŝĐĞĐƵƚƐĂīĞĐƚĨƵƚƵƌĞƐĂůĞƐĂƐĞĂĐŚƵŶŝƚ ƐƌĞĐŽƌĚĞĚƐĂůĞƉƌŝĐĞŝƐĂŵĂƩĞƌŽĨƉƵďůŝĐƌĞĐŽƌĚ/ĨƚŚĞƐƉŽŶƐŽƌŐŝǀĞƐLJŽƵΨϮϱϬϬϬŽīŚĞǁŝůůƉƌŽďĂďůLJŚĂǀĞƚŽŐŝǀĞĞǀĞƌLJŽƚŚĞƌďƵLJĞƌŝŶƚŚĂƚůŝŶĞΨϮϱϬϬϬŽī
/ŶƐƚĞĂĚĨŽĐƵƐŽŶŶĞŐŽƟĂƟŶŐƚŚĞƚLJƉĞŽĨĐŽŶĐĞƐƐŝŽŶƐƚŚĞƌĞƐƚŽĨƚŚĞǁŽƌůĚǁŝůůŶŽƚĂƵƚŽŵĂƟĐĂůůLJůĞĂƌŶĂďŽƵƚƐƵĐŚĂƐ
1 ϯͲϭϮŵŽŶƚŚƐŽĨĐŽŵŵŽŶĐŚĂƌŐĞƐƉĂŝĚŝŶĂĚǀĂŶĐĞ
2 WĂLJŵĞŶƚŽĨĂƩŽƌŶĞLJƐĨĞĞƐ
3 hƉŐƌĂĚĞƐƚŽLJŽƵƌƵŶŝƚůŝŬĞĂďĞƩĞƌŇŽŽƌ;ŝĨŶŽƚLJĞƚĚŽŶĞͿŽƌŽƚŚĞƌĮŶŝƐŚĞƐĂŶĚĂƉƉůŝĂŶĐĞƐ
4 ZŽŽĨƌŝŐŚƚƐƌŽŽŌŽƉĐĂďĂŶĂƐƐƚŽƌĂŐĞďŝŶƐďŝŬĞƐƉĂĐĞƐƉĂƌŬŝŶŐ
5 WĂLJŵĞŶƚŽĨLJŽƵƌĐŽŶƚƌŝďƵƟŽŶƚŽƚŚĞďƵŝůĚŝŶŐ ƐƌĞƐĞƌǀĞĨƵŶĚ;ĐĂƉŝƚĂůĐŽŶƚƌŝďƵƟŽŶͿ
6 EŽƚŵĂŶLJďƵLJĞƌƐŬŶŽǁĂďŽƵƚƚŚŝƐĂŶĚŝƚĐĞƌƚĂŝŶůLJƉĂLJƐƚŽĂƐŬĂƐŝƚĐĂŶƐĂǀĞLJŽƵƚŚĞĞŶƟƌĞĂŵŽƵŶƚŽĨLJŽƵƌŵŽƌƚŐĂŐĞƌĞĐŽƌĚŝŶŐƚĂdž;ŶĞĂƌůLJϮйŽĨLJŽƵƌŵŽƌƚŐĂŐĞĂŵŽƵŶƚͿ
7 ŶŝŶƚĞƌĞƐƚƌĂƚĞďƵLJͲĚŽǁŶ
8 &ƵƌŶŝƐŚŝŶŐƐƉĂƌƟĐƵůĂƌůLJǁŚĞŶLJŽƵƌĞďƵLJŝŶŐĂŵŽĚĞůƵŶŝƚ
/ŶƐŽŵĞĐĂƐĞƐLJŽƵŵĂLJŚĂǀĞŵŽƌĞůĞǀĞƌĂŐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨĂƉƌŽũĞĐƚdŚĂƚ ƐďĞĐĂƵƐĞĚƵƌŝŶŐƚŚĞƉƌĞĐŽŶƐƚƌƵĐƟŽŶƉŚĂƐĞƚŚĞƐƉŽŶƐŽƌǁŝůůďĞĨŽĐƵƐĞĚŽŶŐĞƫŶŐϭϱйŽĨƚŚĞƵŶŝƚƐƵŶĚĞƌĐŽŶƚƌĂĐƚ&ŝŌĞĞŶƉĞƌĐĞŶƚŝƐƚŚĞŵĂŐŝĐŶƵŵďĞƌĂƚǁŚŝĐŚƚŚĞŽīĞƌŝŶŐƉůĂŶŝƐĚĞĐůĂƌĞĚĞīĞĐƟǀĞďLJƚŚĞĂƩŽƌŶĞLJŐĞŶĞƌĂůĂŶĚĐůŽƐŝŶŐƐĐĂŶůĞŐĂůůLJďĞŐŝŶ/ƚŝƐĂůƐŽƚŚĞŵŝŶŝŵƵŵƚŚƌĞƐŚŽůĚĂƚǁŚŝĐŚŵŽƐƚůĞŶĚĞƌƐǁŝůůĞǀĞŶĐŽŶƐŝĚĞƌĮŶĂŶĐŝŶŐƐĂůĞƐŝŶƚŚĞďƵŝůĚŝŶŐ;ƐŽŵĞǁĂŶƚƚŽƐĞĞĂƐŵĂŶLJĂƐϱϬйŽĨƚŚĞƵŶŝƚƐƵŶĚĞƌĐŽŶƚƌĂĐƚͿ
ƵƌŝŶŐƚŚĞƉƌĞͲĐŽŶƐƚƌƵĐƟŽŶƉŚĂƐĞŝĨLJŽƵĂƌĞƉĂLJŝŶŐĂůůĐĂƐŚĨŽƌLJŽƵƌĂƉĂƌƚŵĞŶƚLJŽƵǁŝůůůŝŬĞůLJŚĂǀĞƚŚĞŵŽƐƚůĞǀĞƌĂŐĞĂƐĨĂƌĂƐĐŽŶĐĞƐƐŝŽŶƐŝĨŶŽƚƉƵƌĐŚĂƐĞƉƌŝĐĞ
ŽŶǀĞƌƐĞůLJ LJŽƵŵĂLJŚĂǀĞĞdžƚƌĂůĞǀĞƌĂŐĞĂƚƚŚĞǀĞƌLJĞŶĚŽĨƚŚĞƉƌŽũĞĐƚǁŚĞŶĂƐƉŽŶƐŽƌŵĂLJďĞĞĂŐĞƌƚŽĐůŽƐĞĚŽǁŶƚŚĞƐĂůĞƐŽĸĐĞĂŶĚĨŽĐƵƐĨƵůůLJŽŶƚŚĞŶĞdžƚƉƌŽũĞĐƚ
KƚŚĞƌƉŽŝŶƚƐŽĨŶĞŐŽƟĂƟŽŶ1 Deposit amount:DŽƐƚƐƉŽŶƐŽƌƐĂƐŬĨŽƌϭϬйĚŽǁŶǁŚĞŶLJŽƵƐŝŐŶƚŚĞĐŽŶƚƌĂĐƚďƵƚŝŶƚŚĞ
ƉƌĞĐŽŶƐƚƌƵĐƟŽŶƉŚĂƐĞǁŚĞŶƚŚĞƐƉŽŶƐŽƌŝƐĞĂŐĞƌƚŽŚŝƚƚŚĞϭϱйŵĂƌŬĚĞƐĐƌŝďĞĚĂďŽǀĞͶĂŶĚ
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ŝƐůŝŬĞůLJƚŽďĞƐŝƫŶŐŽŶLJŽƵƌĚĞƉŽƐŝƚĂǀĞƌLJůŽŶŐƟŵĞďĞĨŽƌĞĚĞůŝǀĞƌŝŶŐƚŚĞƵŶŝƚͶLJŽƵŵĂLJďĞĂďůĞƚŽŶĞŐŽƟĂƚĞĂůŽǁĞƌĂŵŽƵŶƚƐƵĐŚĂƐϱй
2 Drop dead dates:^ƉŽŶƐŽƌƐǁŝůůŶĞǀĞƌŽīĞƌƚŚŝƐƵƉďƵƚŵŽƐƚǁŝůůĂŐƌĞĞƚŽĂƌĞĂƐŽŶĂďůĞĚƌŽƉĚĞĂĚĚĂƚĞĂƚǁŚŝĐŚƉŽŝŶƚLJŽƵĂƌĞůĞƚŽƵƚŽĨƚŚĞĐŽŶƚƌĂĐƚ&ŽƌĞdžĂŵƉůĞŝĨLJŽƵƌĞƐŝŐŶŝŶŐĂĐŽŶƚƌĂĐƚŝŶƵŐƵƐƚĂŶĚƚŚĞƐƉŽŶƐŽƌƉƌĞĚŝĐƚƐĐůŽƐŝŶŐƐǁŝůůƐƚĂƌƚKĐƚϭƐƚǁŚĞŶƚŚĞďƵŝůĚŝŶŐŝƐƉƌĞĚŝĐƚĞĚƚŽďĞϮϱйƐŽůĚLJŽƵĐĂŶĂƐŬƚŽďĞůĞƚŽƵƚŽĨƚŚĞĐŽŶƚƌĂĐƚŝĨĐůŽƐŝŶŐƐĂƌĞĚĞůĂLJĞĚϯͲϰŵŽŶƚŚƐƉĂƐƚKĐƚϭƐƚ
MAKING AN OFFERdLJƉŝĐĂůůLJ ƚŚĞĞůĞŵĞŶƚƐŽĨĂŶŽīĞƌĂƌĞƉƌĞƩLJďĂƐŝĐdŚĞƐĞŝŶĐůƵĚĞƉƌŝĐĞĞdžƉĞĐƚĞĚĐůŽƐŝŶŐĚĂƚĞƚŚĞĂŵŽƵŶƚŽĨƚŚĞďƌŽŬĞƌ ƐĐŽŵŵŝƐƐŝŽŶƚŚĞƉĞƌĐĞŶƚŽĨƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞƚŚĂƚǁŝůůďĞĮŶĂŶĐĞĚƚŚƌŽƵŐŚĂŵŽƌƚŐĂŐĞĂŶĚǁŚĞƚŚĞƌLJŽƵĂƌĞĂƐŬŝŶŐĨŽƌĂŵŽƌƚŐĂŐĞĐŽŶƟŶŐĞŶĐLJĂŶĚŽƌĂŵŽƌƚŐĂŐĞĨƵŶĚŝŶŐĐŽŶƟŶŐĞŶĐLJ>ĞƐƐĐŽŵŵŽŶůLJ ƚŚĞŽīĞƌŵĂLJŝŶĐůƵĚĞƚĞƌŵƐůŝŬĞƚŚĞƌŝŐŚƚƚŽƚĂŬĞƉŽƐƐĞƐƐŝŽŶďĞĨŽƌĞĐůŽƐŝŶŐĂŶĚƉĂLJƌĞŶƚƚŽƚŚĞƐĞůůĞƌ /ŶƐƉĞĐƟŽŶĐŽŶƟŶŐĞŶĐŝĞƐĂůůŽǁŝŶŐďƵLJĞƌƐƚŽǁĂůŬĂǁĂLJĨƌŽŵĐŽŶƚƌĂĐƚƐǁŝƚŚƚŚĞŝƌĚĞƉŽƐŝƚƐĂƌĞŶŽƚĐŽŵŵŽŶƉƌĂĐƟĐĞŝŶEzďƵƚŵŽƐƚƐĞůůĞƌƐǁŝůůĂŐƌĞĞƚŽĂŶŽīĞƌƚŚĂƚƐƉĞĐŝĮĞƐŝŶƐƉĞĐƟŽŶƉƌŝŽƌƚŽƐŝŐŶŝŶŐ dŚĂƚďĂƐŝĐĂůůLJŵĞĂŶƐƚŚĞƐĞůůĞƌǁŝůůĂůůŽǁƚŚĞďƵLJĞƌƚŽŚĂǀĞƚŚĞĂƉĂƌƚŵĞŶƚŝŶƐƉĞĐƚĞĚďĞĨŽƌĞƐŝŐŶŝŶŐĐŽŶƚƌĂĐƚůĞĂǀŝŶŐƚŚĞďƵLJĞƌƌŽŽŵƚŽǁĂůŬĂǁĂLJǁŝƚŚŽƵƚƐŝŐŶŝŶŐƚŚĞĐŽŶƚƌĂĐƚŝĨĂŶŝŶƐƵƌŵŽƵŶƚĂďůĞƉƌŽďůĞŵƐƵƌĨĂĐĞƐ
tŚĞŶŵĂŬŝŶŐĂŶŽīĞƌďĞůŽǁƚŚĞĂƐŬŝŶŐƉƌŝĐĞLJŽƵƌĂŐĞŶƚƐŚŽƵůĚŵĂŬĞƐƵƌĞŝƚ ƐƌĞĂƐŽŶĂďůĞĂŶĚǁŝůůƐŚĂƌĞǁŝƚŚƚŚĞůŝƐƟŶŐĂŐĞŶƚƚŚĞĨĂĐƚƐƚŚĂƚLJŽƵƌŽīĞƌŝƐďĂƐĞĚŽŶͲͲƐƉĞĐŝĮĐĐŽŵƉĂƌĂďůĞƐĂůĞƐĂŶŝƐƐƵĞŝŶƚŚĞďƵŝůĚŝŶŐĂĐŚĂŶŐĞŝŶƚŚĞĞĐŽŶŽŵLJ ĞƚĐdŚŝƐĂƉƉƌŽĂĐŚǁŽƌŬƐƉƐLJĐŚŽůŽŐŝĐĂůůLJďLJĐŽŵŵƵŶŝĐĂƟŶŐƚŚĂƚLJŽƵƌĞƐĞƌŝŽƵƐĂŶĚĂƩĞŵƉƟŶŐƚŽďĞĨĂŝƌ ĞǀĞŶŝĨƚŚĞƐĞůůĞƌĚŽĞƐŶŽƚĂŐƌĞĞwith you.
NEGOTIATINGǀĞŶŝĨLJŽƵĐŽŶƐŝĚĞƌLJŽƵƌƐĞůĨĂĚĞĐĞŶƚŶĞŐŽƟĂƚŽƌ ĐŚĂŶĐĞƐĂƌĞLJŽƵǀĞŽŶůLJŶĞŐŽƟĂƚĞĚƚŚĞƉƵƌĐŚĂƐĞŽĨĂŚŽŵĞĂŚĂŶĚĨƵůŽĨƟŵĞƐĂƚŵŽƐƚ,ĞƌĞĂƌĞĂĨĞǁŬĞLJĚŽ ƐĂŶĚĚŽŶƚƐƚŚĂƚLJŽƵƌĂŐĞŶƚƐŚŽƵůĚŝŶƐƚƌƵĐƚLJŽƵ
1 Don’t talk too much in front of the seller’s agent.zŽƵŵĂLJŐŝǀĞƚŚĞĂŐĞŶƚƌĞĂƐŽŶƚŽďĞůŝĞǀĞLJŽƵĐĂŶĂīŽƌĚŵŽƌĞƚŚĂŶLJŽƵŝŶŝƟĂůůLJŽīĞƌŽƌLJŽƵŵŝŐŚƚĚŝƐƋƵĂůŝĨLJLJŽƵƌƐĞůĨĂƐĂďƵLJĞƌďLJŝŶĂĚǀĞƌƚĞŶƚůLJƵŶĚĞƌƐĞůůŝŶŐLJŽƵƌƋƵĂůŝĮĐĂƟŽŶƐzŽƵƌŽǁŶĂŐĞŶƚǁŝůůďĞĂďůĞƚŽďĞƐƚƉƌĞƐĞŶƚLJŽƵƌŶĞƚǁŽƌƚŚƐƚĂƚĞŵĞŶƚĂƐĞǀĞŶƚŚĞŵŽƐƚĞĚƵĐĂƚĞĚďƵLJĞƌƐƚĞŶĚƚŽůĞĂǀĞŽƵƚĂƐƐĞƚƐƚŚĂƚƚŚĞLJĚŝĚŶƚƌĞĂůŝnjĞĐŽƵůĚďĞĐŽƵŶƚĞĚ
2 Don’t present your best offer first.dŚĞŽƚŚĞƌƐŝĚĞĂƐƐƵŵĞƐŝƚŝƐŶƚLJŽƵƌďĞƐƚŽīĞƌĂŶĚǁŝůůŬĞĞƉĐŚŝƉƉŝŶŐĂǁĂLJ ǁŚŝůĞLJŽƵǀĞŐŽƚŶŽƚŚŝŶŐůĞŌƚŽŐŝǀĞ
3 Do write an offer letter.zŽƵƌĂŐĞŶƚƐŚŽƵůĚǁƌŝƚĞĂĐĂƌĞĨƵůůLJĐƌĂŌĞĚtŽƌĚĚŽĐƵŵĞŶƚŽŶLJŽƵƌĂŐĞŶƚ ƐůĞƩĞƌŚĞĂĚ;ƐĐĂŶŶĞĚĂŶĚĞŵĂŝůĞĚŝƐĮŶĞͿĞdžƉůĂŝŶŝŶŐLJŽƵƌŽīĞƌĂŶĚƚŚĞƌĞĂƐŽŶŝŶŐ
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Kaplove & Morgan Buyer’s Guide 18
ďĞŚŝŶĚŝƚƌĞĨĞƌĞŶĐĞƐƵƉƉŽƌƟǀĞŝŶĨŽƌŵĂƟŽŶůŝŬĞĐŽŵƉĂƌĂďůĞƐĂůĞƐ/ƚĐŽŵŵƵŶŝĐĂƚĞƐƐŝŶĐĞƌŝƚLJĂŶĚĚĞŵŽŶƐƚƌĂƚĞƐLJŽƵĂƌĞƉƌŽďĂďůLJŶŽƚŵĂŬŝŶŐŽīĞƌƐŽŶϭϬƉƌŽƉĞƌƟĞƐĂƚŽŶĐĞŶĚƵƐƵĂůůLJƚŚĞƐĞůůĞƌ ƐĂŐĞŶƚǁŝůůƐŚŽǁŝƚƚŽƚŚĞƐĞůůĞƌ ĞŶƐƵƌŝŶŐƚŚĂƚLJŽƵƌƉŽŝŶƚƐǁŝůůŶŽƚďĞůŽƐƚ
4 Don’t ask for everything at once with your first offer.ůŽǁďĂůůŽīĞƌ ĨŽƌŝŶƐƚĂŶĐĞŝƐďĞƐƚĚŝŐĞƐƚĞĚĂůŽŶĞĂŶĚŝŶƚŽĚĂLJ ƐŵĂƌŬĞƚŵĂLJĚŝƐƋƵĂůŝĨLJLJŽƵĨƌŽŵĨƵƌƚŚĞƌĐŽŶƐŝĚĞƌĂƟŽŶ
5 Do be nice./ƚǁŝůůŐĞƚLJŽƵĂůŽƚĨƵƌƚŚĞƌƚŚĂŶďĞŝŶŐĂũĞƌŬďĞĐĂƵƐĞƌĞƐŝĚĞŶƟĂůƚƌĂŶƐĂĐƟŽŶƐĂƌĞŵŽƌĞĞŵŽƟŽŶĂůdŚŝƐŝŶĐůƵĚĞƐLJŽƵƌĂŐĞŶƚͲͲƐŽŵĂŬĞƐƵƌĞLJŽƵĚŽŶƚƐĞůĞĐƚŽŶĞǁŝƚŚĂŶĂďƌĂƐŝǀĞŽƌďƵůůLJŝŶŐƉĞƌƐŽŶĂůŝƚLJ
THE PROCESS AND THE EXCEPTIONS tŚĞƚŚĞƌLJŽƵƌĞďƵLJŝŶŐĂĐŽͲŽƉŽƌĐŽŶĚŽƌĞƐĂůĞLJŽƵƌƉƵƌĐŚĂƐĞƵƐƵĂůůLJŵƵƐƚďĞĂƉƉƌŽǀĞĚďLJƚŚĞďƵŝůĚŝŶŐdŚŝƐŝŶǀŽůǀĞƐƐƵďŵŝƫŶŐĂϰϱͲƉĂŐĞͲůŽŶŐŝŶǀĂƐŝǀĞŵƵĐŚďĞŵŽĂŶĞĚĂƉƉůŝĐĂƟŽŶƉĂĐŬĂŐĞĂƐƐĞŵďůĞĚďLJLJŽƵĂŶĚLJŽƵƌĂŐĞŶƚƚŚĂƚŝŶĐůƵĚĞƐƚĂdžƌĞƚƵƌŶƐƌĞĐŽŵŵĞŶĚĂƟŽŶůĞƩĞƌƐĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚŵƵĐŚŵƵĐŚŵŽƌĞ^ŽŵĞĂƉƉůŝĐĂƟŽŶƐŽŶůLJƌĞĂĐŚďĂĐŬĂĐŽƵƉůĞŽĨLJĞĂƌƐŽƚŚĞƌƐŐŽĂůůƚŚĞǁĂLJďĂĐŬƚŽƚŚĞĚĂLJLJŽƵŐƌĂĚƵĂƚĞĚĨƌŽŵĐŽůůĞŐĞ
ƐĞdžƉůĂŝŶĞĚĞĂƌůŝĞƌ ĐŽŶĚŽƐŵĂLJŵĂŬĞLJŽƵǁŽƌŬũƵƐƚĂƐŚĂƌĚĂƐĂĐŽͲŽƉďƵƚďĂƐŝĐĂůůLJŚĂǀĞƚŽĂĐĐĞƉƚLJŽƵƵŶůĞƐƐƚŚĞLJĞdžĞƌĐŝƐĞƚŚĞŝƌƌŝŐŚƚŽĨĮƌƐƚƌĞĨƵƐĂůĂŶĚďƵLJƚŚĞĂƉĂƌƚŵĞŶƚŽƵƚĨƌŽŵƵŶĚĞƌLJŽƵdŚŝƐĂůŵŽƐƚŶĞǀĞƌŚĂƉƉĞŶƐŶĚŝŶŶĞǁĐŽŶƐƚƌƵĐƟŽŶƚŚĞƌĞŝƐŶŽƚĞǀĞŶĂŶĂƉƉůŝĐĂƟŽŶƉĂĐŬĂŐĞ
dŚĞƌĞĂƌĞĂĐŽƵƉůĞŽĨƐŝƚƵĂƟŽŶƐŝŶǁŚŝĐŚĂĐŽͲŽƉĐĂŶŶŽƚƌĞũĞĐƚLJŽƵ
1 “Cond-ops”ĨĞǁďƵŝůĚŝŶŐƐ;ƐŽŵĞƟŵĞƐƌĞĨĞƌƌĞĚƚŽĂƐĐŽŶĚͲŽƉƐĨŽƌƚŚĞŝƌĐŽŶĚŽͲůŝŬĞĂƉƉƌŽǀĂůƐƉŽǁĞƌͿĂƌĞĂĐƚƵĂůůLJĨŽƌďŝĚĚĞŶďLJƚŚĞŝƌŽǁŶďLJůĂǁƐĨƌŽŵƚƵƌŶŝŶŐĚŽǁŶĂďƵLJĞƌǁŚŽƐĂƟƐĮĞƐďĂƐŝĐĐŽŶĚŝƟŽŶƐĨŽƌďƵLJŝŶŐ
2 Sponsor sales
/ĨLJŽƵƌĂƉƉůŝĐĂƟŽŶŝƐĂƉƉƌŽǀĞĚďLJĂĐŽͲŽƉďŽĂƌĚLJŽƵƉƌŽĐĞĞĚŽŶƚŽƚŚĞĮŶĂůƐƚĞƉdŚĞďŽĂƌĚŝŶƚĞƌǀŝĞǁ
REASON YOU MIGHT BE REJECTED BY A CO-OP BEFORE YOU EVER REACH THE INTERVIEW.dŚĞǀĂƐƚŵĂũŽƌŝƚLJŽĨƚƵƌŶĚŽǁŶƐŽĐĐƵƌďĞĨŽƌĞƚŚĞŝŶƚĞƌǀŝĞǁďĂƐĞĚƐŽůĞůLJŽŶLJŽƵƌĂƉƉůŝĐĂƟŽŶŽͲŽƉďŽĂƌĚƐĚŽŶŽƚŚĂǀĞƚŽĞdžƉůĂŝŶǁŚLJƚŚĞLJƌĞũĞĐƚĞĚLJŽƵ^ŽĂůƚŚŽƵŐŚůĞŐĂůůLJ ƚŚĞLJŵƵƐƚĂďŝĚĞďLJ&Ăŝƌ,ŽƵƐŝŶŐ>ĂǁƐĂŶĚŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞƌĞůŝŐŝŽŶĨĂŵŝůLJƐƚĂƚƵƐĞƚĐƚŚĞĨĂĐƚŝƐƚŚĂƚĂŶLJƚŚŝŶŐĐĂŶĂŶĚƉƌŽďĂďůLJĚŽĞƐŚĂƉƉĞŶďĞŚŝŶĚĐůŽƐĞĚĚŽŽƌƐĂŶĚƐĞĂůĞĚůŝƉƐ
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Kaplove & Morgan Buyer’s Guide 19
,ĞƌĞ ƐĂďƌŝĞĨůŝƐƚŽĨŶŽƚĂůǁĂLJƐŽďǀŝŽƵƐƌĞĂƐŽŶƐ;ŵŽƐƚůĞŐĂůƐŽŵĞŶŽƚͿĨŽƌƌĞũĞĐƟŽŶďĂƐĞĚŽŶLJŽƵƌĂƉƉůŝĐĂƟŽŶ
1 dŚĞƐŝnjĞďƌĞĞĚƚĞŵƉĞƌĂŵĞŶƚĞƚĐŽĨLJŽƵƌĚŽŐ
2 The board suspects you plan to use the apartment as a pied a terre rather than your primary residence.
3 zŽƵĂƌĞďƵLJŝŶŐƚŚĞƉůĂĐĞĨŽƌLJŽƵƌŐƌŽǁŶŬŝĚƐ
4 zŽƵŶĞĞĚĂŐƵĂƌĂŶƚŽƌƚŽĂīŽƌĚƚŚĞĂƉĂƌƚŵĞŶƚ
5 zŽƵǁŽŶƚŚĂǀĞĞŶŽƵŐŚĐĂƐŚůĞŌŽǀĞƌĂŌĞƌďƵLJŝŶŐƚŚĞĂƉĂƌƚŵĞŶƚƚŽŵĞĞƚůŝƋƵŝĚƌĞƐĞƌǀĞƌĞƋƵŝƌĞŵĞŶƚƐǁŚŝĐŚĐĂŶƌĂŶŐĞĨƌŽŵΨϮϱϬϬϬĂůůƚŚĞǁĂLJƵƉƚŽϭdžƚŽϯdžƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞŽĨthe apartment.
6 zŽƵĚŽŶƚŚĂǀĞĂƐƚƌŽŶŐĞŶŽƵŐŚƉƌĞƐĞŶĐĞŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ;ǁŚĞƌĞǁŝůůƚŚĞLJƐƵĞĂŶĚĐŽůůĞĐƚŵŽŶĞLJŝĨLJŽƵĚĞĨĂƵůƚŽŶƚŚĞŵĂŝŶƚĞŶĂŶĐĞͿ
7 zŽƵĂƌĞĂŵƵƐŝĐŝĂŶ;ŶŽŝƐLJͿƌĞĐŽƌĚƉƌŽĚƵĐĞƌ;ůŝŬĞƚŽƉĂƌƚLJͿŽƌĂƩŽƌŶĞLJ;ůŝƟŐŝŽƵƐͿ
8 zŽƵĂƌĞĂŶĂƚͲŚŽŵĞŵƵƐŝĐƚĞĂĐŚĞƌ;ŶŽŝƐĞнůŽƚƐŽĨǀŝƐŝƚŽƌƐͿŽƌŽƉĞƌĂƚĞƐŽŵĞŽƚŚĞƌŽďũĞĐƟŽŶĂďůĞŚŽŵĞͲďĂƐĞĚďƵƐŝŶĞƐƐ
9 zŽƵŚĂǀĞĂŚŝƐƚŽƌLJŽĨďĞŝŶŐůŝƟŐŝŽƵƐĂŶĚŽƌƐƵŝŶŐĂĨŽƌŵĞƌŶĞŝŐŚďŽƌ ďŽĂƌĚŽƌůĂŶĚůŽƌĚ
10 zŽƵƉŽƐƚĞĚƐƚƵƉŝĚƉŝĐƚƵƌĞƐŽĨLJŽƵƌƐĞůĨŽŶ&ĂĐĞŬƚŚĂƚƐƵŐŐĞƐƚLJŽƵƌůŝĨĞƐƚLJůĞŝƐŶŽƚĂŶŝĚĞĂůĮƚ
11 zŽƵĂƌĞƉĂLJŝŶŐƚŽŽůŝƩůĞĨŽƌƚŚĞĂƉĂƌƚŵĞŶƚ;ŝƚǁŝůůĚƌĂŐĚŽǁŶƉƌŽƉĞƌƚLJǀĂůƵĞƐĨŽƌƚŚĞǁŚŽůĞďƵŝůĚŝŶŐͿ
12 dŚĞƌĞĂƌĞĚŝƐĐƌĞƉĂŶĐŝĞƐŝŶLJŽƵƌĮŶĂŶĐŝĂůƉĂĐŬĂŐĞƚŚĂƚŚĂǀĞŶŽƚďĞĞŶĂĚĞƋƵĂƚĞůLJĞdžƉůĂŝŶĞĚ
13 zŽƵƌŝŶĐŽŵĞƌĞůŝĞƐƚŽŽŵƵĐŚŽŶĚŝƐĐƌĞƟŽŶĂƌLJďŽŶƵƐĞƐŽƌŽŶĐŽŵŵŝƐƐŝŽŶƐ
14 zŽƵŚĂǀĞŶƚďĞĞŶĂƚLJŽƵƌĐƵƌƌĞŶƚũŽďůŽŶŐĞŶŽƵŐŚ
THE BOARD INTERVIEWƐŵĞŶƟŽŶĞĚĂďŽǀĞƚŚĞŐŽŽĚŶĞǁƐĂďŽƵƚƚŚĞĐŽͲŽƉďŽĂƌĚŝŶƚĞƌǀŝĞǁŝƐƚŚĂƚĚĞƐƉŝƚĞŝƚƐĨĞĂƌƐŽŵĞƌĞƉƵƚĂƟŽŶƚŚĞǀĂƐƚŵĂũŽƌŝƚLJŽĨƚƵƌŶĚŽǁŶƐŽĐĐƵƌďĞĨŽƌĞŚĂŶĚďĂƐĞĚŽŶĂďƵLJĞƌ ƐĮŶĂŶĐŝĂůƉĂĐŬĂŐĞƩŽƌŶĞLJƐŚĂǀĞĐŽƵŶƐĞůĞĚƚŚĞŝƌďŽĂƌĚƐƚŽĚŽƚŚŝƐŝŶŽƌĚĞƌƚŽĐƵƚĚŽǁŶŽŶůĂǁƐƵŝƚƐĂůůĞŐŝŶŐĚŝƐĐƌŝŵŝŶĂƟŽŶ
dŚĂƚŵĞĂŶƐƚŚĂƚŵŽƐƚŽĨƚŚĞƟŵĞŝĨLJŽƵǀĞŐŽƩĞŶƚŽƚŚĞŝŶƚĞƌǀŝĞǁƚŚĞĂƉĂƌƚŵĞŶƚŝƐLJŽƵƌƐƚŽůŽƐĞͶƐŽŵĞƚŚŝŶŐǁŝůůŶĞĞĚƚŽŐŽǀĞƌLJĂǁƌLJŝŶƚŚĞŝŶƚĞƌǀŝĞǁ
dŚĂƚƐĂŝĚŚĞƌĞĂƌĞƐŽŵĞƟƉƐ1 ŽŶƚĂŶƐǁĞƌĂŶLJƋƵĞƐƟŽŶƐLJŽƵƌĞŶŽƚĂƐŬĞĚŐŝǀĞůŽƚƐŽĨLJĞƐĂŶĚŶŽĂŶƐǁĞƌƐƌĞƐŝƐƟŶŐƚŚĞ
ƵƌŐĞƚŽĞůĂďŽƌĂƚĞŽƌƐĞůůLJŽƵƌƐĞůĨ
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Kaplove & Morgan Buyer’s Guide 20
2 ,ĂǀĞĂĐŽƉLJŽĨLJŽƵƌĂƉƉůŝĐĂƟŽŶǁŝƚŚLJŽƵĂŶĚďĞĨĂŵŝůŝĂƌĞŶŽƵŐŚǁŝƚŚŝƚƚŽƋƵŝĐŬůLJĂŶĚĐŽŶĐŝƐĞůLJĂŶƐǁĞƌƋƵĞƐƟŽŶƐĂďŽƵƚŝƚǁŝƚŚŽƵƚůŽŽŬŝŶŐ;ƐŚƵŋŝŶŐƚŚƌŽƵŐŚƉĂƉĞƌƐŐŝǀĞƐĂďĂĚŝŵƉƌĞƐƐŝŽŶͿ
3 ƌƌŝǀĞŽŶƟŵĞĂŶĚĚƌĞƐƐƉƌŽĨĞƐƐŝŽŶĂůůLJ
4 ŽƵƉůĞƐƐŚŽƵůĚĚĞĐŝĚĞŝŶĂĚǀĂŶĐĞǁŚŽǁŝůůĂŶƐǁĞƌĐĞƌƚĂŝŶƚLJƉĞƐŽĨƋƵĞƐƟŽŶƐ;ĨŽƌĞdžĂŵƉůĞŽŶĞƐƉŽƵƐĞĂŶƐǁĞƌƐĂůůƚŚĞĮŶĂŶĐŝĂůƋƵĞƐƟŽŶƐĂŶĚƚŚĞŽƚŚĞƌŚĂŶĚůĞƐƚŚĞƌĞƐƚͿ
5 ŽŶƚĂƐŬƋƵĞƐƟŽŶƐĂƐƚŚĞLJĐĂŶƵŶŝŶƚĞŶƟŽŶĂůůLJĐŽŶǀĞLJŶĞŐĂƟǀĞĨĞĞůŝŶŐƐŽƌŝŶƚĞŶƟŽŶƐƐƵĐŚĂƐŽLJŽƵŝŶƚĞŶĚƚŽƌĞŶŽǀĂƚĞƚŚĞůŽďďLJWůƵƐĂůůLJŽƵƌƋƵĞƐƟŽŶƐƐŚŽƵůĚďĞĂŶƐǁĞƌĞĚďLJŶŽǁĂƐLJŽƵǀĞĂůƌĞĂĚLJĂŐƌĞĞĚƚŽďƵLJƚŚĞƉůĂĐĞ
^ŚŽƌƚĐŽƌĚŝĂůŝŶƚĞƌǀŝĞǁƐĂƌĞŐĞŶĞƌĂůůLJĂŐŽŽĚƐŝŐŶzŽƵǁŽŶƚĮŶĚŽƵƚǁŚĞƚŚĞƌLJŽƵƌĞĂƉƉƌŽǀĞĚƵŶƟůůĂƚĞƌƚŚŽƵŐŚƵƐƵĂůůLJǁŝƚŚŝŶĂĨĞǁĚĂLJƐ
THE CLOSINGdLJƉŝĐĂůůLJĂďŽƵƚϲϬĚĂLJƐĞůĂƉƐĞďĞƚǁĞĞŶƚŚĞƟŵĞƚŚĞƐĞůůĞƌĂĐĐĞƉƚĞĚLJŽƵƌŽīĞƌ ĂŶĚƚŚĞƟŵĞLJŽƵactually close on the apartment.
dŚĞĐůŽƐŝŶŐǁŝůůďĞĂƩĞŶĚĞĚďLJĂƩŽƌŶĞLJƐĨŽƌLJŽƵĂŶĚƚŚĞƐĞůůĞƌ ĂƟƚůĞĐŽŵƉĂŶLJƌĞƉƌĞƐĞŶƚĂƟǀĞĂŵĂŶĂŐŝŶŐĂŐĞŶƚŝĨŝƚ ƐĂĐŽͲŽƉĂŶĚƉƌŽďĂďůLJƚŚĞĂŐĞŶƚƐĨŽƌďŽƚŚƐŝĚĞƐǁŚŽŚĂǀĞŶŽŽĸĐŝĂůĨƵŶĐƟŽŶďƵƚĐŽŵĞƚŽŶĞƚǁŽƌŬĂŶĚƉŝĐŬƵƉƚŚĞŝƌĐŽŵŵŝƐƐŝŽŶĐŚĞĐŬƐtŚŝůĞďƵLJĞƌƐĂŶĚƐĞůůĞƌƐĂƌĞƵƐƵĂůůLJƚŚĞƌĞƚŚĞLJĐĂŶƐŬŝƉŝƚĂŶĚŚĂŶĚƉŽǁĞƌŽĨĂƩŽƌŶĞLJƚŽƚŚĞŝƌůĂǁLJĞƌ
ƌƌŝǀĞǁŝƚŚLJŽƵƌ/ĂŶĚLJŽƵƌĐŚĞĐŬŬƚŽĐŽǀĞƌĂŶLJŵŝŶŽƌůĂƐƚͲŵŝŶƵƚĞĂĚũƵƐƚŵĞŶƚƐƚŚĂƚƐƉƌŝŶŐup.
/ĚĞĂůůLJ LJŽƵƌĐůŽƐŝŶŐǁŝůůůĂƐƚŽŶĞƚŽƚǁŽŚŽƵƌƐƚŚŽƵŐŚĂŶLJŶƵŵďĞƌŽĨƚŚŝŶŐƐůŝŬĞƉƌŽďůĞŵƐǁŝƚŚƚŚĞǁĂůŬͲƚŚƌŽƵŐŚƚĂƌĚLJƚƌĂŶƐĨĞƌƐŽĨůŽĂŶĨƵŶĚƐĂŶĚƚĂƌĚLJĂƌƌŝǀĂůƐŽĨŚƵŵĂŶƐĐĂŶƐůŽǁƚŚŝŶŐƐƚŽĂcrawl.
ǀĞŶƚƵĂůůLJ LJŽƵǁŝůůǁĂůŬŽƵƚǁŝƚŚĂƐŝŐŶĞĚƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚŬĞLJƐĂŶĚĂŐƌĞĂƚŶĞǁƉůĂĐĞƚŽƌĞƐƚLJŽƵƌŚĞĂĚĂƚŶŝŐŚƚ