For Buyers

Room Real Estate provides an elite team of agents who will make sure that your buying experience is a pleasant one.

Benefits from working with Room Real Estate
In New York, having a buyer's agent to represent you is completely free of charge. At Room Real Estate, we even give you a commission cash back of 33%*. This is part of the exclusive listing commission. For an apartment selling for $3,000,000 you will typically save $30,000.

We represent only you, the buyer, in the negotiations. When you work with Room Real Estate, your interests are protected.

Listing Search. We have database access to every property listed for sale in the city. We do automated searches that fit your criteria.

Comparable sales analysis. We help you understand what other similar properties in the area are selling for before you make your offer.

We can help you get in contact with professional and trusted real estate lawyers and mortgage brokers, if you wish.

What do you need to do to get all these benefits?
-Always make sure you make your offer through your Room Real Estate agent.
-Always bring your Room Real Estate agent when you visit a new development or conversion property.
-You can visit resale properties on your own if you wish. All you need to do is tell any listing agent that you are represented by a buyer's agent. At open houses, you need to write your Room Real Estate agent's name on the sign in sheet.

*Only for properties over $3 million. It will be based on the full sales price and ensures that you achieve the lowest total commission and the lowest commission in absolute terms. This cash back is new for buyers is new in Manhattan New York. The real estate commission rebate will be paid to the buyer 10 days after closing. By a commission comparison in New York you will notice that this gives the lowest commission.



Closing Costs

For Condominiums:

For the Purchaser

  • Minus around 1% if you use ROOM Real Estate (Refund of seller's broker fee for deals over $3,000,000)
  • Buyer's Attorney: Consult your attorney, typically $2500-3500
  • Bank Fees: $750
  • Application Fee: $500
  • Appraisal Fee: $300-$1,500 (depending on sales price)
  • Credit Report Fee: $9.80 single/$14.60 joint
  • Bank Attorney: $750-$850
  • Tax Escrows: 2 to 6 months
  • Recording Fees: $250-$750
  • Mortgage recording Tax: 2.05%
  • Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M +15% on 1M or more
  • Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount
  • Municipal Search: $350-$500
  • Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.

ADDITIONAL REAL ESTATE EXPENSES

  • Common Charge Adjustment: Pro-rated for the month of closing
  • Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected
  • Miscellaneous Condominium Charges for example flip tax: Vary by building
  • Short Term Interest: Equal to interest for balance of month in which you close

Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.

For Co-ops:

For the Purchaser

  • Minus around 1% if you use ROOM Real Estate (Refund of seller's broker fee for deals over $3,000,000)
  • MORTGAGE CLOSING COSTS (ask your bank and/or mortgage broker and read your Good Faith Estimate and these tips
  • Buyer's Attorney: Consult your attorney, typically $2500
  • Bank Fees: $350-$750
  • Application Fee: $350
  • Processing Fee: $280
  • Appraisal Fee: $300-$1,500 (depending on sales price)
  • Credit Report Fee: $9.80 single/$14.60 joint
  • Bank Attorney: $750-$850
  • Lien Search: $250-$350
  • UCC-1 Filing: $100
  • Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

ADDITIONAL REAL ESTATE EXPENSES

  • Miscellaneous Co-op Charges, for example flip tax: Vary by building
  • Recognition Agreement Fee: $200+
  • Maintenance Adjustment: Pro-rated for the month of closing
  • Short Term Interest: Equal to interest for balance of month in which you close

This is an estimate of closing costs and in no way represents a completely accurate indicator of your particular situation.  Consult your attorney, broker, bank and mortgage broker to confirm your costs.  Please read your Good Faith Estimate and review the HUD-1 Settlement Statement for the most precise indication of your costs.


The reason to choose ROOM Real Estate is simple. We give you similar or better buyer representation than the best traditional firms and we give you 33%* of the buyer's agent split.

And if you chose to do all the work and we just administrate it we can give you 66.7%.

*Valid for properties selling for over $3 million.


Property Management

 

ROOM Real Estate ensures a hassle free process when investing. We manage every aspect of buying and selling property in New York City, so that you can enjoy a profitable and hassle free experience.

We assist you in finding tenants should you wish to rent out your investment property, and provide comprehensive property management services. Whether you live locally or abroad, we specialize in managing individual and multi-family condo and co-op units. We are able to provide the hands-on service and staff to meet the needs of our discerning clientele.

Hiring friendly maintenance workers who respond 24-hours a day

Immediate response to maintenance requests, avoiding costly repairs

Finding renters and screening potential tenants

Preparing applications for tenant condo/co-op board review

Billing tenants and payment collection

Paying mortgages, property taxes and associated expenses

Inspecting units as requested

Finding buyers for resale

We work with a number of lawyers who can assist with court cases, as well as prepare residential leases.

 We have  a large network of contractors, decorators, vendors and repairmen.


Investing in New York
Need help finding your next investment property? 
 

New York City presents the real estate investor an unparalleled magnitude of opportunity to diversify or otherwise add to an existing portfolio. Limited landmass for expansion, population growth coupled with an increased national and international demand for New York City real estate has led to a competitive buying market. New high-end condominium development further increases local property value and serves to attract investors from all around the globe. As we are based in Manhattan, we are well-known with local buying and selling trends and well as borough -specific market conditions.

Our specialists can assist the national or foreign investor locate investment grade condominiums and multi-family building opportunities through preferred access and detailed knowledge. We provide potential investors with feasibility reports and expert advice.