Riverviews Real Estate
A Company You Can Trust!
Manhattan, Westchester
Orange, Rockland County NY
Luxury Sales & Rentals
914.837.0782
info@riverviewsre.com

 

Real Estate Glossary From 'Abstract of Title' to 'Walk-up', the arcana of real estate explained. Browse alphabetically by choosing a letter from the list below. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

C

Term Description Capital Improvement:  An improvement on a piece of property which is going to increase the value of the property.  Such an improvement may include a new roof, new windows or a new elevator. Certificate of Occupancy (C of O):  Each building in New York City possesses a Certificate of Occupancy which outlines the legal uses of the piece of property.  The Certificate of Occupancy may allow a building owner to enjoy certain uses not allowed by the particular zoning in which the property falls..  Co-Broke:  Perhaps one of the most important terms used in the residential real estate market and the foundation for working with other brokers in the community.  When a broker sends out his/her listings to the brokerage community at large, he/she does so on a co-broke basis.  This means that the brokerage firm representing the owner of the property will split the commission on a 50/50 basis with the brokerage firm that brings the buyer or tenant to the property and is able to conclude a transaction. Collect Your Own Fee:  This is usually a rental listing distributed by a brokerage firm on the basis of the cooperating broker collecting the entire fee.  A broker might do this because he/she feels that the apartment is overpriced or that in an effort to do an owner a favor (he/she may manage the unit), he has offered the brokerage community at large an inducement to rent the property quickly. Combined Apartment:    When an apartment owner takes two separate yet adjoining apartments and combines them into a larger single apartment. The city of New York has streamlined this process so that the procedure is far less cumbersome.  Commission:  When a property is sold, the brokers involved in the transaction are entitled to payment in the form of a commission.  In a sale transaction, the commission rate is usually set by the owner and is typically six-percent of the sales price.  If the property is of great value, the owner and the broker(s) may agree to cut the commission to a lower percentage of the sales price.   If the property for sale is a particularly difficult property to sell, the owner may increase the commission rate to a higher percentage of the purchase price. Common Area:  The area in a building that is shared by all of the tenants/owners of the building.  This could include the lobby, a common courtyard or roof garden or the hallways. Complimentary:  A listing, rental or sale, sent out to the brokerage community at large by a brokerage firm on behalf of the owner of the apartment.  The firm sending out the listing is doing so on the basis that the buyers or tenants broker can collect an entire fee. Concierge:  A concierge is an individual who sits inside the building lobby and acts as a clerk as well as a security person for the comings and goings in a building lobby.  A concierge is not situated at the door and does not open the door for tenants.  The concierges duties can include accepting packages, informing tenants of visitors, etc. Condominium:  A type of apartment ownership in which the owner owns real property, yet the apartment is part of a much larger building in which other owners own individual units.    Condominiums are a very liberal type of ownership and are usually favored by foreigners looking to buy in Manhattan.  The regulations regarding ownership are more lax than those in co-operative apartments.  Condominiums usually allow owners to finance upwards to 90% of the purchase price; subletting rules and pet policies are more open than in co-operatives; individual owners are responsible for monthly Common Charges and monthly Real Estate Taxes. Contact Person:  This is the individual usually hired by the owner of the building or the developer to show and promote the property. Contract Out:  Refers to the moment in time when a buyer and seller have agreed to a price on an apartment and the parties attorneys have drafted a contract of sale and have sent it to the purchaser for signature. Conversion (2):  This term can have several meanings.  A second use of the term in the local market is when a rental building is converted to a co-operative type of ownership.   This occurs when an individual or a company plays the role of a sponsor in the conversion process. Conversion:  A term used to describe the change in usage of a building.  A classic example is when an older, underutilized commercial space is converted into residential space.  An owner of a building may do this in order to derive the best financial means from his/her property.  A large commercial vacancy rate, a change in the make-up of a neighborhood, a tight residential market, or city tax incentives may lead an owner to alter the usage of a building. Convertible:   Refers to a situation when a large one or two bedroom contains a Dining-L which could be converted into another bedroom with the construction of a wall.  In order to be transformed into a legal bedroom, these L-shaped areas need to contain a window. Courtyard:  This term most often refers to the interior outside grounds of a building. When you see the term courtyard views in an advertisement or on a listing, this usually means that the apartment receives little light an looks away from the street.