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The Kaplove | Morgan Team A New Breed of Real Estate Agency Team The Kaplove | Morgan Team is a full-service, boutique real estate agency team specializing in residential and luxury properties throughout New York City. We represent sellers, buyers, investors, developers and renters. Our primary mission is to combine our experience, cutting-edge technology, and a new way of doing business to better serve our customers. We are New Yorkers who believe in New York and its inherent and appreciating value. The Kaplove | Morgan team combines the vast financial experience of James Kaplove as a seasoned executive in corporate finance with the interpersonal skills, business acumen and energies of Jessica Eve Morgan to form a new breed of a Real Estate Team, one that offers a concierge-style level of strategic service to their upscale lifestyle clients. James’ financial acumen is often used to help his clients understand the financial implications of some particularly complex transactions. Jessica’s passion and enthusiasm for homebuyers is unmatched. She understands that a home is often your most significant asset and to that end she is driven to give you her complete dedication, attention to detail and expertise to achieve the best possible results with the least amount of stress and uncertainty. Both James and Jessica are active members of the Real Estate Board of New York (REBNY), and are known for their integrity, honesty, moral compass, and hold themselves to the highest level of business ethics. The Kaplove Morgan Team’s focus is on new developments, townhouses, condominiums, co-ops and luxury rental apartments located in New York City. We're changing the face of real estate by empowering and educating our clients so they can make an informed decision to live where they love. With the Kaplove | Morgan Team, it's not about the transaction; it's all about serving our clients and creating value. We are fully transparent throughout the entire time we represent you. This allows for smoother transactions, shorter sell time, speedier acquisition of financing and access to the information and knowledge that is relevant. It also means our clients play a more active role in the process. With the best interest of our clients in mind, our team is built on a client-centric business model. We believe in engaging the consumer, not selling them. We are technologically savvy, have proprietary software such as Virtual Stager, are up-to-date on all real estate trends, and committed to informing clients of every detail of the selling, buying, investing, development and renting processes. This ensures an enhanced experience for the different constituents we represent as our clients.
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Kaplove & Morgan Buyer’s Guide 1
BUYER’SGUIDE
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.
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
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
Kaplove & Morgan Buyer’s Guide 5
/ŶĂĚĚŝƟŽŶƚŽŚŝŐŚĞƌƉƵƌĐŚĂƐĞƉƌŝĐĞƐĐŽŶĚŽƐĂůƐŽŚĂǀĞƐƵďƐƚĂŶƟĂůůLJŚŝŐŚĞƌĐůŽƐŝŶŐĐŽƐƚƐŝĨLJŽƵƌĞƚĂŬŝŶŐŽƵƚĂŵŽƌƚŐĂŐĞzŽƵǁŝůůƉĂLJĂŵŽƌƚŐĂŐĞƌĞĐŽƌĚŝŶŐƚĂdžŽĨϭϴйŽĨƚŚĞŵŽƌƚŐĂŐĞĂŵŽƵŶƚĨŽƌůŽĂŶƐƵŶĚĞƌΨϱϬϬŬŽƌϭϵϮϱйĨŽƌůŽĂŶƐĂďŽǀĞƚŚĂƚůƐŽLJŽƵƌůĞŶĚĞƌǁŝůůƌĞƋƵŝƌĞLJŽƵƚŽďƵLJƟƚůĞŝŶƐƵƌĂŶĐĞǁŚŝĐŚĐŽƐƚƐĂďŽƵƚϱйŽĨƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞ
;EŽƚĞdŚĞEĞǁzŽƌŬ^ƚĂƚĞůĞŐŝƐůĂƚƵƌĞŝƐƚƌLJŝŶŐƚŽĞdžƚĞŶĚƚŚĞŵŽƌƚŐĂŐĞƌĞĐŽƌĚŝŶŐƚĂdžƚŽĐŽͲŽƉƉƵƌĐŚĂƐĞƐĂƐǁĞůůͿ
/ĨLJŽƵƌĞďƵLJŝŶŐĂŶĞǁĐŽŶĚŽ;ǀĞƌƐƵƐĂƌĞƐĂůĞͿƚƌĂŶƐĨĞƌƚĂdžĞƐ;ϭϴϮϱйŽĨƉƵƌĐŚĂƐĞƉƌŝĐĞĨŽƌƉƌŽƉĞƌƟĞƐŽǀĞƌΨϱϬϬϬϬϬĂŶĚϭϰϮϱйĨŽƌƉƌŽƉĞƌƟĞƐƵŶĚĞƌΨϱϬϬϬϬϬͿĂƌĞĂůƐŽƚŚĞďƵLJĞƌƐƌĞƐƉŽŶƐŝďŝůŝƚLJ ƚŚŽƵŐŚƚŚĞƐĞĐĂŶŽŌĞŶďĞĂƉŽŝŶƚŽĨŶĞŐŽƟĂƟŽŶǁŝƚŚĂĚĞǀĞůŽƉĞƌ ǁŚŽŝƐŵŽƌĞĂƉƚƚŽĐŽǀĞƌĨĞĞƐůŝŬĞƚŚŝƐƚŚĂŶƌĞĚƵĐĞƚŚĞƐĂůĞƐƉƌŝĐĞǁŚŝĐŚĐĂŶĂīĞĐƚĨƵƚƵƌĞƐĂůĞƐ
SUBLETTINGCO-OP:DŽƐƚĐŽͲŽƉƐŚĂǀĞǀĞƌLJƐƚƌŝĐƚƉŽůŝĐŝĞƐĂďŽƵƚƐƵďůĞƫŶŐǁŚŝĐŚĚŽĞƐŶŽƚŵĂŬĞƚŚĞŵĂŶŝĚĞĂůŝŶǀĞƐƚŵĞŶƚŽƉƉŽƌƚƵŶŝƚLJĂŶĚĐĂŶƉƌĞƐĞŶƚĂƐĞƌŝŽƵƐĐŚĂůůĞŶŐĞŝĨLJŽƵƌũŽďƐƵĚĚĞŶůLJƌĞůŽĐĂƚĞƐƚŽ>ŽŶĚŽŶĨŽƌŝŶƐƚĂŶĐĞdŚĞƌƵůĞƐǀĂƌLJ ďƵƚŽǁŶĞƌƐĂƌĞƵƐƵĂůůLJĂůůŽǁĞĚƚŽƐƵďůĞƚƚŚĞŝƌĂƉĂƌƚŵĞŶƚĨŽƌŶŽůŽŶŐĞƌƚŚĂŶϭƚŽϮLJĞĂƌƐŝŶĂŶLJϱͲϳLJĞĂƌƉĞƌŝŽĚdŚĞďŽĂƌĚĂůƐŽŐĞƚƐƚŽĂƉƉƌŽǀĞLJŽƵƌƚĞŶĂŶƚĂŶĚĐŚĂƌŐĞLJŽƵĂĨĞĞĨŽƌƐƵďůĞƫŶŐ
CONDO:ŽŶĚŽƐƵďůĞƚƉŽůŝĐŝĞƐĂƌĞĨĂƌŵŽƌĞůŝďĞƌĂůtŚŝůĞƚŚĞƌĞŵĂLJďĞƌƵůĞƐĂŐĂŝŶƐƚƐŚŽƌƚͲƚĞƌŵƐƵďůĞƚƐ;ƐĂLJ ůĞƐƐƚŚĂŶϲŵŽŶƚŚƐͿƚŚĞƌĞŝƐƵƐƵĂůůLJŶŽŽƵƚƐŝĚĞůŝŵŝƚŶŽƌĚŽďŽĂƌĚƐŚĂǀĞƚŚĞƌŝŐŚƚƚŽƚƵƌŶĚŽǁŶĂƚĞŶĂŶƚƵŶůĞƐƐƚŚĞLJĞdžĞƌĐŝƐĞƚŚĂƚƌŝŐŚƚŽĨĮƌƐƚƌĞĨƵƐĂůĂŶĚůĞĂƐĞLJŽƵƌĂƉĂƌƚŵĞŶƚƚŚĞŵƐĞůǀĞƐƵƚũƵƐƚůŝŬĞĂĐŽͲŽƉĂƉƉůŝĐĂƟŽŶĨĞĞƐŵŽǀĞͲŝŶĨĞĞƐƉƌŽĐĞƐƐŝŶŐĨĞĞƐĞƚĐĐĂŶƌĂŶŐĞĨƌŽŵĂĨĞǁŚƵŶĚƌĞĚƚŽĂĐŽƵƉůĞŽĨƚŚŽƵƐĂŶĚĚŽůůĂƌƐĞdžƚƌĂƚŚĂƚLJŽƵŽƌLJŽƵƌƉŽƚĞŶƟĂůƚĞŶĂŶƚǁŝůůŚĂǀĞƚŽƉĂLJŶĚLJŽƵǁŝůůďĞůŝǀŝŶŐŝŶĂďƵŝůĚŝŶŐǁŝƚŚĂŵŽƌĞƚƌĂŶƐŝĞŶƚƉŽƉƵůĂƟŽŶƚŚĂŶĂĐŽͲŽƉ
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
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
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
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
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.
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
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
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
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
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
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
Kaplove & Morgan Buyer’s Guide 17
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
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
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
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
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