When we talk about buying and selling property in NYC, we put a lot of focus on co-ops and condos, since these types of properties make up such a large percentage of the available housing stock in the city. However, we shouldn’t neglect discussion of the revered townhouse, considered by many to be the creme de la creme of NYC real estate. So, what do perspective townhouse buyers need to know when purchasing in the city? Top NYC real estate attorney Sandy Schwartz, Partner at Schwartz, Levine and Kaplan, PLLC, says there is really just one major difference buyers need to be aware of when purchasing a townhouse instead of a co-op or condo in NYC. And here it is…
“It is vital to conduct a home inspection. Lean on the inspector to advise you of any and all issues that are present within the home that need to be fixed.” he says. “Remember, there is no condo or coop board to run to if there are issues post-closing – you are the superintendent in your townhouse!”
In a townhouse purchase, attorneys verify many of the same basic facts as in a co-op or condo purchase, such as the certificate of occupancy, real estate taxes, and building violations. However, in a townhouse transaction, Schwartz says the home inspection shouldn’t be optional (as it would be in a co-op or condo transaction) – it’s a must.
“This will give the buyer insight into what, if anything, needs to be fixed in the home and provide the buyer with the potential to either (a) renegotiate if there are issues present that they did not bargain for or (b) walk from the deal in the event that the items uncovered are not worth the risk of proceeding with the deal.”
Schwartz advises the inspection should be conducted immediately after the offer is accepted and prior to the contract signing. And, it’s important to note, this is not the same inspection as the one the bank/lender will conduct – that’s an appraisal and strictly looks to the market value of the home. What you’ll be looking for as a buyer is a full fledged home inspection to check structural integrity, etc.