Q & A with Dottie Herman

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Q1 - Do co-op charges include real estate property taxes in their quoted rates? And if not, how much should I estimate taxes to be on a $170K 2 bedroom condo?

A - Yes, the co-op monthly maintenance charge includes the apartment's share of the co-op corporation's real estate taxes, as well as the apartment's share of the building operating costs and interest charges for the building's underlying mortgage (if there is a mortgage on the building).

Although you were only asking about  co-op - if the taxes were not included in the maintenance charges (they are), I've answered your question.. The real estate taxes for 2-bedroom condos vary greatly from building to building, borough to borough and region to region, so I can't give a rule-of-thumb answer. However, the easiest way to get an idea what amount you can reasonably be comfortable paying in real estate taxes, go to Elliman.com and search for 2-bedroom condos in your market area to see what a typical amount is for a 2-bedroom condo unit in a building that has similar features and location.

Let us know if you need anything else!

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Q2 - My partner, along with 3 dogs (2 small and 1 medium sized) and myself are likely to be relocating to NYC. We have visited but never lived in the city and have very cursory knowledge of the various neighborhoods. What resources do you suggest I review prior to working with an agent? I don't want to waste the agent's time and money, nor mine. Best Regards.

A - The process of selecting a real estate professional involves not only researching their expertise, but also talking on the phone, or meeting with them personally to establish a rapport. Your agent is both a resource and sounding board, and the relationship between you is key.

Suggested first steps are researching agencies and agents who may have been referred to you. Visit their website, read their bios, and look at the listings they represent. If you have special neighborhoods that you initially prefer, your online search may produce agents with specialties. In addition, once you do select an agent, you need to be sure to communicate that he or she must show you pet-friendly options only. Not all buildings in New York allow pets, and 3 dogs is a challenge. The search feature on Elliman.com allows you to select a "Pet Friendly" option, which can help you filter out properties that will not accommodate your dogs. You can also view neighborhood guides on Elliman.com to start getting a feel for where you might like to be.

We'd be most happy to assist you in your search and to match you with one of our real estate professionals who is best suited to your needs and who will help you find your home in New York.

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Q3 - I was just told by a friend that there are different types of credit. Can you tell me what they are?

A - Sure!

Revolving credit - is usually credit that you can choose to pay a minimal amount and decide how much you are going to charge (up to the limit). This includes credit cards, overdraft on a checking account, lines of credit, and some home equity lines.
Installment credit- accounts that require a set payment every month (does not include mortgages). These accounts include student loans and car leases or loans.

Mortgages - are loans used for purchasing real estate.

Public records - include tax liens, judgments, and bankruptcies

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Q4 - We've lived in our home in suburban New Jersey for over 25 years. Currently, the large, irregularly shaped property is demarcated by a few survey posts, but some are missing, and it looks as though a few of my neighbors are encroaching on my property. I may be looking to sell in a year or so, and want to avoid any issues regarding the property line encroachment or possible liability issues when the time comes. I'm looking for your advice as to what to do both now and in the future. Thank you.

A - Thanks for the email. You might want to consider investing in a new survey, or an update to the existing survey, to see if neighbor encroachments exist and to deal with them, amicably, prior to selling. Things like woodpiles can be relocated easily, while structures are trickier, but it is always easier to deal with these items when time is on your side.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com