Mortgage Software The New and Automated face of the Mortgage Industry

Technology is on its peak point than ever. Thanks to it, many businesses have streamlined their functions for better and seamlessly integrated many operations and mechanisms into one. Here, we are discussing such these two software namely mortgage software and Point of Sales (POS) which have revolutionized the mortgage industry.

Both these software automate the workflow of mortgage industry. As the USP of most mortgage companies is loan origination, it becomes mandatory for them to expedite it and provide complete accuracy and convenience to their customers. Business Intelligence, as most of the companies call it, point software has made most of the companies offer paperless lending in real! Imparting quality regulation during workflow processes and loan origination, POS has increased the overall profitability of credit unions and financial companies. s.

Likewise, Mortgage software has integrated the solutions of the hassles and concerns like compliance issues, information security and multiple product options in one. An ideal combination of different lending technology solutions, it offers profitability and efficiency in loan origination process along with simplifying compliance and data management issues.

With software like POS and mortgage, a company gets notified whenever a customer files a request on the website. With an instant click, employees of the companies can get to see the complete credit report of the customers. Just in case, if there is any update on data front, they are implemented all across the interface. For investors and lenders usage, library of 1,000 forms is available. No wonder, mortgage software has transformed the mortgage scenario from an onerous, time-consuming process to quick and automated one.

Apart from the security against data theft and corruption, Point software provides support on all channels of lending processes. Be it customer management as per their demographics, appointments and referrals or to manage the leads generated by team members, all things are automated. Also, creating promotional material such as e-mailers and flyers can be done at one pull. Most of the POS software can automatically upload more than 1000 application to the system at one time and manage sales tool suchlike calculation of loan amount and pay- off periods.

Tips Of Personal Loan For Foreigners In Singapore

If you are working as a foreigner in Singapore, you may encounter some special periods when you have to borrow money for emergencies, medical bills or coping with the living expenses once in a while. Now, there are a lot of banks and financial institutions that provide loans for you to help you go through financial troubles in Singapore.

However, there are some difficulties you have to encounter when applying for a personal loan for foreigners in singapore. In the process of applying for such a loan, you are required to provide more documentations than the Singapore citizens. Those financial institutions may require you to provide some documentations such as proof or certification of income, employment pass or working permit in Singapore, valid identification cards and passport. Yet, the requirements vary depending on the financial institution you deal with.

To get a personal loan for foreigners in singapore, you can have the following options. First, you need to provide your sPass, Employment Pass, Work Permit as well as Passport. Second, you need to provide your employment letter. Third, you need to provide Tenancy Agreement, Phone Bills, PUB Bills, or Bank Statement, all of which reflect your salary.

To apply for a personal loan for foreigners in singapore, you are required to meet some the requirements as follows. To begin with, your age has to be 21 or above. And then, you have a full time job in Singapore. Next, you have to provide valid E-Pass or S-Pass holder, as well as your latest 3 months payslip. In the end, you have to provide bank statements for the past six months, appointment letter from your company as well as existing residence tenancy agreement including original PUB billing statement and mobile phone bill statement.

When you apply for a personal loan for foreigners in singapore, it is highly recommended that you look for and consult with various banks or financial institutions so as to weight their pros and cons. Some banks offer this kind of loans with flexible payment schemes, as well as favorable interest rates. After doing an adequate and appropriate research, you are most likely to get the ideal one. For security, you’d better turn to licensed and certified lenders and financial institutions for these loans. As long as you have a certain amount of stable income, you are free to apply for a personal loan for foreigners in singapore.

Best Types Of Housing In The Philippines

What are the best Philippines properties for sale in terms of residence? There are many forms of residence or housing in the Philippines today that many Filipinos or foreigners could choose from. Some of the most popular ones today are condominiums and apartments. There are also townhouses which have become very popular in the Philippine market. So what are makes these types of houses popular in the Philippines?

Townhouses
Townhouses are some of the oldest types of housing in the Philippines. According to many experts, it even predates the introduction of apartments in the Philippines. Townhouses were first found in urban areas, providing cheaper housing for Filipinos. However, in today’s trends, townhouses are mostly found in luxurious complexes. Large complexes often have high security, resort facilities such as swimming pools, gyms, parks and playground equipment.

Some townhouses are also found in small footprints of a city. This allows residents to be within walking or mass transit distance of business and industrial areas of the city, yet luxurious enough for wealthy residents of the city. However, owning a townhouse in today’s market usually connotes wealth. Philippines properties for sale such as townhouses have become more expensive than buying a house.

Condominiums
Condominiums are some of the most popular types of housing and Philippines properties for sale today. Compared with townhouses and the typical house, condominiums are usually more affordable. Similar to apartments, a condominium consists of multi-unit dwellings (i.e., an apartment or a development) where each unit is individually owned and the common areas, such as hallways and recreational facilities, are jointly owned by all the unit owners in the building.

The advantage of owning a condominium unit other than its affordability is with its location. Most condominiums today are found within big cities such as in Makati City, the business district of the Philippines. Similar to townhouses, condominiums can offer a way for its residents to avoid rush hour as well as walking or short distance transit to commercial areas.

Apartments
By far, apartments are still the most popular types of housing in the Philippines. This is because of its affordability compared to other forms of housing. Its affordability, however, is mainly due to the fact that apartment units are usually rented or leased to tenants or lessees. According to many experts, condominiums and apartments are similar in terms of physical form and structure. A building to be used as a condominium could also be used as an apartment. The difference is with its ownership. Apartments are usually rented by tenants while condominiums are individually owned. For more information visit to our site at http://www.atayala.com.

Ras Al Khaimah- One Jurisdiction.a Number Of Benefits

The Ras al Khaimah International Company is one of the most confidential, secure, and flexible offshore solutions available today. Apart from its integral features, it draws enormous credibility and prestige from the broader socio economic context of the UAE as a global financial centre. Born out of a multi-award winning Free Trade Zone (operating within a world class regional business hub), the RAK IC enjoys a strong commercial authenticity, untarnished by the tax haven status attributed to so many jurisdictions.

Ras Al Khaimah is one of the seven emirates forming the UAE federation. Since 2003 it has pursued a highly successful policy of industrialisation and economic diversification in various sectors. A key engine driving the Emirates economic growth and development has been its Free Trade Zone. Established in 2000, Ras Al Khaimah Free Trade Zone (RAK FTZ) remains one of the fastest growing and most successful free trade zones in the UAE. It is also home to the RAK International Business Registry and the RAK International Company.

In September 2006, the RAK Government launched an international business registry (the second offshore facility in the UAE), regulated by the RAK Free Trade Zone Authority – enabling foreigners to register international companies in the RAK Free Trade Zone without the need to establish a physical presence and with nominal equity investment (no minimum capital requirement).
This International Company model was based on a set of rules and regulations designed to offer one of the most attractive and flexible offshore tax and legal regimes in the world.

RAK ICs enjoy absolute confidentiality in every respect. There is no disclosure whatsoever of any details pertaining to the company, the beneficial owners or directors, and no public access to details on the international business registry.

Foreign individuals and entities can be 100% owners of RAK ICs, which enjoy zero corporation or capital gains tax as well as respected white list status deriving from the UAE. Indeed the UAE is the only OECD white listed jurisdiction that has no taxes for international companies, free zone entities, or local companies and individuals.

Businesses who do not intend to conduct any onshore operations within the UAE, can utilise the RAK IC for a wide range of purposes including international trade, ownership of international assets and real estate, as well as ownership of intellectual property (patents, trademarks and copyright). It can be used for head office operations, and act as a global holding company for entities engaged in various international activities. The RAK IC may hold shares in any legal entity in the world, including offshore companies in other jurisdictions. Naturally, there are no restrictions on capital and profit repatriation.

Despite a general prohibition on conducting business with persons resident in UAE or carrying out any trade within the UAE (unless it has obtained the appropriate licence from the relevant authority), the RAK IC can hold shares in both offshore, free zone and onshore UAE companies. It can also own or hold an interest in designated freehold properties throughout the UAE.

In addition a RAK IC can of course hold and operate a bank account in the UAE, and may also maintain professional relations with legal consultants, accountants, management companies or other similar persons within the UAE.

The UAE currently has in place 48 double taxation prevention treaties and plans to implement 5 new treaties every year. The majority of these treaties do not contain the recent OECD clause for exchange of information. Moreover, other than the Netherlands-UAE bilateral treaty, the UAEs bilateral treaties do not discriminate between entities established on the mainland or within the free trade zones. In this context a RAK IC will be able to avail itself of the benefits deriving from the UAEs comprehensive treaty network thus helping to safeguard profits remitted abroad arising from dividends, interest, royalties and fees.

In cases where certain anti avoidance provisions or optimal tax planning contingencies require a physical presence, a basic RAK Free Zone entity (flexi desk or flexi-office facility) can easily be established and can be wholly owned by the International Company affording a high degree of flexibility and confidentiality together with a physical presence, as well as the opportunity to procure visas for designated officials. If desired, a bona fide local business activity can be established through the acquisition of an appropriate business licence. Local management and control can also be asserted through the appointment of a corporate director in the UAE.

Although all UAE companies must abide by UAE law, RAK ICs can choose which legal system should be applied for resolving inheritance issues, commercial disputes, and any other legal matter. .

Flexibility is evidenced in the ability to tailor the memorandum and articles of association of a RAK IC to suit specific needs, including the citing of the preferred legal convention, whether it is common law, civil law, Sharia or Hindu succession law etc and also the issuance of multiple classes of shares, including custodian shares and restricted bearer shares.

The incorporation process itself is extremely straightforward with comparatively minimal compliance procedures and with a minimum requirement for one director and shareholder (which may be the same person). The director and shareholder can be individuals or corporate entities, and may of course be non resident in the UAE.

Moreover on an ongoing basis, RAK ICs have no annual reporting requirements, no need to conduct AGMs, and no need to file accounts or annual returns.

The RAK IC derives enormous strength from the stable socio-political environment and economic dynamism afforded by the UAE, and its location within of one of the fastest growing emirates. The Confidentiality, versatility, and security of the IC, combined with its zero tax status and access to the UAEs double tax treaty network make it a uniquely attractive proposition.

There is only a restricted number of fully licensed agents directly authorised to incorporate and manage International Companies in Ras al Khaimah, some of which can benefit from a prestigious World Trade Centre registered office address in Dubai.

Bring a unique change in life with Supertech Safari

Supertech Ltd. is offering Supertech Safari Noida flats in Tower-H of Up Country residential venture, a newly released high-rise residential venture at Yamuna expressway, Greater Noida. These supremely finished studio spaces with a fixed dimension of 495 sq ft are being offered at prices which will not pinch the buyers of these abodes. An investor can choose between three major payment plans which includes Construction linked Payment plan, Down Payment plan, and Partial Payment plan, while buying a studio here. Floor-plan of Supertech Up Country Safari studio apartments includes 1 bedroom cum drawing room with attached terrace, 1 toilet and kitchen area. Supertech Up Country features facilities like – Lush-green landscape designs, power packed recreational centre with Gym,squash Courts, Manmade beach and duck pond, Swimming Pool and much more. Public facilities like school, commercial plaza and Hospital are located within the township.

Supertech Safari Studio Yamuna Expressway apartments have excellent and decorative offering & accessories. Apartments have completely brought in floor tiles and floorings which give these apartments a great look and feel. Apartments have steel covered windows and moving gates with tarnished glass. Kitchen has all the accessories which might be required by a professional cook starting from a stone kitchen place top stainless-steel drain etc. Apartments also feature of excellent furniture. One 3-4 seater sofa, 1 personalized TV stand with cart, 2 bed-side tables with storage space, 2 house ottoman, 1 part table for house, 1 oak timber table 1 table with lighting and seats, 1 queen-size bed with head board and recessed storage space for additional storage space etc. are provided. Especially designed, timber made clothing closets with integrated luggage and shoes racks are also provided.

Placement of Supertech Upcountry Safari Studio Noida on Yamuna expressway makes this place near to Gautam Buddha School. F1 track and recommended Jewar Airport terminal are also in near place. This studio room residence venture in Upcountry Township is really near to Pari Chowk and is incredibly near to places like Mayur Vihar, Akshardham Temple and CWG Town with the help of the Noida Expressway. It is also well connected with Anand Vihar ISBT through DND flyover and Noida expressway and to Atta Market through Dadri road and Golf course. The designer has obtained the interest and trust of customers through visibility in working and offering best quality results. Supertech presently is probably the most reliable real estate manufacturers when it comes to offering guarantees promptly.

A New Condominium Living in Luxury

makati condo in Makati City or those high-rising condominiums found in Ortigas Center, Pasig City or in other business and commercial districts in the Philippines?

Living in Luxury According to many condominium residents, living in a condominium such as those found in business and commercial districts offers some of the best luxuries that many modern Filipinos are looking for. One of which is its accessibility to central workplaces as well as popular entertainment districts of the Philippines.

Because of its location, which is found in the heart of some of the busiest business and commercial districts in the country, residents can enjoy a luxury of living within walking distance from their workplaces, allowing them to avoid the usual hassles of rush hour. And because of its location, residents can also easily access popular -hang-out- places around the district such as malls and other popular entertainment areas.

According to many of its residents, though living in one of the busiest districts of the Philippines, these types of housing can still offer the privacy and peace that every Filipino deserve with their home. Another luxury is the view from their own windows of the whole city, particularly at night. These are some of reasons why condominiums, such as the many makati condo, became popular and modern among many Filipinos.

However, other than the luxury of its location, condominium residents have also experienced the luxury of living in one of the most highly maintained and secured housing in the Philippines. This is because condominiums usually have their own maintenance and security personnel.

Its maintenance personnel are usually tasked in maintaining all facilities found in the condominium, while its security personnel assures the safety of all their residents in their compound.

But there are several disadvantages of living in a condominium, in which many Filipino families found these types of housing unsuitable for their growing children. Although many condominiums in the city, such as the many makati condo, can offer a condominium unit which can accommodate a family, these normally lack the facilities that can accommodate their growing children’s needs.

Because of this, a number of new condominiums were established to offer family-oriented environment for a growing Filipino family. These new types of condominiums are known as condominium complexes.

A New Condominium Condominium complexes are normally found in the outskirts or even in the provinces. Because of its location, condominium complexes became popular for its peaceful environment as well as wide open spaces, making it a suitable type of housing for Filipino families. However, what made these types of housing more popular is because of its amenities including swimming pools, gyms, recreational parks, and playgrounds. “>What is it like living in a condominium unit found in the city, such as those makati condo in Makati City or those high-rising condominiums found in Ortigas Center, Pasig City or in other business and commercial districts in the Philippines?

Living in Luxury According to many condominium residents, living in a condominium such as those found in business and commercial districts offers some of the best luxuries that many modern Filipinos are looking for. One of which is its accessibility to central workplaces as well as popular entertainment districts of the Philippines.

Because of its location, which is found in the heart of some of the busiest business and commercial districts in the country, residents can enjoy a luxury of living within walking distance from their workplaces, allowing them to avoid the usual hassles of rush hour. And because of its location, residents can also easily access popular -hang-out- places around the district such as malls and other popular entertainment areas.

According to many of its residents, though living in one of the busiest districts of the Philippines, these types of housing can still offer the privacy and peace that every Filipino deserve with their home. Another luxury is the view from their own windows of the whole city, particularly at night. These are some of reasons why condominiums, such as the many makati condo, became popular and modern among many Filipinos.

However, other than the luxury of its location, condominium residents have also experienced the luxury of living in one of the most highly maintained and secured housing in the Philippines. This is because condominiums usually have their own maintenance and security personnel.

Its maintenance personnel are usually tasked in maintaining all facilities found in the condominium, while its security personnel assures the safety of all their residents in their compound.

But there are several disadvantages of living in a condominium, in which many Filipino families found these types of housing unsuitable for their growing children. Although many condominiums in the city, such as the many makati condo, can offer a condominium unit which can accommodate a family, these normally lack the facilities that can accommodate their growing children’s needs.

Because of this, a number of new condominiums were established to offer family-oriented environment for a growing Filipino family. These new types of condominiums are known as condominium complexes.

A New Condominium Condominium complexes are normally found in the outskirts or even in the provinces. Because of its location, condominium complexes became popular for its peaceful environment as well as wide open spaces, making it a suitable type of housing for Filipino families. However, what made these types of housing more popular is because of its amenities including swimming pools, gyms, recreational parks, and playgrounds.

The Dallas Condominium Market Continues To Surge

Someone forgot to tell Dallas that the real estate market has cooled off.

This booming, major metropolitan area has enjoyed phenomenal growth in the condominium sector thanks, in part, to its four-star restaurants, unsurpassed cultural activities, world-class shopping, a flourishing financial and business district and a spectacular skyline, all of which have attracted young professionals and baby boomers looking for a simplified, exciting lifestyle.

Old industrial sights and abandoned neighborhoods have given way to condo living at its finest throughout Dallas. Much of the growth has been attributed to Dallas efficient, light rail system, which allows professionals to ditch the car in favor of more resourceful means of transportation. What could be better than residing in a high-rise, luxury condominium, just steps from all of the excitement and opportunities of the city? Well, how about a panoramic, city view. Or a putting green. Or a rooftop, saltwater swimming pool. Or a full-service spa. Yep, this is what condo living in Dallas is all about.

Whether you enjoy Uptowns trendy, urban district with chic restaurants and high-profile developments, or the art galleries, retail shopping and efficient transportation of the Downtown area, luxury condominiums are catering to young, urban professionals and empty nesters searching for their slice of the condominium pie. And condominium developers are not shy when it comes to catering to their residents. Twelve foot ceilings, hardwood floors, gourmet kitchens and stainless steel appliances are the norm. Its those other resort-style amenities, like private movie theaters, state-of-the-art fitness centers and acclaimed gourmet restaurants that developers are bringing to the table in hopes of standing apart from the crowd.

And a crowd it is. From Victory Park, to the Arts District, to Turtle Creek, Oak Lawn and Highland Park, condominiums are abundant and thriving. The Residences at Hotel Palomar, for example, located in the upscale, Park Cities community, is a luxury condo and loft community out to impress. This condominium community, aptly named by its developers as an urban resort, features over 70 condos on 5.3 acres of land. A full-service spa, gourmet restaurants, boutiques, courtyard villas and the four-star, Hotel Palomar are just a few of the reasons why prices can range anywhere from $300,000 to $2.3 million.

Victory Park is home to the W Dallas Victory Residences, a new condominium high rise which offers stunning, modern architecture with world-class interior designs, floor-to-ceiling windows and expansive terraces with awe-inspiring views. With prices ranging anywhere from $400,000 to $7 million, its no wonder that top-notch amenities, such as residential concierge service, a 24-hour valet service, an infinity pool and a full-service spa, are found here.

Just some of the other Dallas condo gems to be had include: Azure, which is built upon 15 acres and features 10, open floor plans with a luxurious, European design; Mercer Square, which is located just minutes from Downtown and boasts modern architecture and magnificent, Dallas views; and the Sorrento, which is located in North Dallas and features resort-style amenities and up to 2,890 square feet of living space.

According to Downtown Dallas, the number of new residences built within one mile of Dallas central business district area has increased five-fold over the last ten years. And based on the cranes hanging out all over Dallas, it looks like the boom is here to stay.

The Real Estate Market Of Rohini

After a lot of research Jyoti, 32, and Ramesh Aggarwal, 36, have decided to purchase a two-bedroom, 1,000 sq ft apartment in a society complex in Sector 9, Rohini for Rs 38 lakh. Not only did they compare prices in their research, they also looked at factors that affect general day-to-day living, such as level of congestion, availability of greenery and open spaces, likelihood of water shortages during summers, and travel time to important destinations. Finally, took a decision and bought an apartment in Rohini.

There are many reasons why one would like to purchase a home in Rohini. And one of the main reasons why anyone would feel attracted to purchase a property in Rohini is because of its connectivity with the metro.

After the Metro became operational, prices have risen by 40-60%, according to a property broker of the area.

A property dealer based in Netaji Subhash Place explains the price rise in terms of reduced travel time. He said that till a few years ago, it took one-and-a-half hours to travel from Rohini to central Delhi areas like CP and ITO, so its property was available at a low price. After the coming of metro, the travel time is now only 40-45 minutes, and the commute being far more comfortable than a road journey, Rohinis society apartments now boat of a price of Rs 3,150-4,500 per sq ft. This is at par with prices in areas like Patparganj in East Delhi which are only a 30-minute drive from CP.

Not only metro, of late Rohini has witnessed a lot of commercial development as well, which has led to overall development of north-west Delhi. In fact, entertainment-wise Rohini has given newer options to people residing in the nearby areas.

There are some common factors that have contributed to an increase in prices in Rohini like easy availability of bank loans, high salaries commanded by young professionals, and the massive influx every year of people from other states into Delhi.

Rohini has options for every pocket: If you think you can afford one, go for a society apartment. These kinds of apartment boast of better-quality construction, high-maintenance, comparatively more open areas compared to DDA flats, and of course better security arrangements. The up-market complexes, about a dozen within Rohini, are equipped with lifts and have power backup system.

Such society apartments are mainly located in sectors 7-14 and out of these, sectors 9, 13, 14 and Prashant Vihar are available at a very high price, because of the quality of development and due to proximity to Metro stations (East and West).

Other option is DDA apartments that usually cost less than society apartments. 1 BHK LIG apartment costs around Rs 2,000 per sq ft, and prices of two-bedroom MIG apartments range between Rs 2,350 and Rs 2,900 per sq ft. The construction quality of a DDA apartment is usually inferior as compared to a society apartment, so you may have to spend some amount before you can actually start living in one. DDA flats are located in sectors 2-8, 15-18, and 24.

For people who are looking at low-budget options, they are available in sectors 23, 24, 25 and 28. These sectors are a little far from the Metro line. According to Mr. K.K. Wadhwa of Wadhwa Property, a plot of 32 sq m would cost around Rs 18 lakh in Sector 7; in Sector 28, the same plot-size would cost you just Rs 9-11 lakh in this sector.

A development that is sure to attract people from all over west Delhi to Rohini is Planet Pogo, a theme park, which is being developed in Sector 10. The company that developed Appu Ghar, Unitech Amusement Parks, and Turner International India are partnering this project. It is scheduled to be launched in the last quarter of this year. As far as shopping and entertainment options are concerned, Rohini has M2K Mall in Sector 3, and PVR Complex in Prashant Vihar. There is also a district court at Madhuban Chowk in Rohini.

So, if you are looking to buy or rent a house in west Delhi, you should definitely consider all the options available within Rohini. It undoubtedly has quality housing, good connectivity and all the amenities one expects in a well-developed area.

Balanced Scorecard Success Stories

What is balanced scorecard? The balanced scorecard is a form of strategic planning and management system which is used extensively around the world in business, industry, NPO, government organizations alike. The major reason for the use of this strategic planning system is to align the activities of the business along with the strategy and vision of the organization and improving the internal as well as external communication allowing effective monitoring of the organizational strategic goals.

The balanced scorecard strategy was originated by Dr. Robert Kaplan of the Harvard Business School and David Norton as a form of performance measurement that would add strategic non-financial performance measures together with the long-established financial metrics for giving managers and executives a balanced view of where the organization stands and which area is its strong point and what are its weaknesses.

If you talk about Balanced scorecard success stories, the list is almost endless. Since this strategy was first introduced as an effective system of performance measurement, organizations, whether big or small, have used it to great effect for the purpose of measuring their performance and improve the organization as a whole.

The Balanced scorecard success stories have evolved from using it simply as a measurement of performance to a full strategic planning and measurement system analyzing and influence every part of the business. What make the Balanced scorecard success stories set apart is the fact they have actually used this strategy not just in its traditional form, but have moved a step ahead in using balanced scorecard as one of the major instruments that drive the success and failure of the organization and determining how the business need to change keeping in view the balancing act. All this make up Balanced scorecard success stories.

The new form of balanced scorecard today transforms the strategic plan of an organization from an active on to daily marching orders. If gives the basis for not only performance measurement, but also helps in identifying what should be done by the company and how the success would be measured and therefore enabling the executives to take complete control of their strategies.

The balanced scorecard involves the learning and growth perspective, the business process perspective, the customer perspective and the financial perspective. When an organization is able to balance all the above perspectives in line with the goals and objectives it has set for itself, then it truly becomes yet another of so many Balanced scorecard success stories to be found all around the world.

Defense Financial Accounting Service (DFAS), Federal Aviation Administration Logistics Center, Department of Energy Federal Procurement System, Department of Energy Federal Personal Property Management are some of the Balanced scorecard success stories within the government. These organizations have successfully implemented the balanced scorecard strategic and planning system to take their respective organizations to new height making them effective, efficient and move toward their organizational objectives.

In commercial concerns, the biggest Balanced scorecard success stories have been the airline industry and the credit card companies.

Balanced scorecard allows businesses to keep in check all the aspects that are necessary for the effective functioning of a business.

Purchasing New York City Condominiums The 11 Things You Need to Know

be submitted While condominiums around the country can be found in many scenic locations, New York City condos are usually situated in high-rise buildings stacked one atop the other. However, Manhattan condominiums are still considered real estate, and usually the same laws on sales, financing and taxes that apply to other properties also regulate them. Here are some tips to keep in mind when you go hunting for Manhattan condominiums: >>> Approach buying your first condo as if you are purchasing your first home. Try not to overreach financially. Its’ acceptable to put only 20 percent down. >>> It’s also advisable to obtain a mortgage that has a fixed rate, so that you have monthly housing expenses that remain stable. >>> Be conservative. Do not spend more than 35 percent of your pretax earnings on mortgage, property tax and home insurance combined. >>> Plan for the future, particularly if there are children on the horizon. Make up budgets including a proposed mortgage and factor in different variables like both spouses working full time, one employed part time and one remaining at home for a couple of years. >>> Even if you do not have or plan on having children your proposed budget should reflect life’s uncertain variables like industry downsizing and mid-life career changes. >>> Factor the common charges into your budget. This is the monthly fee you are required to pay which goes to the maintenance of the condo building. >>> Fully understand what will constitute the physical parameters of the unit your own, as well as the building’s common elements like the land it is built on and the lobby and hallways. This will be spelled out in the condominium’s declaration and by-laws, which are required from the building’s owner or developer. >> Be aware, that the board does not have the right to deny your purchase of the property. They do have a -right of first refusal- to buy the property themselves, but this is seldom invoked. >>> Be aware of recent court cases that have dealt with the board of managers of NYC condominiums. For instance, the courts have held that board members cannot be held personally liable for the operating decisions they make as long as their members are operating in good faith. >> Gauge the market. The soft economy has taken a toll on prices sellers are getting for NYC condominiums. For instance, the week after Labor Day in 2007, studio apartments new to the market were listed at an average price of $525,000. The following year, the average price was $429,000. In 2009, it slipped to $399,000. When you have a good idea of what condos in your size and price range are going for, you’ll have a better handle on what to offer. Buying your first condo in Manhattan can be an exhilarating and joyous experience. Keep the points above in mind, and your purchase will be that much more satisfying.

Elika Associates works for you as a Exclusive Buyer’s Agent, we specialize in the buying side of the real estate transaction. Your interests as the buyer always come first with us. For more details on new york city condos please visit our website www.elikaassociates.com/condominiums a>