New York City Real Estate Lawyer Natalia Sishodia Explains The Type of Property a Foreigner Can Buy in New York

New York City real estate lawyer Natalia Sishodia releases a new blog post (https://sishodia.com/what-type-of-property-can-a-foreigner-buy-in-new-york/) that explains the type of property a foreigner may be able to buy in New York. The lawyer mentions that in general, the United States welcomes foreign property buyers and does not confine them to specific property types. However, real estate purchases in New York can have some particular nuances.

“Besides rental units, there are two predominant forms of apartment housing in New York City – the condominium and the co-op. While condos and co-ops are similar in structure, they each have differentiating characteristics,” says the New York City real estate lawyer.

The real estate attorney explains that condos offer apartment ownership where the buyer is able to own the unit that they live in. A monthly maintenance fee may be required for the common areas. The maintenance is usually conducted by a professional management company. Condos also usually have fewer rules than co-ops. Condos are also flexible and allow the international buyer to rent out the unit with only a few restrictions.

In the article, attorney Sishodia also discusses the other type of property a foreigner may be able to purchase which is the co-ops. Co-ops are also apartment dwellings but the building is owned by a Cooperative Housing Corporation. In co-ops, the buyer buys a share in the corporation instead of owning the unit outright.

According to the New York real estate attorney, “While co-ops are usually more reasonably priced and can be perfect for some buyers, they are typically less suitable for foreigners and investors. While it is not impossible for an international buyer to purchase a co-op unit, co-op boards tend to be very demanding and a foreign purchaser may find the whole ordeal much more challenging.”

The article also adds that a foreign buyer will not have access to conventional mortgage financing for their purchase if they’re buying a property in New York. Loans for this kind of purpose are only approved for those who are United States citizens, file federal income taxes, and have U.S.-based credit histories.

Lastly, attorney Sishodia emphasizes the importance of having a skilled real estate attorney. An experienced lawyer may be able to help the potential buyer understand their options and make the most out of their purchase.

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