1. What's the difference between a Co-Op and a Condo?
2.When should I Begin my search?
3. What kind of documents do I need to provide to rent an apartment?
4.What kind of income do I need to show ?
5. What if my credit is not perfect
6. How would I know if i need a guarantor ?
7.Will I be asked to disclose assests?
8. I have a dog, does this lessen my chances of renting an apartment?

Q. What's the difference between a Co-op and a Condo?

In a coop, the cooperative corporation owns the entire building including all the apartments. The corporation issues shares of its stock for each apartment in the building. When you purchase a coop you are actually leasing it from the corporation under the terms of the proprietary lease. The building is run by a board of directors, who make all the major decisions that pertain to the bulding as well as the selection of new shareholders. Most Coop buildings have a mortgage on the entire building, this is what is known as the Underlying Mortgage. The vast majority of purchasers will need to obtain financing in order to buy their desired unit. Coop buildings usually have financing limitations, these limitations vary among coops. Typically the coop will require a minimum down-payment of 20 percent of the purchase price. The bank will use the shares and the proprietary lease as security for the loan. The lender will require a UCC-1 Financing Statement be filed in the county where the apartment is located. Once you purchase your new apartment the corporation will require you to pay a monthly maintenance charge. This charge is to cover the operating expenses of the building. Some of these expenses are: real estate tax, the underlying mortgage, building employees, fuel, repairs, management fees and so on.
The maintenance charge in a coop tends be higher than the common charge in a condo. This is because of the underlying mortgage on the coop and the real estate tax. A significant portion of the monthly maintenance is tax deductible as well as the interest on the mortgage of your apartment. Finally, coops often have restrictions as far as subletting your apartment, there is a limit on the time period that you can rent it for as well as fees that are charged to you by the corporation for doing so.
In a Condominium, the purchaser is actually buying the apartment ( real property ) and a portion of the common areas of the building.The purchaser will take title by deed which is then recorded with the county clerk's office. As with a coop you have a monthly common charge that covers the operating expenses of the building with the exception of the underlying mortgage and the real estate tax for the building. A condominium building has no underlying mortgage and the real estate tax for the building is divided up among all the individual owners. The owners are then sent a tax bill from there local government. There are far less financing limitations when it comes to purchasing a condo.Most condominums do not have any restrictions in terms of subletting, this a big reason why condos are sought after. All of these factors usually translate into a higher sale price for the condo as opposed to the coop.
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Q. When should I Begin my search?

Typically we gain access to an unfurnished rental apartment
between four and six weeks prior to the move in date.
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Q. What kind of documents do I need to provide to rent an apartment?

We usually require that you provide two current paystubs and letter verifying employment length, position and salary.
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Q. What kind of income do I need to show?

Typically the unwritten guideline is between 40 and 50 times one months rent, depending on how much debt load you have.
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Q. What if my credit is not perfect?

That really depends on what it looks like. If you were out of work for a liitle while or were in college and could not make your payments, that could be more easily explained than the person who has been employed and a long history of making late payments.
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Q. How would I know if i need a guarantor?

If you have bad credit / no credit or if you are self employed without proof of at least two years of acceptable income, students almost always will need a guarantor.
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Q. Will I be asked to disclose assests?

If you don't meet the credit or income guidelines, you probably will.
Some landlords will ask for assest verification even if you meet or exceed their guidelines.
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Q. I have a dog, does this lessen my chances of renting an apartment?

Unfortunately, the vast majority of landlords in Manhattan have adopted no dog policies for their buildings. Landlords will usually accept cats.
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