Queens Real Estate
Glossary 2026

A written form that New York State law requires every real estate broker or salesperson to present at or before the first substantive contact with a buyer or seller about a specific property. It explains the three brokerage relationship types available: seller's agent (represents the seller), buyer's agent (represents the buyer), and dual agent (represents both — requires informed consent from all parties). You cannot waive the right to receive this form.

The median household income for a given metropolitan area, calculated annually by HUD. Many assistance programs — including NYC HomeFirst — set eligibility at 80% of AMI. For 2026, 80% AMI for a family of four in the NYC metro area is approximately $113,600. AMI limits are adjusted annually.

A sale in which the seller makes no repairs and the buyer accepts the property in its current condition. Common in estate sales, divorce sales, and situations where the seller cannot afford repairs before listing. As-is does not mean undisclosed — the seller is still legally required to complete the Property Condition Disclosure Statement (PCDS) and disclose known material defects.

In New York, after a real estate contract is signed by both buyer and seller, each attorney typically has 3 business days to review the contract and either approve it, request modifications, or cancel it. This is a standard practice (not a statutory right in most cases) that protects both parties from a poorly negotiated contract. During attorney review, the deal is not yet fully binding.

For cooperative apartment sales in Queens, the buyer must be formally approved by the co-op board of directors before the sale can close. The board reviews a detailed "board package" — financial statements, references, employment verification, credit report — and typically conducts an interview. Boards can reject applicants without providing a reason (within fair housing law limits). Average board review takes 4–8 weeks in Queens co-ops.

A real estate agent who represents the buyer's interests exclusively in a transaction. Under the 2024 NAR Settlement, buyers must now sign a formal Buyer Representation Agreement before touring properties, outlining the agent's compensation terms. The agent negotiates on behalf of the buyer and has a fiduciary duty to act in the buyer's best interest.

A New York-specific transaction structure that allows buyers with an existing New York State mortgage to save on mortgage recording tax. Instead of paying tax on the entire new loan amount, the buyer pays tax only on the new money being borrowed — the increase over the existing mortgage balance being assigned. On a $700,000 Queens purchase, a CEMA can save $7,000–$13,000. Requires coordination between buyer's lender, seller's lender, and both attorneys.

A document issued by the NYC Department of Buildings confirming that a building or structure legally complies with applicable codes and is approved for occupancy. Required for all structures and significant improvements. Buyers cannot obtain a mortgage on a structure without a valid CO. Sellers must disclose missing or outdated COs on the PCDS. Search NYC DOB's BIS system at a810-bisweb.nyc.gov.

Fees and expenses paid at closing in addition to the purchase price. Buyer's closing costs in Queens typically include: mortgage recording tax (approximately 1.925% of loan amount for loans over $500k), title insurance, lender fees, attorney fees, title search, and prepaid property taxes and insurance. Seller's closing costs include: NYC and NYS transfer taxes, broker commission, and attorney fees. Total buyer closing costs in Queens commonly run 2–5% of the purchase price.

An agent-prepared analysis comparing a property to recently sold, currently listed, and recently expired similar properties ("comps") to estimate the property's likely market value. A CMA is not an appraisal — it does not carry the same legal weight — but is a standard tool for pricing a listing or making an offer. A good CMA adjusts for differences in size, condition, location, and features between the subject property and comparables.

House (1–4 family): You own the land and building outright. Queens has the largest stock of 1–4 family homes in NYC. Condo: You own your unit and a proportional share of common areas. Condos in Queens are more common in newer developments and high-rises. You get a deed. Co-op: You own shares in a corporation that owns the building — not real property. You get a proprietary lease, not a deed. Co-ops require board approval for all sales and many financing types. Co-ops are more restrictive but often priced lower than comparable condos.

The legally binding written agreement between buyer and seller in New York. Unlike some other states, in New York it is the contract of sale (not the offer) that creates a binding obligation. The contract is typically drafted by the seller's attorney, reviewed by the buyer's attorney during the attorney review period, and signed by both parties once agreed. It specifies price, deposit, contingencies, closing date, and all other terms.

The legal document that transfers ownership of real property from one party to another. In New York, the most common type used in residential sales is a Bargain and Sale Deed with Covenant (provides some limited warranties). The deed is signed by the seller at closing, notarized, and recorded with the county clerk. For Queens transactions, recording is done with the Queens County Clerk. Note: co-op buyers do not receive a deed — they receive shares in a corporation and a proprietary lease.

The period after a contract is signed (typically 30–60 days in Queens transactions) during which the buyer investigates the property — ordering inspections, reviewing title, reviewing building permits, and conducting other research. The mortgage contingency is typically also satisfied during this period. If the buyer discovers material issues, they may have contractual rights to negotiate repairs, a price reduction, or cancellation.

A situation where the same brokerage represents both the buyer and the seller in the same transaction. Legal in New York with the informed written consent of both parties, but it limits the agent's ability to advocate fully for either side. The Agency Disclosure Form (NY RPL §443) must be provided and the arrangement disclosed. Many experienced buyers and sellers prefer to avoid dual agency.

The deposit the buyer pays when the contract of sale is signed — typically 10% of the purchase price in Queens residential transactions (though this is negotiable). Held in escrow by the seller's attorney until closing. If the buyer defaults without a contractual excuse, the seller typically retains the deposit. If the seller defaults, the buyer gets the deposit back and may have additional remedies. The deposit is credited toward the purchase price at closing.

The difference between the current market value of your property and the outstanding balance of all mortgages and liens against it. Example: if your Queens home is worth $750,000 and you owe $320,000 on your mortgage, your equity is $430,000. Equity is built through appreciation (market value increases), principal paydown (mortgage balance decreases), and improvements that add value.

A legal arrangement where funds or documents are held by a neutral third party until specified conditions are met. In New York residential transactions, the buyer's deposit is typically held in escrow by the seller's attorney in a dedicated escrow account. At closing, escrowed funds are disbursed per the closing statement. Note: unlike some states, New York does not use escrow companies to handle closings — attorneys manage the closing process.

Federal law (Fair Housing Act, 42 U.S.C. §3601) and New York State law (Executive Law §296) prohibit discrimination in real estate based on race, color, religion, sex, national origin, familial status, and disability. New York State extends protections to include: source of lawful income (including Section 8 vouchers — sellers cannot refuse buyers using housing assistance), military status, sexual orientation, gender identity, age, marital status, and other classes. Violations can result in significant civil penalties.

A fee charged by a co-op corporation when a shareholder sells their unit. Calculated as a percentage of the sale price, a flat dollar amount per share, or another formula set by the co-op's proprietary lease. Flip taxes are disclosed in the co-op's offering plan and are paid at closing — typically by the seller, though some co-ops charge the buyer or split it. Common flip tax rates in Queens co-ops range from 1% to 3% of the gross sale price. Sellers must factor this into their net proceeds calculation.

Federal agency that oversees housing programs including FHA-insured mortgages, public housing, Section 8 vouchers, Good Neighbor Next Door, and fair housing enforcement. HUD-approved housing counselors are required for several first-time buyer programs. HUD also lists foreclosed properties for purchase at reduced prices through its Good Neighbor Next Door program.

A data-sharing system that allows participating MLS members to display each other's listings on their websites. When you see properties listed on a brokerage's website that aren't their own listings, that data typically comes through IDX. IDX is governed by MLS rules and participation is generally required for all active MLS member brokerages.

Federal law requiring sellers and landlords of homes built before 1978 to disclose any known lead-based paint hazards, provide the EPA pamphlet "Protect Your Family From Lead in Your Home," and give buyers 10 days to conduct a lead inspection (buyers can waive this right). Failure to disclose can result in fines exceeding $10,000 per violation. Queens has a large stock of pre-1978 housing — this disclosure is relevant to a significant portion of Queens home sales.

Court-issued documents that authorize an executor (Letters Testamentary) or administrator (Letters of Administration — used when there is no will) to manage and sell estate assets. In New York, these are issued by the Surrogate's Court in the county where the deceased resided. Without Letters Testamentary or Letters of Administration, an inherited Queens property cannot be sold — you cannot transfer title. An estate attorney obtains these through the probate process.

A legal claim against a property that must be satisfied before clear title can be transferred. Common types include mortgage liens, tax liens (unpaid property taxes), judgment liens (from court judgments against the owner), and mechanic's liens (from unpaid contractors). A title search reveals all existing liens. Outstanding liens must generally be paid off at closing from the seller's proceeds before the buyer receives clear title.

The ratio of a home's final sale price to its original listing price, expressed as a percentage. A ratio above 100% means the home sold for more than list price (common in competitive markets). A ratio below 100% means the home sold below list. In strong Queens neighborhoods, list-to-sale ratios regularly exceed 100% — meaning multiple competing offers drove the price above asking. This metric helps sellers gauge market strength and set appropriate listing prices.

A New York State transfer tax paid by the buyer on residential purchases over $1,000,000. The basic rate is 1% of the entire purchase price (not just the amount over $1M). For NYC purchases over $2M, the rate escalates: 1.25% ($2M–$3M), 1.5% ($3M–$5M), up to 3.9% over $25M. Although the buyer pays, sellers of higher-value Queens homes should understand that the mansion tax affects buyer net cost and may influence offer pricing on homes near the $1M threshold.

A database where real estate brokers share property listings with each other and with the public. In Queens, the primary MLS is OneKey MLS (formerly MLSLI). Listing on the MLS gives a property exposure to every agent in the system and feeds listings to Zillow, Realtor.com, StreetEasy, Homes.com, and other portals. Sellers who list without an MLS (FSBOs, off-market) typically receive fewer offers and lower prices.

A clause in the contract of sale that allows the buyer to cancel the contract and recover their deposit if they cannot obtain mortgage financing on specified terms (rate, amount, type) within a specified time period. Standard in most New York residential contracts. The buyer must apply for a mortgage in good faith and provide required documentation promptly. Sellers should understand that accepting an offer with a mortgage contingency means the deal is not fully guaranteed until the contingency is removed.

A landmark settlement by the National Association of Realtors (NAR) that took effect in August 2024 and changed how buyer agent compensation works. Key changes: (1) Buyer representation agreements are now required before a buyer tours properties — the buyer's agent compensation must be agreed to in writing upfront. (2) Sellers are no longer required to offer buyer agent compensation through the MLS (though they may still choose to). (3) Compensation is fully negotiable. This means buyers now need to discuss and agree to agent compensation terms before starting their home search.

In New York, an accepted offer is not legally binding. Unlike many other states, New York does not recognize verbal or informal written offers as enforceable contracts. A deal is not binding until both parties have signed the formal written contract of sale prepared by attorneys. This means either party can walk away after an accepted offer but before contract signing — sometimes called being "in binder" or "in accepted offer" stage. This is standard New York practice and why some Queens sellers receive backup offers.

The primary Multiple Listing Service for Queens, Long Island, and surrounding New York metro areas. Formerly known as MLSLI (Multiple Listing Service of Long Island). OneKey MLS is the database where Queens listings are entered and from which data is distributed to Zillow, Realtor.com, StreetEasy, and other platforms. All licensed REALTOR members in the OneKey service area are required to participate and have access to all listings in the system.

A New York State form that sellers of residential property must complete and provide to buyers before the contract of sale is signed. Covers: structure and roof, plumbing, heating, electrical systems, environmental hazards (asbestos, lead, oil tanks, flooding), legal status (permits, zoning violations), and neighborhood conditions. Sellers who prefer not to complete the PCDS may instead provide the buyer a $500 credit at closing — but this is rarely the better option. Knowingly making false statements on the PCDS creates civil and potentially criminal liability.

Pre-qualification is an informal estimate based on self-reported financial information — no documentation, no credit pull. It carries little weight in a competitive Queens market. Pre-approval is a formal review by a lender that includes a credit check, income verification, and asset documentation. A pre-approval letter from a reputable lender is the standard required to have your offer taken seriously. In competitive Queens bidding situations, sellers may also request fully underwritten pre-approvals or proof of funds for cash offers.

The original loan amount borrowed, excluding interest. Also refers to the parties to a transaction — the buyer and seller are principals. In a mortgage context, each monthly payment includes a principal component (reducing the loan balance) and an interest component. Early in a mortgage amortization, the majority of each payment is interest; later payments shift toward principal.

The legal process by which a deceased person's estate is administered. In New York, probate proceedings are handled by the Surrogate's Court in the county where the deceased resided. If a person dies with a will, the executor named in the will files the will with the Surrogate's Court and obtains Letters Testamentary. If there is no will (intestacy), the court appoints an administrator who receives Letters of Administration. Real property cannot be transferred until these documents are issued.

A prominent real estate industry association in New York City. REBNY members follow the REBNY Listing Service (RLS) in Manhattan. In Queens, the primary professional association for most residential agents is the National Association of REALTORS through local boards, with listings on OneKey MLS. Gadura Real Estate LLC is a REBNY member.

A provision in some co-op proprietary leases giving the co-op corporation (or in some cases existing shareholders) the right to purchase a unit at the same price and terms offered by an outside buyer before the outside sale can proceed. If the co-op exercises this right, the outside buyer's transaction is cancelled. Not present in all co-ops — check the proprietary lease before you list.

A federal income tax provision that allows homeowners to exclude from taxable income up to $250,000 of capital gain from the sale of a primary residence ($500,000 for married couples filing jointly). To qualify, you must have owned and used the home as your primary residence for at least 2 of the 5 years before the sale. In a Queens market where homes have appreciated significantly, the Section 121 exclusion can eliminate or substantially reduce capital gains tax on your sale. Consult your CPA — there are nuances for rental periods, home offices, and partial exclusions.

A New York State public benefit corporation that provides below-market fixed-rate mortgages and down payment assistance to first-time homebuyers. SONYMA's flagship program, Achieving the Dream, requires as little as 3% down and offers fixed rates typically below conventional market rates. SONYMA loans have income and purchase price limits and are available for 1–4 family homes, condos, and co-ops in New York State. Learn more at hcr.ny.gov/sonyma.

When you inherit property, your tax basis is "stepped up" to the fair market value of the property at the date of the original owner's death — not the original purchase price. This means capital gains tax on all the appreciation that occurred during the deceased owner's lifetime is effectively eliminated. Example: a Queens home purchased in 1975 for $80,000 that was worth $700,000 at the date of death has a stepped-up basis of $700,000 for the heir. If sold shortly after for $720,000, taxable gain is only $20,000. Consult a CPA — this rule has exceptions and nuances.

The legal ownership interest in a property. Having "clear title" means there are no outstanding liens, encumbrances, or disputes about ownership. At closing, the seller transfers title to the buyer via the deed. Title problems — such as undisclosed liens, forged prior deeds, missing heirs, or unpermitted structures — can prevent or delay closings and must be resolved before a clean transfer of title can occur.

An insurance policy that protects against losses arising from defects in the title to real property. In Queens transactions, buyers typically purchase an owner's title insurance policy at closing, and their lender requires a separate lender's title insurance policy as well. Title insurance covers: undiscovered liens from before closing, forged deeds, clerical errors in the public record, undisclosed heirs, and other title defects. Unlike other insurance, title insurance is a one-time premium paid at closing for coverage that lasts as long as you own the property.

An examination of the public records — deeds, mortgages, judgments, tax liens, and other documents in the Queens County Clerk's office — to trace the ownership history of a property and identify any outstanding claims or encumbrances. A title search is conducted by a title company or attorney prior to closing. Any issues found must be resolved before the title company will issue title insurance and before the transfer can proceed.

Taxes imposed on the transfer of real property. In Queens (which is NYC), two transfer taxes apply to every sale and are paid by the seller: (1) New York State Transfer Tax: $2 per $500 of consideration = 0.4% of the sale price. (2) NYC Transfer Tax: 1.0% for 1–3 family homes under $500,000; 1.425% for 1–3 family homes over $500,000. Different rates apply to co-ops, condos, and commercial properties. These taxes are deducted from the seller's proceeds at closing.

A property is "under contract" when the buyer and seller have both signed the written contract of sale and all contingencies are pending. The property is still technically available (backup offers may be considered) until all contingencies are removed, but a signed contract creates binding legal obligations on both parties. In New York, a property can only be considered truly under contract after the written contract is fully executed — not just after an accepted offer.

A mortgage loan guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans, active duty military, and surviving spouses. Key benefits: no down payment required, no private mortgage insurance (PMI), competitive interest rates, and no prepayment penalty. Eligible buyers can use VA financing to purchase 1–4 family properties if they owner-occupy one unit. Queens has a substantial veteran population and VA buyers are competitive, well-qualified buyers.

A buyer's final inspection of the property — typically 24–48 hours before closing — to verify that the property is in the agreed-upon condition: agreed repairs have been made, all included personal property is present, and no new damage has occurred since the inspection. The final walk-through is the buyer's last opportunity to raise issues before closing. Sellers should ensure the property is cleared of personal belongings (unless otherwise agreed) and in broom-clean condition.

Wire transfer is the method used to move closing funds in most NY real estate transactions. Wire fraud targeting real estate closings is a federal crime that costs buyers and sellers billions of dollars annually. Criminals intercept email communications between agents, attorneys, and title companies and send fraudulent wiring instructions. Always verify wire transfer instructions by calling the title company or closing attorney directly at a number you independently verified — never use contact information from an email that claims to provide wiring instructions. Gadura Real Estate LLC will never send wire instructions by email or text. If you receive suspicious wiring instructions, call (718) 850-0010 immediately.