Prospectus – David Reecher A document issued by a sponsor in the process of converting a building to a cooperative or condominium ownership.  It is intended to provide “full disclosur... Read More

Pro-Rata Share

Pro-Rata Share – David Reecher In relation to a co-op, the pro-rata share is your apartment’s share of the building’s underlying mortgage.  The share is determined by dividing t... Read More

Proprietary Lease

Proprietary Lease – David Reecher The lease issued by a cooperative corporation to each tenant-shareholder prescribing his or her right to occupy a specific apartment and his or her general obli... Read More

Price-Rent Ratio

Price-Rent Ratio – David Reecher The price-rent ratio is the average cost of ownership divided by the received rent income (if buying to let) or the estimated rent that would be paid if renting ... Read More


Pre-Qualification – David Reecher A pre-qualification is a process in which a loan officer calculates the housing-to-income ratio and the total debt-to-income ratio to determine an approximate m... Read More


Pre-Approval – David Reecher A pre-approval is a process in which a conditional commitment is issued after a loan profile is underwritten with all standard documentation except a property apprai... Read More


Points – David Reecher Points refer to the payment made to a lender as consideration for issuing a mortgage, usually based on a percentage of the loan amount.  Each point is equal to 1% of ... Read More