Ask a... real estate attorney

What kinds of situations would you consider deal breakers for prospective buyers?

You always want to make sure a building has good financials, adequate  insurance and a solid amount of reserves, or cash on hand, to cover unforeseen expenses. Also, if the seller combined two apartments into one or made alterations to an apartment, make sure they got the proper municipal approval. If they didn’t, that becomes a costly and time-consuming problem to clear up and you may not want to go forward with the deal.

What should buyers never compromise on before signing the contract?

It depends on what’s important to you. Sometimes sellers want you to waive the mortgage financing contingency [a provision saying that if a buyer can’t get a mortgage in a set time period, the buyer can call off the deal and get their money back]. But if you’re a first-time buyer, that can be a big risk to take. If the apartment cost $100,000 but appraises at $80,000, you’d be responsible for the shortfall, or your down payment would be at risk. Unless you have a backup plan—parents who can help you out—you may not want to waive the contingency.

What can buyers expect at a closing?

A lot of documents to sign! Also, there’s the final walk-through, where you find out the dryer doesn’t work or someone took something they weren’t supposed to. Usually, most of the major issues have been worked out by the time of the closing. It should be a painless process. If there is pain, it’s usually because someone is misbehaving.

Are there any advantages to buying a co-op, rather than a condo?

 I think each has its advantages. A condo is much less restrictive. You don’t have to go before a board. A co-op is a much more onerous process, because you have to get approval. But some people find that appealing because it protects the building’s financial security. Many younger people tend to prefer condos, because you don’t have to lay out your entire financial situation just to live there. — Michelle Hainer

Fraser and Fraser, 142 Joralemon St, Brooklyn Heights (718-625-7766).

• Ask a... real estate agent: Trisha Webster, of Brooklyn Properties in Park Slope, offers tips to first-time buyers.
• Ask a... mortgage broker: Alan Trachtman, of Trachtman & Bach, explains the art of getting qualified.
• Ask a…real estate appraiser: Jonathan Miller, president and CEO of Miller Samuel, offers advice on buying vs. renting.

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