Glossary of Terms
Amenities – Refers to the “extras” that a building offers. These include, but are not limited to, doorman services, parking garages, gyms, pools, and laundry facilities.
Co-Broke – Agreement that the agents representing the seller will split the commission with the firm of the agent representing the buyer in the transaction.
Common Area – Areas in a building that are shared by all owners/tenants. This includes the lobby, hallways, and/or courtyards.
Contract Out – When the seller has agreed to a potential buyer’s offer and terms, a contract of sale is drafted by the seller’s lawyer and sent to the buyer’s lawyer. This term lets other interested buyers know that an offer has been accepted and a contract may be signed soon.
Conversion – There are two possible meanings to this term. 1) A building has changed usage, i.e. commercial space becomes residential and 2) A building changes type of ownership, i.e. a rental building becomes a co-op or condo.
Convertible – An apartment which contains a space that could be “converted” into another bedroom. This area must contain a window and be of a certain size to be legally referred to as a bedroom.
Duplex – An apartment which is made up of two floors.
E-I-K – Eat-In-Kitchen; W-E-I-K is an abbreviation for a windowed eat-in-kitchen.
Escrow – When a contract is signed by the buyer, a deposit of 10% of the agreed upon sales price is required. This deposit is placed into an attorney’s escrow account until closing and is inaccessible without the permission of an escrow agent, typically the seller’s lawyer.
En Suite Bathroom – A bathroom that is accessible only through a bedroom and not via a public area, such as an entry or hallway.
Flip Tax/Transfer Fee – A fee imposed on the sale of an apartment to be paid to the building. Who pays this fee can be a negotiable point in a contract.
Floor-thru – An apartment that occupies an entire floor in a townhouse or brownstone.
Full Service Building – Buildings which offer a concierge and a doorman.
Keyed Elevator – When an apartment occupies an entire floor in a building and the elevator opens directly into the apartment and a key must be used to open the elevator door on that floor.
Loft Space – Space that has been converted from commercial to residential space. Features can include high ceilings, open space, and large windows.
Maintenance – A monthly fee paid by the owner of a co-op apartment. Collectively, these charges cover the routine cost of operating the building.
Managing Agent – Typically, a separate company is hired to supervise the staff and manage the day to day operations of a building. This company aids in collecting monthly charges, paying appropriate bills, and enforcing the building’s “house rules.”
Open Kitchen – Kitchens that open up into the rest of the living space with no separating door or wall.
Original Details – Used to describe features of some pre-war apartments. These features can include picture molding, chair rails, woodwork, etc.
Pass-Through Kitchen – A kitchen with two doorways, permitting you to “pass through” the kitchen as you walk from one room to another.
Pied-a-terre – An apartment used by someone as a second or part-time residence. Generally, the owner lives in another city and uses the pied-a-terre only days or weeks at a time for either work or pleasure.
Triple-Mint (XXX Mint) – Refers to the condition of the apartment as a whole, especially as it relates to the kitchen and bathroom.
Amenities – Refers to the “extras” that a building offers. These include, but are not limited to, doorman services, parking garages, gyms, pools, and laundry facilities.
Co-Broke – Agreement that the agents representing the seller will split the commission with the firm of the agent representing the buyer in the transaction.
Common Area – Areas in a building that are shared by all owners/tenants. This includes the lobby, hallways, and/or courtyards.
Contract Out – When the seller has agreed to a potential buyer’s offer and terms, a contract of sale is drafted by the seller’s lawyer and sent to the buyer’s lawyer. This term lets other interested buyers know that an offer has been accepted and a contract may be signed soon.
Conversion – There are two possible meanings to this term. 1) A building has changed usage, i.e. commercial space becomes residential and 2) A building changes type of ownership, i.e. a rental building becomes a co-op or condo.
Convertible – An apartment which contains a space that could be “converted” into another bedroom. This area must contain a window and be of a certain size to be legally referred to as a bedroom.
Duplex – An apartment which is made up of two floors.
E-I-K – Eat-In-Kitchen; W-E-I-K is an abbreviation for a windowed eat-in-kitchen.
Escrow – When a contract is signed by the buyer, a deposit of 10% of the agreed upon sales price is required. This deposit is placed into an attorney’s escrow account until closing and is inaccessible without the permission of an escrow agent, typically the seller’s lawyer.
En Suite Bathroom – A bathroom that is accessible only through a bedroom and not via a public area, such as an entry or hallway.
Flip Tax/Transfer Fee – A fee imposed on the sale of an apartment to be paid to the building. Who pays this fee can be a negotiable point in a contract.
Floor-thru – An apartment that occupies an entire floor in a townhouse or brownstone.
Full Service Building – Buildings which offer a concierge and a doorman.
Keyed Elevator – When an apartment occupies an entire floor in a building and the elevator opens directly into the apartment and a key must be used to open the elevator door on that floor.
Loft Space – Space that has been converted from commercial to residential space. Features can include high ceilings, open space, and large windows.
Maintenance – A monthly fee paid by the owner of a co-op apartment. Collectively, these charges cover the routine cost of operating the building.
Managing Agent – Typically, a separate company is hired to supervise the staff and manage the day to day operations of a building. This company aids in collecting monthly charges, paying appropriate bills, and enforcing the building’s “house rules.”
Open Kitchen – Kitchens that open up into the rest of the living space with no separating door or wall.
Original Details – Used to describe features of some pre-war apartments. These features can include picture molding, chair rails, woodwork, etc.
Pass-Through Kitchen – A kitchen with two doorways, permitting you to “pass through” the kitchen as you walk from one room to another.
Pied-a-terre – An apartment used by someone as a second or part-time residence. Generally, the owner lives in another city and uses the pied-a-terre only days or weeks at a time for either work or pleasure.
Triple-Mint (XXX Mint) – Refers to the condition of the apartment as a whole, especially as it relates to the kitchen and bathroom.
