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ARM yourself with real estate's abbreviations You just signed a contract to a buy a property. The deal has a TOE and the ARM came in under the LTV you expected. The seller refused to hold a PM and a UB was just filed by the city. Rather than end up in REO you apply for a new CofO and then settle with DHCR. You find out that there is additional FAR which makes the GRM less important, especially since this is an IMD building. You use an MLS to sell your new NOI and a REIT saves the day. If your kept up with the story, congratulations? If not, read on? (This is not meant to replace any legal definitions. It is simply a useful tool to maneuver your way through the maze of innuendoes and jargon). ARM is an adjustable rate mortgage C of O is short for Certificate of Occupancy, which is a certificate issued by the building department to a builder or owner indicating that the building is in proper condition for occupancy. DBA means Doing Business As. Business names or aliases filed with the county DHCR refers to the Department of Housing and Community Renewal which is the agency that administers over rent regulated apartments in New York City. ...
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