Accepted Offer in New York: Why the Fact Sheet, or Memo of Understanding Matters

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Getting an accepted offer is an exciting milestone for both buyers and sellers. After the negotiations, counteroffers, phone calls, texts and emails, everyone is understandably ready to move the transaction forward.

But before the attorneys begin working toward the contract stage, there is an important piece of communication that deserves careful attention: the deal memo, sometimes referred to as a memorandum of understanding or transaction memorandum.

After years of working in Westchester County real estate, I have learned that this is not something that should simply be forwarded without a careful review.

Before transaction information goes to the attorneys, the details should be checked—and then checked again.

What Is a Deal Memo or a Fact sheet in a New York Real Estate Transaction?

After a buyer and seller reach an accepted offer, the real estate professionals involved generally need to make sure the attorneys receive the basic business terms and information necessary to begin the next stage of the transaction.

How that information is communicated can vary. Sometimes I have received a separate document or form. Other times, the information has simply been included within an email or an ongoing email chain.

Regardless of the format, the important point is the same: the information needs to be accurate.

Depending on the particular transaction, information communicated to the attorneys may include:

• Buyer and seller names
• Property address
• Accepted purchase price
• Buyer and seller attorney information
• Financing information, when applicable
• Down payment or deposit information
• Anticipated closing timeframe
• Items specifically included or excluded from the sale
• Inspection-related information or other agreed-upon terms
• Brokerage information
• Other important business terms that should be communicated to the attorneys

Why I Always Review the Deal Memo

My approach comes partly from experience.

There have been transactions where I received the deal information as part of an email chain rather than as a separate document and discovered that a client's name had been misspelled.

A misspelled name may seem like a relatively small mistake, but transaction information should be accurate from the beginning.

I also experienced a situation several years ago involving buyers I represented. My buyers had reached an accepted offer, but another party had also submitted an offer on the property. During the communications following the accepted offer, information involving the other party was mistakenly confused with information involving my buyers.

The mistake was caught and corrected, but the experience reinforced something that has remained part of the way I handle transactions:

Once you have an accepted offer, slow down for a moment and verify the details.

Accepted Offers Can Involve a Lot of Communication

Think about everything that can happen before an offer is finally accepted.

There may be an initial offer followed by a counteroffer. Agents may speak by telephone. Buyers and sellers may communicate with their agents by text or email. Terms can change during the negotiations. There may also be several buyers making offers on the same property.

By the time everyone reaches an agreement, important information may be spread across several different communications.

That's one reason I don't believe an agent should rely solely on memory when reviewing the final deal information.

Go Back to the Emails, Texts and Notes

Before transaction information is sent to the attorneys, I believe it is important to compare it with the communications that produced the accepted offer.

That can mean going back through emails, text messages and notes from conversations.

The question I want answered is straightforward:

Does the information being communicated accurately reflect what the buyer and seller agreed to?

This becomes particularly important when a property has received multiple offers. Information involving one prospective buyer should not accidentally be confused with the buyer whose offer was ultimately accepted.

It only takes a few extra minutes to review the details, but those few minutes can prevent unnecessary confusion later.

My Deal Memo Review Checklist

Whether I am preparing transaction information or reviewing information received from another agent, there are several things I want to verify:

• Names: Are the buyers' and sellers' names spelled correctly?
• Property: Is the property address correct?
• Purchase price: Does the memo show the correct accepted price?
• Financing: Does the information accurately reflect the financing structure that was communicated?
• Attorneys: Are the attorneys' names and contact information correct?
• Dates and timing: Are relevant dates or anticipated timeframes accurate?
• Included or excluded items: Were any fixtures, appliances or other items specifically discussed?
• Additional terms: Were other important business terms agreed upon during the negotiations?

Then I read through everything one more time.

If I Receive the Memo, I Still Review It

The same principle applies when another agent prepares the transaction information and sends it to me.

I don't automatically assume that everything is correct simply because someone else prepared it. I review the information from the perspective of my client and compare it with my understanding of the accepted offer.

That isn't about finding fault with another professional.

Real estate transactions involve many people, a great deal of information and sometimes very fast-moving negotiations. Mistakes can happen. A second set of eyes can help catch an error while it is still relatively easy to correct.

The Attorneys Handle the Legal Documents

It is also important to distinguish between the role of the real estate agent and the role of the attorneys.

A deal memo is not the contract of sale, and real estate agents should remain within the appropriate boundaries of their professional role.

The attorneys representing the buyer and seller handle the legal documents, review contractual language and provide their clients with legal advice.

From the real estate side of the transaction, one of my responsibilities is helping to make sure that the business terms and other relevant transaction information being communicated are as clear and accurate as possible.

An Accepted Offer Is Only One Step

Reaching an accepted offer is important, but buyers should understand that there are still several steps ahead before they own the property.

Those steps can differ depending upon the type of property being purchased, how the purchase is being financed and the circumstances of the transaction.

For buyers considering a co-op in Westchester County or elsewhere in New York, the process can include additional financial documentation, building requirements and a co-op application and approval process.

I've created a separate resource explaining many of those issues: NY Co-op Buying Made Simple: Rights, Documents and the Buying Process.

If you're trying to understand more of the financial side of purchasing and owning a home—including the expenses that can extend beyond the purchase price—you can also visit The Money Page.

Understanding these issues before you get deep into a transaction can help you ask better questions and work more effectively with your real estate agent, lender, attorney and other professionals.

Professionalism Is Often Found in the Details

Most consumers understandably think about the highly visible parts of a real estate agent's job: finding the right property, marketing a home, negotiating the offer and eventually getting to the closing table.

But a great deal of real estate work happens behind the scenes.

Carefully reviewing transaction information after an accepted offer is one of those tasks. It may not be the most exciting part of buying or selling a home, but getting the details right matters.

My approach is simple:

Check the names. Check the property. Check the numbers. Check the dates. Review the emails and texts. Confirm the accepted terms. Then read everything one more time.

Because in a real estate transaction, professionalism is often found in the details.

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Frequently Asked Questions About Accepted Offers and Deal Memos

What is a deal memo in a New York real estate transaction?

A deal memo is a communication used to provide attorneys and other transaction professionals with important information about an accepted offer. The exact terminology, format and information included can vary depending on the transaction and the professionals involved.

Is a deal memo the same as a real estate contract?

No. A deal memo should not be confused with the contract of sale. The attorneys representing the buyer and seller handle the legal documents and advise their clients regarding contractual and legal matters.

What should be checked on a deal memo?

Important details may include the spelling of the parties' names, property address, accepted purchase price, attorney information, financing information, relevant dates, included or excluded items and other business terms communicated as part of the accepted offer.

Why should emails and text messages be reviewed after an accepted offer?

Real estate negotiations can involve offers, counteroffers, telephone calls, emails and text messages. Reviewing those communications can help make sure that the information being communicated after the accepted offer accurately reflects the transaction.

What happens after an accepted offer in New York?

The exact process depends on the transaction. The parties generally move toward attorney involvement, due diligence and preparation and review of the contract. Financing, inspections, property type and other circumstances can affect the process. Buyers and sellers should rely on their respective attorneys for transaction-specific legal guidance.

Does buying a New York co-op involve additional steps?

It can. Co-op purchases may involve review of building financial information and governing documents, financial requirements, an application package and an approval process. For more information, visit my NY Co-op Buying Made Simple resource.

Can a real estate agent provide legal advice about a contract?

A real estate salesperson is not a substitute for an attorney. Questions involving contractual rights, legal obligations or interpretation of contract language should be directed to the buyer's or seller's attorney.

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Thinking about buying or selling a home in Westchester County? I'm Thomas Roberts, RealtorTom, a New York licensed real estate salesperson with William Raveis Real Estate in Rye. I help buyers and sellers navigate the details of a real estate transaction from the initial conversation through closing.

This article is provided for general educational and informational purposes only and is not legal, tax, mortgage or financial advice. Real estate procedures can vary depending on the circumstances of a transaction. Buyers and sellers should consult the appropriate licensed professionals regarding their individual circumstances.

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Underground Oil Tank in a Westchester Home? What Buyers and Sellers Should Know

Can an old oil tank affect a Westchester home sale? Yes, particularly when a tank is discovered during an inspection or nobody can find the paperwork showing what happened to one years ago. The next step is to establish the facts with qualified professionals, then make sure the findings are documented.

I recently told someone about the underground oil tank once buried in my father's front yard in Pelham. My phone turned “oil tank” into “Wu-Tang,” which gave us a good laugh. The paperwork question behind the story was less funny: the tank had been removed, but the removal records were lost. A ground penetrating radar survey later helped check whether a tank remained in the area examined.

I have encountered tank questions in my real estate work, too. During a White Plains transaction, an underground tank was found and removed; no leak was found in that case. In a New Rochelle sale, there was no tank on the property, but the seller did not have the old removal records. Ground penetrating radar was used to investigate whether a tank remained. Each situation called for facts and records, not assumptions.

Why does an underground oil tank matter?

The concern is whether heating oil has escaped into the surrounding soil or groundwater. The presence of a tank does not mean it leaked. But older buried tanks can corrode, and if contamination is found, additional investigation or cleanup may be needed. The New York State Department of Environmental Conservation (DEC) homeowner guide discusses both removal and proper closure in place. It also notes that Westchester County may have requirements for smaller heating-oil tanks, so owners should check with the county and their contractor.

What should a seller do if a tank is discovered?

Tell your real estate attorney and speak with a qualified, properly insured tank or environmental contractor. Ask the contractor to explain the tank's location and status, what work is recommended, and what records you will receive afterward. If the tank is removed, retain the report, photographs, disposal paperwork and any soil testing results or agency correspondence. Your attorney can help address how the work and documentation affect the transaction.

New York's Property Condition Disclosure Statement asks about fuel storage tanks that are or have been on the property, whether they are in use, and whether they are leaking or have ever leaked. Sellers should complete the form based on their actual knowledge and speak with their attorney about questions concerning their disclosures.

What should a buyer ask?

If an inspection reveals a fill pipe, vent pipe or other evidence of a tank, ask your inspector and attorney what further investigation is appropriate. Useful questions include:

• Is a tank currently underground, or was one removed or closed in place?
• When was the work done, and who performed it?
• Are there contractor reports, photographs, receipts, permits or disposal records?
• Was the surrounding soil evaluated or tested? What do the reports actually say?
• Was a petroleum spill reported, and are there agency records concerning its status?

The disclosure form itself says it is not a substitute for independent inspections and environmental testing. DEC offers a searchable spill incidents database, which may be one source of records. A database search alone cannot establish that a property never had a tank or a leak.

What if the tank was removed but the paperwork is missing?

That is where the Pelham and New Rochelle experiences are useful. Ground penetrating radar can help investigate whether an underground object may remain in the area scanned. The specialist's written report should describe the area examined and any limitations. A scan does not recreate lost removal records, establish how a former tank was handled, or prove that a former tank never leaked. An environmental professional can advise whether any additional steps are appropriate.

Does a tank have to be removed?

Not in every circumstance. DEC's homeowner guide describes proper closure in place as an option when specified measures are taken, while explaining why removal can be preferable: it permits inspection of the area around the tank. Requirements depend on the circumstances and may include county or local rules. Have a qualified contractor and your attorney advise you on the particular property.

Who pays if a tank is found during a sale?

That is a contract and negotiation question for the buyer, seller and their attorneys. Before agreeing to a credit, removal or post-closing work, the parties should understand the scope of the issue and put the responsibilities and required documentation in writing. A tank removal and a contamination cleanup are potentially very different projects.

What if the tank leaked?

Contact a qualified environmental professional promptly. DEC says petroleum spills generally must be reported to its Spill Hotline at 1-800-457-7362 within two hours of discovery, subject to narrow exceptions. Its spill response FAQ explains the reporting guidance. The parties should also consult their attorneys about the transaction and any proposed agreement.

Frequently asked questions

Does an underground oil tank mean a home is contaminated?

No. A tank may be present without a leak. A qualified environmental professional can explain what inspection or testing is appropriate for the property.

Can ground penetrating radar prove an old tank never leaked?

No. Radar may help investigate whether a buried tank or other object remains in the area examined. It does not test soil or establish whether a former tank leaked.

Is removing an underground heating oil tank always required in New York?

No blanket rule applies to every residential situation. DEC describes both removal and proper closure in place. The applicable requirements depend on the tank and location, including any county or local rules.

What documents should I keep after a tank is removed?

Keep the contractor's written report, photographs, receipts, disposal paperwork, any soil or groundwater test results, and any agency correspondence. Ask your contractor and attorney what documentation applies to your situation.

My takeaway

An underground oil tank question does not automatically end a sale. In White Plains, the tank was removed and no leak was found. In New Rochelle and at my father's Pelham home, missing paperwork made verification important. The practical approach is to investigate early, rely on qualified specialists, and preserve the records for the next owner.

If you are buying or selling a home in Westchester County, I can help you coordinate the real estate side of the process and connect you with the right questions to ask. Thomas Roberts, Licensed Real Estate Salesperson, William Raveis Real Estate — call or text 914-440-3599.

Information only: This post is general real estate information, not legal or environmental advice. Consult your real estate attorney and a qualified tank or environmental professional about a specific property.

Is Multifamily Real Estate Still a Good Investment in New York? A Westchester Perspective

For years, owning a two-family, three-family, or larger multifamily property has been one way real estate investors have tried to build long-term wealth in New York.

But the investment landscape has changed.

Higher borrowing costs, property taxes, insurance expenses, maintenance costs, landlord-tenant regulations, and the increasing importance of legal and regulatory compliance have made owning investment property more complicated.

So, is buying a multifamily property in New York still worth considering?

I think the better question is this: Does a particular property make sense at today's price, with today's expenses, financing, rents, regulations, renovation needs, and risks?

That question is especially important in Westchester County, New York, where a multifamily property in New Rochelle, White Plains, Mamaroneck, Port Chester, Mount Vernon, Yonkers, or another municipality can have a very different financial profile from a seemingly similar property just a few miles away.

Multifamily Investing Has Become More Complicated

Today's multifamily investor has considerably more to examine than the purchase price and monthly rent roll.

Depending on the property, some of the issues that may affect an investment include:

• Mortgage rates and financing costs
• Property taxes
• Homeowners or landlord insurance premiums
• Heating and electricity expenses
• Maintenance and capital improvement costs
• Existing leases and tenant history
• Rent regulation
• Applicable New York landlord-tenant regulations
• Building violations and deferred maintenance
• Certificates of occupancy and permitted use
• Legal and administrative compliance

This does not automatically make multifamily real estate a poor investment. It means investors need to perform considerably more due diligence before deciding whether the numbers work.

Why Westchester Multifamily Properties Can Still Be Interesting

Westchester County is not a single real estate market.

Communities have different housing stocks, price points, transportation options, tax structures, rental inventories, building codes, and local requirements.

Multifamily housing can also take several forms. A buyer might consider:

• A traditional two-family home
• A three-family property
• A four-family property
• A larger apartment building
• A mixed-use property with residential and commercial space

Smaller multifamily properties can be particularly interesting because they may attract both investors and owner-occupants.

For example, a buyer might purchase a two-family home, live in one unit, and rent the other. Another buyer may approach that same property entirely as an investment.

Those two buyers can look at the exact same building very differently.

Start With the Numbers — Not the Asking Price

One of the biggest mistakes an investor can make is assuming that a property is a good investment simply because the monthly rental income sounds attractive.

The important number is not just gross rent. Investors need to understand what remains after expenses.

A preliminary financial analysis might consider:

• Current rental income
• Potential rental income
• Vacancy assumptions
• Property taxes
• Insurance
• Heating fuel
• Electricity
• Water and sewer costs
• Repairs and routine maintenance
• Property management expenses, if applicable
• Capital expenditures
• Financing costs
• Other property-specific operating expenses

A building generating substantial gross rental income can look considerably less attractive once its actual expenses are included.

Energy Costs Can Have a Major Impact on Multifamily Properties

Heating and electricity expenses deserve particular attention when evaluating an older multifamily property in Westchester County.

Many older homes and multifamily buildings were constructed long before today's energy-efficiency standards. Depending on the property, a new owner may eventually consider upgrades involving insulation, windows, heating systems, cooling systems, electrical service, or other improvements.

Some buyers also look at heating-system upgrades as a way to potentially reduce long-term operating expenses.

If you are comparing different heating and cooling systems, you may find my article Heat Pumps, Boilers or Geothermal: What Makes Sense for a Westchester Home? helpful.

The important point for an investor is that energy costs should be incorporated into the property's overall financial analysis rather than treated as a minor expense.

Renovations Can Change the Investment Equation

Many buyers who purchase multifamily properties intend to make improvements after closing.

That might include renovating kitchens or bathrooms, updating flooring, replacing windows, upgrading electrical systems, improving heating and cooling systems, modernizing common areas, or correcting deferred maintenance.

Renovations may improve the condition and functionality of a property, but they can also add significant upfront costs.

Before purchasing, investors should ask:

• What work needs to be completed immediately?
• What improvements can wait?
• What major systems are nearing the end of their useful life?
• Will the work require permits?
• Are existing improvements already properly permitted?

Building Permits Matter

Permits can become particularly important with multifamily properties because previous owners may have altered layouts, added kitchens or bathrooms, finished basements, converted spaces, or changed the use of portions of the building.

A buyer should not assume that an existing improvement was automatically completed with municipal approval.

I discuss this issue in more detail in Why Building Permits Matter in New York Real Estate.

Before making significant renovation plans, buyers should investigate the property's municipal records and consult the appropriate professionals regarding permits, zoning, certificates of occupancy, and legal use.

Existing Tenants and Leases Matter

When purchasing an occupied multifamily property in New York, the leases and tenancy situation deserve careful attention.

An investor and their attorney should determine which rules apply to the particular building and municipality and carefully review the available documentation.

Depending on the property, due diligence may include reviewing:

• Existing leases and riders
• Rent history
• Security deposits
• Payment and arrears information
• Rent-regulatory status
• Applicable DHCR records
• Open building or housing violations
• Pending litigation
• Certificates of occupancy
• Permitted use
• Applicable landlord-tenant requirements

This is an area where a qualified New York real estate attorney is essential.

A real estate agent can help gather information and identify questions, but legal interpretation should come from an attorney.

Don't Overlook the Physical Condition of the Property

Numbers are only one part of the investment analysis.

Older Westchester multifamily properties can have significant capital needs.

Major expenses may involve:

• Roof replacement
• Boilers or heating systems
• Electrical service
• Plumbing
• Foundation or masonry work
• Windows
• Siding
• Drainage
• Water intrusion

A property producing attractive cash flow today may look very different if it requires substantial capital improvements shortly after closing.

Buyers should also learn how to recognize signs that major systems or components may have been replaced or altered over time.

For additional information, see 3 Easy Ways to Tell If a Home Has Been Renovated.

Location Still Matters — Even for an Investment Property

Real estate investors sometimes become so focused on cap rates and cash flow that they overlook one of the oldest principles in real estate: location.

In Westchester County, investors may want to consider factors such as:

• Proximity to Metro-North stations
• Shopping and services
• Employment centers
• Major roadways
• Municipal services
• Local rental inventory
• Property taxes
• Condition of surrounding housing stock

A multifamily property in downtown New Rochelle can present a different investment profile from one in White Plains, Mamaroneck, Port Chester, Mount Vernon, Yonkers, or another Westchester community.

That is why local market knowledge matters when evaluating both comparable sales and rental properties.

What About Future Appreciation?

Real estate has historically been viewed as a long-term asset, but investors should be cautious about purchasing a property primarily because they assume its value will rise.

Future appreciation is never guaranteed.

I would rather see an investor determine whether a property makes financial sense based on reasonable assumptions today and treat potential appreciation as an additional long-term benefit rather than the entire investment strategy.

Think About the Property as a Business

A multifamily property is not simply a house with extra apartments.

From an investment perspective, it should be evaluated much like a small business.

The owner has revenue, expenses, capital costs, maintenance obligations, legal responsibilities, insurance exposure, and long-term planning decisions.

Before purchasing, buyers should understand not only what the property earns, but also what it costs to operate, maintain, improve, and finance.

So, Is New York Multifamily Real Estate Still Worth Considering?

Yes — but being selective matters more than ever.

The regulatory and operating environment has become more complicated, and that makes careful underwriting, professional inspections, financing analysis, renovation planning, and legal due diligence particularly important.

There is no universal answer that says New York multifamily real estate is either a "good" or "bad" investment.

There are properties whose numbers work, properties whose numbers do not work, and plenty that require a much closer look.

The goal is to figure out which one you are looking at before you buy it.

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Thinking About Buying or Selling a Multifamily Property in Westchester County?

If you're considering a two-family, three-family, four-family, mixed-use, or other multifamily property in Westchester County, New York, I can help you evaluate the local real estate market, comparable sales, rental information, property condition, and positioning.

Thomas Roberts | RealtorTom
Licensed New York Real Estate Salesperson
William Raveis Real Estate – Rye, NY

View My Digital Business Card

This article is provided for general real estate education and informational purposes only. It is not legal, tax, investment, mortgage, engineering, construction, or financial advice. New York landlord-tenant laws, rent regulations, zoning requirements, building codes, and permit requirements are complex and property-specific. Buyers, sellers, landlords, and investors should consult qualified attorneys, accountants, lenders, inspectors, engineers, contractors, insurance professionals, municipal officials, and other appropriate licensed professionals regarding their individual circumstances.

Nor’easter Preparation & Flood Safety for Westchester Homeowners

Updated September 25, 2026

As another nor’easter approaches our area, homeowners throughout Westchester County should take a few precautions to protect their homes and families.

This is especially important for residents in New Rochelle, Pelham, Mamaroneck, Rye, White Plains and other Sound Shore communities, as well as anyone living near Long Island Sound, rivers, streams, ponds, drainage areas or other low-lying locations.

Heavy rain does not have to fall directly along the Sound to cause problems. Flash flooding can develop quickly near waterways and in areas where storm drains become overwhelmed.

Pay Particular Attention if You Live Near Water

Westchester has several areas with a history of flooding. Homeowners near the Mamaroneck River, Hutchinson River, Blind Brook and other streams and waterways should closely monitor changing weather conditions.

Residents along Long Island Sound also need to pay attention to coastal flooding, particularly when strong onshore winds coincide with high tides.

Even if your property has never flooded before, intense rainfall can overwhelm storm drains and create localized or flash flooding in a short period of time.

Before the Storm: Secure Your Property

• Bring patio furniture, umbrellas, decorations and other lightweight outdoor items inside.
• Secure grills, trash cans and anything that could become airborne during strong winds.
• Check your property for weakened or dead tree limbs.
• Clear leaves and debris from gutters, downspouts and exterior drains.
• Make sure downspouts are directing water away from your foundation.
• If you have a basement sump pump, test it before the heavy rain begins.
• If you have a battery backup for your sump pump, make sure it is charged and operating properly.

Prepare for Possible Power Outages

• Charge cell phones, tablets and portable battery packs.
• Have flashlights and fresh batteries available.
• Keep drinking water and non-perishable food available.
• Know how to report an electrical outage to your utility provider.
• Never approach a downed power line. Always assume it is energized.
• Portable generators should never be operated inside a house, basement, garage or other enclosed space.

Flash Flooding Can Develop Quickly

Flash flooding is particularly dangerous because conditions can change rapidly. A roadway that appears passable can be deeper than it looks or may have been damaged beneath the water.

Never attempt to drive or walk through a flooded roadway. Turn around and find another route.

If local officials issue an evacuation order or tell residents to move vehicles from a flood-prone area, follow those instructions promptly.

What Should You Do if Your Basement Floods?

First, think about electrical safety. Do not walk into standing water if electrical outlets, appliances, your electrical panel or other equipment may have been exposed to water.

If you cannot safely shut off electricity from a dry location, contact the fire department, utility company or a qualified electrician for guidance.

Once the area is safe:

1. Photograph and video the damage before cleanup. Take wide-angle photographs as well as close-ups showing water lines, damaged walls, flooring, appliances, furniture and personal property.
2. Contact your insurance company. Ask what documentation they need before damaged materials are removed.
3. Remove water safely. If there has been significant flooding and the ground outside the home remains saturated, do not necessarily pump a severely flooded basement completely dry all at once. Outside water pressure can potentially damage foundation walls. Seek professional advice when dealing with major flooding.
4. Begin drying the area as soon as it is safe. Use dehumidifiers, ventilation and appropriate water-removal equipment.
5. Remove materials that cannot be properly dried. Flood-soaked carpeting, padding, drywall, insulation and upholstered materials may need to be discarded.
6. Watch for mold. Wet materials should be cleaned and dried as quickly as possible. Mold can begin developing rapidly following water damage.

Before Throwing Damaged Property Away

Take photographs and videos first whenever it is safe to do so. Photograph appliance model and serial numbers and keep receipts for cleanup, drying equipment, repairs and replacement items.

If your insurer asks you to preserve samples of damaged flooring, carpet or other materials, follow their instructions.

Items that present an immediate health hazard should not be kept simply for an insurance inspection.

Mold After a Flood

The CDC recommends drying wet materials as quickly as possible, ideally within approximately 24 to 48 hours, to help reduce mold growth.

When cleaning areas affected by mold or contaminated floodwater, appropriate protective equipment may include gloves, eye protection, protective footwear and an N95 respirator.

People with asthma, significant allergies, underlying lung conditions or compromised immune systems should be particularly cautious around mold and may need professional assistance.

Never mix bleach with ammonia or other household cleaners.

Be Careful Hiring Contractors After a Storm

Major storms often bring an increase in emergency repair companies and door-to-door contractors.

Before hiring someone for water removal, mold remediation, roofing, tree work or home repairs:

• Verify that the contractor is properly licensed when a Westchester County license is required.
• Ask for proof of insurance.
• Get the scope of work and price in writing.
• Be cautious about large cash payments or demands for full payment before work begins.
• Keep copies of estimates, contracts, invoices and receipts.

Westchester Storm & Flood Resources

These official resources can be helpful before or after a storm:

• National Weather Service – New York Office
  Current weather forecasts, watches, warnings and coastal flood information.
  National Weather Service – New York
• New York State Flood Safety
  Preparedness, evacuation and flood-recovery information.
  New York State Flood Safety
• CDC Flood and Mold Cleanup Guidance
  Health and safety information for cleaning and drying a flooded home.
  CDC Mold Cleanup Guidance
• FEMA / National Flood Insurance Program
  Information about documenting flood damage, insurance claims and recovery.
  FloodSmart Flood Recovery Resources
• American Red Cross – Disaster Cleanup
  Information about safely cleaning a home following flooding or storm damage.
  American Red Cross Disaster Cleanup
• Westchester County Contractor License Search
  Check whether a home improvement contractor is licensed to work in Westchester County.
  Westchester County Contractor License Search
• New Rochelle Flood Information
  Local flood preparedness information for New Rochelle residents.
  City of New Rochelle Flood Information
• City of Rye Flood Information
  Local information including Blind Brook and other flood-related resources.
  City of Rye Flood Information

One Last Tip: Check on Your Neighbors

Once conditions are safe, check on elderly neighbors and anyone who may need assistance. A little preparation and communication can make a significant difference during a major storm.

Stay safe, Westchester.

Tom Roberts | RealtorTom
William Raveis Real Estate
Serving homeowners and buyers throughout Westchester County

This article is provided for general informational purposes. Conditions can change quickly. Always follow instructions from local emergency officials, your utility company, the National Weather Service and other appropriate authorities.

Frequently Asked Questions

What Westchester areas should pay particular attention to flooding?

Homes along Long Island Sound and properties near rivers, streams, ponds, storm drains and low-lying areas should monitor conditions closely. This includes areas around the Mamaroneck River, Hutchinson River, Blind Brook and other Westchester waterways.

What should I do if my basement starts flooding?

Do not enter standing water when electricity could be present. If it is safe, document the damage with photos and video, contact your insurance company and begin water removal and drying. Significant basement flooding may require professional assistance.

Should I pump all the water out of a flooded basement immediately?

Not necessarily. When outside groundwater remains high, removing a large amount of basement water too quickly can create pressure against foundation walls. New York State and disaster-recovery organizations recommend gradual removal in some severe flooding situations. Seek professional guidance if significant water is present.

How quickly should a flooded basement be dried?

The CDC recommends cleaning and drying wet materials as quickly as possible, ideally within 24 to 48 hours, to help prevent mold growth.

What should I photograph after storm or flood damage?

Take wide and close-up photographs and video of the affected rooms, water lines, walls, floors, furniture, personal belongings and damaged appliances. Photograph appliance model and serial numbers and keep repair and cleanup receipts.

How can I check a contractor after a Westchester storm?

Westchester County maintains an online license search for home improvement contractors. Homeowners should also request proof of insurance, obtain written estimates and contracts, and be cautious about demands for large advance payments.

What Is a Flip Tax? A Guide for Westchester Co-op Buyers and Sellers

If you are buying or selling a co-op in Westchester County, you may come across a closing expense with an unusual name: the flip tax.

Despite the name, a flip tax generally has nothing to do with buying a property, renovating it and quickly reselling it for a profit. In the co-op world, the term commonly refers to a transfer fee charged by the cooperative corporation when ownership of the co-op shares changes hands.

For buyers and sellers in Westchester communities with cooperative housing, understanding whether a particular building has a flip tax can be an important part of estimating the total cost of a transaction.

What Is a Co-op Flip Tax?

A flip tax is a fee that may be imposed by a cooperative corporation when the shares associated with an apartment are transferred from one owner to another.

When you purchase a co-op, you generally are not purchasing the apartment itself as real property in the same way you purchase a condominium. Instead, you purchase shares in the cooperative corporation allocated to a particular apartment and receive a proprietary lease giving you the right to occupy that apartment.

If you're new to cooperative ownership, start with my New York Co-op Buying Made Simple guide. It explains co-op ownership, important documents, financial preparation and the board-approval process.

Who Pays the Flip Tax?

The seller commonly pays the flip tax in many co-op transactions, but that should never simply be assumed.

Responsibility for the fee depends on the requirements of the particular cooperative and the terms of the transaction. The contract should clearly address which party is responsible for the fee.

Buyers and sellers should have their respective New York real estate attorneys review the contractual and legal obligations associated with the transaction.

How Is a Co-op Flip Tax Calculated?

There is no universal flip-tax formula that applies to every New York or Westchester cooperative.

A cooperative might calculate its transfer fee using:

• A percentage of the sale price
• An amount based on the number of shares allocated to the apartment
• A flat transfer fee
• Another formula established by the cooperative

Because the calculation can vary substantially from one building to another, buyers and sellers should confirm the actual requirements for the specific cooperative involved.

A Simple Flip Tax Example

Suppose a co-op sells for $400,000 and the cooperative's transfer fee is calculated as 2% of the sale price.

$400,000 × 2% = $8,000

In this hypothetical example, the flip tax would be $8,000. If the seller is responsible for the fee, it needs to be considered when estimating the seller's closing expenses and potential net proceeds.

This is only an example. Actual transfer fees and calculation methods vary by cooperative.

Why Do Co-ops Charge Flip Taxes?

A flip tax can provide additional revenue to the cooperative corporation when apartments change hands.

Depending on the cooperative, those funds may help support:

• Building maintenance
• Capital improvements
• Reserve funds
• Building operations

Why Sellers Should Know About the Flip Tax Before Listing

For a co-op seller, a flip tax can affect the amount of money ultimately received from the sale.

The flip tax is not the only potential expense. Attorney fees, brokerage compensation, applicable governmental transfer taxes, building fees and other closing expenses may also affect a seller's net proceeds.

A cooperative flip tax should not be confused with governmental real estate transfer taxes. They are different potential transaction expenses.

For additional calculators, mortgage information, home-value resources and Westchester market information, visit my Westchester Real Estate Money Center.

Why Buyers Should Understand the Flip Tax

Even when the seller is expected to pay the flip tax, buyers should understand the building's transfer policies and overall financial structure.

Buying a co-op means evaluating more than the apartment. Buyers should also consider the cooperative corporation, financial statements, maintenance, assessments, building rules, financing requirements and board procedures.

I've put these topics together in my Complete Guide to Buying or Selling a Co-op in Westchester County.

Where Do You Find the Flip Tax?

The applicable transfer fee should be confirmed from the documents and information governing the particular cooperative and transaction rather than relying on assumptions or what another building charges.

Your attorney can review the appropriate documents and advise you about the legal obligations associated with the transaction.

As a real estate agent, I can help buyers and sellers identify questions that should be asked early in the process and help coordinate information among the parties, attorneys, lender, managing agent and other professionals involved in the transaction.

See Examples of Westchester Co-op Properties

Cooperative buildings and apartments can vary tremendously throughout Westchester County. Here are two short videos showing examples of co-op properties connected with my real estate work:

• Watch this Westchester co-op video
• See another Westchester co-op property

Frequently Asked Questions About Co-op Flip Taxes

Is a flip tax actually a tax?

Despite its common name, a co-op flip tax generally refers to a transfer fee imposed by the cooperative corporation rather than a governmental tax. It should not be confused with state or local real estate transfer taxes.

Does every Westchester co-op have a flip tax?

No. Co-op policies vary by building. Buyers and sellers should confirm whether a particular cooperative charges a transfer fee and how it is calculated.

Does the seller always pay the flip tax?

No. Sellers commonly pay the fee in many transactions, but responsibility should be confirmed based on the cooperative's requirements and the contract of sale.

How much is a co-op flip tax?

There is no standard amount. A cooperative may use a percentage of the sale price, a share-based calculation, a flat fee or another formula.

Can a flip tax affect a seller's net proceeds?

Yes. If the seller is responsible for the fee, it becomes one of the expenses that should be considered when estimating net proceeds.

When should I find out whether a co-op has a flip tax?

As early as possible. Sellers should understand relevant building fees when preparing to list, while buyers should understand the financial requirements of the cooperative during their due diligence.

Is a flip tax the same as the New York State transfer tax?

No. A cooperative's flip tax or transfer fee is separate from governmental transfer taxes that may also apply to a transaction.

Thinking About Buying or Selling a Westchester Co-op?

Co-op transactions have important differences from purchasing or selling a single-family home or condominium. Board requirements, financial standards, building rules, maintenance charges and transfer fees can all become part of the process.

If you're considering buying or selling a co-op in Westchester County, I can help you understand the real estate process, research available properties or prepare your co-op for the market.

Contact Thomas Roberts | RealtorTom

To contact Thomas Roberts, please click the link below to view his digital business card.

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This article is provided for general educational and informational purposes and is not legal, tax or financial advice. Co-op rules, fees and transaction requirements vary. Buyers and sellers should consult their New York real estate attorney and other appropriate licensed professionals regarding their specific transaction.

Could Federal SNAP Cuts Raise Westchester Property Taxes? What Co-op Buyers Should Know

Updated September 23, 2026

A Westchester co-op owner recently asked me a question that many buyers and sellers may be thinking about: If federal funding changes put pressure on county budgets, could property taxes rise—and what would that mean for a co-op's monthly maintenance?

The short answer is that New York counties face a real increase in the cost of administering food assistance. But a possible county tax response is not the same as an approved future tax increase, and it does not tell us what any particular co-op will charge its shareholders. For a buyer, the building's actual budget and financial documents matter most.

What is changing with SNAP?

SNAP stands for the Supplemental Nutrition Assistance Program, the federal food assistance program. Beginning October 1, 2026, a federal law reduces the federal share of SNAP administrative costs from 50% to 25%. The New York State Association of Counties estimates that the change will shift about $168 million in annual administrative costs to New York's counties and New York City. That figure is statewide; it is not a projected property tax bill for Westchester or any individual homeowner.

County officials have warned that additional costs can force difficult budget choices, including taxes or service reductions. What a specific county ultimately does depends on its adopted budget and other revenue and spending decisions. No one can calculate a co-op apartment's future maintenance increase from the statewide SNAP estimate.

What has Westchester already approved?

Westchester's approved 2026 county budget includes a 3.7% increase in the county property tax levy. That is the county portion, not a 3.7% increase in every household's total property tax bill or in every co-op's maintenance. A property's total taxes may include school, municipal, county, and other charges; New York's property tax bill guide explains how these charges are billed.

For a later budget year, look for an adopted county budget before describing any particular increase as a fact. A proposed increase, a warning from county leaders, and a final approved levy are different things.

How do property taxes affect a co-op owner?

In a typical co-op, a corporation owns the building and shareholders own shares associated with their apartments. The building pays its real estate taxes, and those costs are among the expenses funded through monthly maintenance. New York State's property classification glossary describes cooperative ownership, while the IRS homeowner guide discusses a shareholder's share of a co-op corporation's real estate taxes.

A higher building tax bill can create pressure on maintenance, but it does not automatically produce an equal percentage increase in maintenance. Maintenance also supports insurance, utilities, payroll, repairs, reserves, and sometimes an underlying mortgage. The board may use reserves or make other budget choices. The allocation among apartments depends on the co-op's governing documents and share structure.

What should a Westchester co-op buyer review?

Before committing to a purchase, ask your attorney to help review the building's available financial statements, current budget, maintenance history, any outstanding or proposed assessments, and board disclosures about major repairs. Confirm what the listed maintenance includes and whether parking, utilities, or other charges are extra. Your lender may also have requirements concerning the co-op's finances.

If you are selling, accurate figures and timely documents help answer buyer questions. Avoid promising that maintenance will stay flat or predicting an increase before the board has announced one. For more on the buying process, see my New York co-op buying guide and homeownership costs page.

Questions shareholders can ask the board

1. What property tax amount is assumed in the next building budget?
2. Is a maintenance increase being considered? If so, when will the amount and effective date be known?
3. Are any special assessments planned or being discussed, and what would they fund?
4. What other major expenses or repairs are expected in the next year?
5. When will shareholders receive the latest financial statements and next budget?

Frequently asked questions

Will SNAP changes automatically raise my Westchester property taxes?

No. The federal funding change increases costs for counties, but the effect on any future property tax levy depends on county budget decisions.

Do Westchester co-op shareholders receive separate property tax bills for their apartments?

Generally, the co-op corporation pays real estate taxes on the building, and shareholders contribute through maintenance. Verify the specific building's charges and documents before purchasing.

If the county levy rises 3.7%, will my co-op maintenance rise 3.7%?

No direct percentage match can be assumed. The county levy is only one part of the building's tax and expense picture. Ask the board for its budget and any announced maintenance change.

Thinking about buying or selling a Westchester co-op? I can help you compare listings and organize the questions to discuss with the board, your attorney, and your lender. You can also read my New York co-op buying guide.

Thomas Roberts
Real Estate Agent with William Raveis
Visit my Instacard to connect with me

This article is for general educational information as of September 23, 2026. It is not legal, tax, or financial advice. County budgets and building costs can change. Consult your attorney, tax professional, lender, and co-op's official documents for advice and figures specific to your situation.

Rising Home Insurance Costs in New York: What Westchester Homeowners Should Know

For most working families, money is never really an abstract subject.

It is the mortgage payment. The property-tax bill. The electric bill. Groceries. Gas. College tuition. A car repair that comes at exactly the wrong time.

And for many people today, there is another concern sitting quietly in the background: job stability.

That is why rising homeowners insurance costs matter.

For a teacher coming home after a full day at school, a nurse finishing a long shift, a firefighter thinking about what is best for the family, or any homeowner trying to make the household budget work, insurance is not just another line on a closing statement.

It is real money coming out of the same household budget that pays for everything else.

The Cost of Owning a Home Is More Than the Mortgage

When people think about whether they can afford a home, they often start with the mortgage payment.

That makes sense.

But the mortgage is only one part of the actual cost of owning a home.

A homeowner may also be paying for:

• Property taxes
• Homeowners insurance
• Electricity
• Heating fuel
• Water and sewer charges
• Routine maintenance
• Unexpected repairs
• Landscaping and snow removal
• Home improvements

Those costs can change over time even if your mortgage payment stays exactly the same.

That is why I think buyers and homeowners should look at the whole cost of homeownership, not just the monthly loan payment.

Why Home Insurance Deserves More Attention

Insurance is easy to overlook because homeowners do not usually think about it every day.

You may pay the premium directly, or it may be collected through your mortgage escrow account.

Either way, it is still part of your housing cost.

If the premium rises, your total monthly or annual housing expense rises with it.

That matters even more when families are already dealing with higher grocery bills, energy costs, education expenses, medical costs, and other household pressures.

Insurance Is Not Based Only on What Your House Is Worth

One thing that sometimes surprises homeowners is that the amount it costs to insure a home is not necessarily tied directly to what the property would sell for.

Insurance companies may be looking at the potential cost of repairing or rebuilding the property.

That can include things such as:

• Construction materials
• Labor costs
• Demolition and debris removal
• Building-code requirements
• The size and type of the home
• The age and condition of certain systems

A house worth a certain amount on the real estate market may have a very different estimated rebuilding cost.

That is one reason homeowners should periodically review their coverage with a licensed insurance professional rather than simply assuming that a policy written years ago still fits the property today.

Older Westchester Homes Can Be Different

Westchester County has many older homes.

That is part of what gives communities such as Rye, New Rochelle, Mamaroneck, Larchmont, Pelham, White Plains, Bedford, Katonah and Lewisboro much of their character.

But older homes can also have older systems.

That may include:

• Roofs
• Electrical systems
• Plumbing
• Heating systems
• Windows
• Foundations
• Drainage systems

Those systems matter to buyers, inspectors, contractors and sometimes insurers.

If you own an older property, keeping good records of major improvements can be helpful. A newer roof, electrical upgrade, plumbing work or heating-system replacement may be useful information when discussing the property with insurance professionals or future buyers.

Water Damage Is Worth Paying Attention To

Water can cause some of the most expensive problems in a home.

It can come from many places:

• A leaking roof
• A broken pipe
• A failed water heater
• A sump-pump problem
• Drainage issues
• A sewer or drain backup
• Storm-related flooding

The important thing for homeowners to understand is that not every type of water damage is treated the same way by an insurance policy.

Coverage depends on the policy and the cause of the damage.

That is why homeowners should ask their insurance professional what is covered, what is excluded, and whether additional coverage may be appropriate for their particular property.

Property Taxes Belong in the Same Conversation

If we are talking about the rising cost of owning a home, we also have to talk about property taxes.

For Westchester homeowners, property taxes are often one of the largest annual expenses associated with homeownership.

Insurance and taxes are different expenses, but they affect the household budget in the same way: they are both part of the cost of keeping and owning the property.

I have written about taxes several times because they are such an important part of real estate ownership.

If you want to understand more about how taxes affect New York real estate, you may find these articles helpful:

• Is New York's Mansion Tax Still a Tax on Mansions?
• New Rochelle Homeowners and the June Tax Bill

You can also visit my real estate resource page for additional homeowner information.

For broader articles about household finances, interest rates, inflation and the economy, visit The Money Page.

Why This Matters to Buyers

For buyers, I think the important lesson is simple:

Do not stop your affordability calculation at principal and interest.

Before buying a home, try to understand the larger monthly picture.

That means asking about:

• Property taxes
• Insurance premiums
• Heating costs
• Electricity
• Water
• Maintenance
• Possible repairs

A home may technically fit within a mortgage approval and still feel uncomfortable in the family budget once all of the other expenses are included.

That is especially important for working families who also need room in the budget for retirement savings, college costs, vacations, emergencies and everyday life.

Why This Matters to Sellers

Sellers should think about insurance and carrying costs too.

Today's buyers are paying close attention to monthly expenses.

They may ask questions about taxes, heating costs, the age of the roof, the heating system, electrical service and other major components.

A well-maintained home with clear records can help buyers understand what they are purchasing.

That does not mean every seller needs to renovate the entire house before listing.

It means that knowing the condition of the home and having good documentation can make the property easier for a buyer to evaluate.

Multifamily Owners Need to Watch Insurance Closely

Insurance can become even more important with a two-family, three-family or other investment property.

For an investor, insurance is not just a household expense.

It is part of the property's operating cost.

A landlord may need to consider:

• Building coverage
• Liability protection
• Loss-of-rental-income coverage
• Deductibles
• Property condition
• Tenant-related risks
• Other property-specific coverage

When evaluating a multifamily property, insurance should be included along with taxes, heating, utilities, repairs, maintenance, vacancies, financing costs and capital improvements.

A property can have strong rental income and still be a weak investment if the expenses are too high.

What Can Homeowners Do?

I am not an insurance professional, and I do not try to play one.

But I do think homeowners should periodically ask questions.

You may want to review your policy with a licensed insurance professional and ask:

• Is the replacement-cost estimate still reasonable?
• Have improvements been made that should be reflected in the policy?
• Are my deductibles appropriate?
• Are there discounts available for certain safety or monitoring systems?
• Do I understand what water damage is and is not covered?
• Would any additional coverage make sense for this particular property?
• Should I compare coverage and premiums with other insurers?

The cheapest policy is not automatically the best policy.

Price matters, especially for working families, but coverage matters too.

Homeownership Is a Long-Term Household Decision

Most people do not buy a home simply because they believe the property will appreciate.

They buy because they want a place to live, raise a family, build stability, create memories and hopefully build long-term financial security.

But that does not mean the financial side can be ignored.

Inflation, insurance, taxes, repairs, college expenses, job changes and other pressures can all affect how comfortable homeownership feels over time.

That is why I believe the best real estate decisions come from looking at the whole picture rather than focusing on one number.

The Bottom Line

Homeowners insurance should not be treated as an afterthought.

It is part of the real cost of owning a home.

So are property taxes.

So are utilities, repairs, maintenance and the many other expenses that come with keeping a house running.

For working people, those costs all come out of the same paycheck.

Whether you are buying your first home, staying in the house you have owned for twenty years, selling, or considering an investment property, understanding those costs can help you make better decisions for yourself and your family.

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Questions About Buying or Selling a Home in Westchester County?

If you're considering buying or selling a home in Westchester County, I can help you look at more than just the asking price.

We can talk about the local real estate market, property taxes, comparable sales, property condition, and the other factors that may affect the real cost of owning a home.

Thomas Roberts | RealtorTom
Licensed New York Real Estate Salesperson
William Raveis Real Estate – Rye, NY

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This article is for general real estate education and informational purposes only. It is not insurance, legal, tax, investment, mortgage, or financial advice. Insurance policies, premiums, underwriting standards, coverage, exclusions, deductibles, tax obligations, and individual financial circumstances vary. Homeowners, buyers, sellers and investors should consult qualified insurance professionals, attorneys, accountants, lenders, tax professionals and other appropriate licensed professionals regarding their individual circumstances.