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New York City real estate seems to have its own language. In order to play the game, you need to understand the lingo. In our last report, we touched on a few terms -- many which are heard in coops -- but condos also have their own list of terms.

What Is Right Of First Refusal?

"The right of first refusal is the right by a condominium board of managers to purchase the home at the same terms that the seller has offered the purchaser. In 99 percent of the cases the condo board waives the right and the purchaser can go ahead with the transaction," explains real estate attorney Ron Gitter.

Unlike a coop, when you buy a condo you’re buying real property. So there’s a title and two terms you’ll likely hear are clearing title and title insurance.

What Is Clearing Title/Title Insurance?

"Clearing title is process in which the title company checks the records to make sure there aren’t any liens judgments or incumbents against the seller or the property. That’s one of the reasons why the bank wants title insurance. They don’t want to give a loan unless they are going to be sure their security interest will be first when the transaction closes," says Gitter.

What Is A Tax Abatement?

"A tax abatement is something that's created by the government to actually stimulate the economy and to stimulate development," explains realtor Paul Purcell of Braddock & Purcell. "Typically they last 10 years in new construction. Over the course of 10 years the taxes continue to go up until the end of 10 years you are in a fully loaded tax situation."

In the beginning it’s attractive to buyers because the taxes are so low, but many need to remember it will come to an end.

What Is An Offering Plan?

"The offering plan is the complete history of the building. This gives you all the information from the time the building was built or converted up to date until now. You have to make sure that your attorney checks and reads the offering plan from A-Z to make sure everything is as it should be," says realtor Jacky Teplitzky of Prudential Douglas Elliman.

The list of real estate terms is endless, but if you are buying or selling it’s a language you must learn to speak so you can truly understand the terms of your agreement.