Own-your-owns or OYOs, may be fairly common in some areas. An Own-Your-Own is similar to condominium ownership, as both come with individual deeds and property tax bills. An OYO is different in that it is a pre-condominium type of ownership. Most Own-Your-Owns were constructed during the 1950s.
In , most OYOs sell for less than condominiums and some buildings may be eligible for condo conversion, in which case the value may increase. Despite the advantages, there are downsides to buying into an OYO, particularly in terms of stringent requirements you must meet and fewer options for financing the purchase.
Because Own-Your-Owns have unique requirements and are a less common form of ownership, it is important to work with an experienced escrow company that can anticipate and respond to potential issues throughout the escrow process. At New Era Escrow, our escrow officers have decades of experience handling complicated OYO escrow accounts.
We handle all aspects of your Own-Your-Own escrow transaction by:
Own-Your-Own (OYO) escrow transactions can be complicated and time consuming. Rely on the expertise of an experienced escrow company to ensure all the legal requirements are met before closing. New Era Escrow prides itself in providing excellent customer service, while maintaining efficiency and professionalism every step of the way.