YOUR BUYING JOURNEY
After you have prepared your finances for your purchase, we can guide you through working with mortgage brokers, real estate attorney and home inspector as needed.
Conducting Your Search
As we begin your search, we will need you to answer questions that will help us fine tune your search. This includes bedroom count or square footage needs based on budget, neighborhood preference, building amenities preference, whether you prefer condos, co-ops or both, and last timeline to purchase.
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Co-op
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Condo
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Townhouse
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Approval Process
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The board interviews all prospective owners and has the right to approve or reject any applicant.
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No interviews are required.
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No condo or co-op board involved in the purchase or sale, creating a much faster transaction from contract signing to closing.
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Financing
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Be prepared to put down at least 20% of the purchase price, plus closing costs.
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Be prepared to put down at least 10% of the purchase price or 20% for a mortgage, plus closing costs.
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Be prepared to put down at least 20% of the purchase price, plus closing costs, depending on the loan-to-value ratio determined by your bank.
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Monthly Fees
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Maintenance fees based the number of shares the tenant owns (typically dictated by apartment size and floor level).
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Common charges, for services and amenities shared by residents, and property taxes.
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All maintenance costs and property taxes.
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Subletting
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Must be approved by the co-op board.
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Must be approved by the condo board.
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Permitted.
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Selling
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Buyer must be approved by the co-op board.
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Can be sold at will.
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Can be sold at will.
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From Offer to Contract
As soon as we have identified a suitable property you would like to put an offer in, we will employ our expert negotiation skills to get the best deal on your behalf based on market conditions. We will determine your offer price using comparable metrics, terms and closing date before presenting it the sellers.
The sellers usually have 24-48 hours to accept or counter your offer. If the seller counter’s your offer, you have option to counter again or present your “highest and final”.
Once there is “meeting of the minds” and price and terms have been agreed upon between buyer and seller, we will draft a Transaction Sheet with all the details for the seller’s attorney to draft the Contract of Sale for your attorney to review with you. We will refer to you to legal counsel if you do not have one in New York.
Contract Review & Signing
Your attorney will examine the Contract of Sale, by-laws and financial condition of the building to conclude that everything is satisfactory before you sign. Upon signing, a deposit (typically 10% but up to 20% of the offer price) will be safeguarded in an escrow account until closing. Keep in mind that the seller can still entertain and accept other offers until the contract is fully executed!
Board Application & Loan Application
We will walk you through the co-op or condo board application (if applicable) so that it gets completed on time. Board applications usually require supporting documentation like bank statements matching what’s on your financial statement, tax returns, personal and professional reference letters, application fees etc.
You should move forward with your loan application if you are seeking financing to close. The financial institutions will schedule a third-party appraisal to verify the value of the property before issuing a commitment letter once you also meet all their terms.
Walkthrough
Once you receive board approval (if applicable) and the bank provides clearance to close, we will coordinate a final walk-through and closing date based the schedules of all parties involved.
Most resales are sold as-is with appliances working, so the walk through will be reflect checking this.
In a new development or sponsor sale, we will do the walk through with the sponsors representatives. A punch list is recorded of outstanding items if they are not addressed prior to closing. New development purchases also have a one year warranty for all appliances.
Closing
Once the walk through has commenced, the parties can now close. Any outstanding punch list may be recorded if they are not addressed by the closing date. The parties usually at attendance at a closing are buyer and their attorney, seller and their attorney, bank representative. Your attorney will require you to bring a government issued photo ID and blank checks as needed. If you are unable to attend your own closing, you may arrange a power of attorney to sign on your behalf. Once all paperwork and wires have been initiated and funds received, you will receive the keys to your new home. Congratulations!
