Home > Blogs > New York > New York County > New York > BUYING A CONDO IN NEW YORK CITY
14,225 views

Maya Allan's Blog

By Maya Allan | Broker in New York, NY

BUYING A CONDO IN NEW YORK CITY

Steps for Purchasing a Condo in New York

 (Please note you do not pay any commissions everything is paid by the seller only)

 

  1. Mortgage Pre- Approval (Skip this if this will be all cash transaction or Get a mortgage from overseas which still will be seen as all cash)
  2. Finding Property
  3. Offer on Property
  4. Negotiating the offer
  5. Offer Accepted – Seller’s Broker requests Buyer information
  6. Buyer information – Legal Name (As shown in the passport); address; phone also Buyer’s lawyer information, address, phone fax and email
  7. The Seller’s broker prepares a deal sheet which is handed over to the Buyer’s lawyer  ( A deal Sheet is the information that will be included in the contract)
  8. The Sellers lawyer contacts the Buyer’s lawyer and send over the contract with the building financials
  9. The Buyer’s lawyer reviews the financials of the building, makes sure that the title is valid and that there no liens on the property and that the contract reflects what was agreed on.  Once everything has been verified the lawyer explains it to the buyer, reviews terms and negotiates on behalf of the buyer
  10. Once all terms are agreed the buyer signs the contract and puts a 10% down payment and sends it over to his lawyer which in tern sends it over to the sellers lawyer
  11. The seller signs the contract
  12. The contract is faxed over to the Buyer’s broker
  13. The Buyer starts working on the commitment letter (Skip this if this will be all cash transaction)
  14. The Buyer’s broker begins working on the Board Package (Condos have applications that needs to be filled, its generally information about the buyer and his financials)
  15. The Mortgage broker sends over the signed commitment letter to the Buyer’s Broker, It usually has to be done within 10 Business days (Skip this if this will be all cash transaction) 
  16. The buyer purchases an insurance for the apartment (its usually about $300)
  17. The Buyers Broker submits the signed board package and the commitment letter to the Building Managing agent for the Board review
  18. The Board reviews application (usually it takes 3-4 weeks)
  19. The Buyers lawyer checks the title and prepares new title
  20. The first right of refusal is waived (the building has the first right not refuse the new owners, under this scenario the building will buy the apt from the owner and the buyer will get his deposit back).
  21. The brokers, mortgage company and lawyers are notified that a closing date can be set
  22. Closing date is agreed with the managing agent
  23. Lawyers with the bank get papers in order, the Buyers lawyer gives the final closing cost to the buyer , deed recording is prepared
  24. Closing – last mortgage papers are signed the deed is being signed over to the buyer – Buyer gets the apt (If you have no mortgage then its just signing over the apartment)


    Maya Allan

    Licensed Real Estate Broker

    MAllan Real Estate Inc

    (Mb) 646-258-4460/ (fax) 646-430-8260

    maya@mallannyhomes.com

    www.mallannyhomes.com

    Member of REBNY and MLS

POST
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer