SELLING GUIDE:
The selling process typically includes the following:
Home Preparation and Marketing for Sale
- We will provide comprehensive and tailored advice and service in order to best prepare, list, and market your property
Bidding and Negotiation
- We will present you with all offers made by prospective purchasers along with their qualifications
- We will accept or counter offers at your direction as part of the negotiation
- We will work closely with you to establish and execute a sale and negotiation strategy which ensures the best and most qualified buyer at the optimal price for your needs
- The conclusion of the process will result in agreement upon price, terms, and closing date
- You and the buyer will engage New York real estate attorneys to prepare and review a contract of sale
Going to Contract
- Once you have an accepted offer we will enter the contract stage
- While your attorney prepares the contract of sale, the buyer’s attorney will request certain key due-diligence items from you and your buildings managing agent, generally including:
- Statement of building’s financial condition
- Building by-laws
- Proprietary lease/offering plan
- Upon approval and agreement of the buyer’s attorney, the contract of sale is signed by the buyer. Upon signing the buyer also typically presents a deposit of 10% of the sale price.
- The contract and deposit are forwarded to your attorney, who will obtain you signature
- The buyer’s deposit is usually held in your attorney’s escrow account until the closing date.
Board Approval
- We will present the buyer with the board requirements, which often include:
- Application
- Financial statements
- Tax returns
- Personal and financial reference letters
- Contract of sale
- Bank financing documents if applicable
- The buyer’s agent will compile the board package and send it to us for review. Once we have confirmed that everything is in order, they will distribute copies to the members of the board
- Upon review, the board may ask for additional information. It may also turn the buyer down. Once the board is satisfied with their review they will arrange to interview the buyer. NOTE, condominiums normally do not require interviews. If all goes well, official approval will be relayed to us by the building’s managing agent
Closing
- After board approval, the final step is scheduling a convenient closing date for all parties involved. Immediately prior to closing the buyer’s agent will schedule a walk through to make sure all is in order at the property. Barring anything specified to the contrary in the contract, all fixtures and appliances that are scheduled to be conveyed with the sale should be in good working order.
BUYING GUIDE:
The buying process typically includes the following:
Bidding and Negotiation
- We submit an offer on your behalf to the seller’s real estate broker along with your qualifications
- Seller may accept or counter your offer as part of the price negotiation
- If your final offer is accepted, the conclusion of the negotiation process will result in agreement upon price, terms, and closing date
- You and the seller will engage New York real estate attorneys to prepare and review a contract of sale
Going to Contract
- Your attorney will conduct due diligence by requesting certain key documents from the seller/building managing agent, which will generally include:
- Building by-laws
- Proprietary lease/offering plan
- Building financial statements
- Following your attorney’s review and approval, you will sign the contract of sale. Typically a 10% deposit is included with the contract of sale
- Contract and deposit are forwarded to the seller’s attorney for the seller’s signature. Generally your deposit is held in the seller’s attorney’s escrow account until the closing date
Board Approval
- The seller’s real estate agent will provide us/you with the board requirements and approval forms, which often include:
- Application
- Financial statements
- Tax returns
- Personal and financial reference letters
- Contract of sale
- Bank financing documents if applicable
- We will assist in compiling the board package in any way helpful
- Upon completion, we will present your board package to the building’s board of directors
- Upon review, the board may ask for additional information. It may also turn you down. Once the board is satisfied with their review they will arrange to interview you. NOTE, condominiums normally do not require interviews. If all goes well, official approval will be relayed to us by the building’s managing agent
Closing
- After board approval, the final step is scheduling a convenient closing date for all parties involved. Immediately prior to closing we will schedule a walk through for you to make sure all is in order in your new property.