The process of buying a home in New York City involves a series of steps in four phases:
1. The Finances
2. The Search
3. The Contract
4. The Close
Phase 3: From Offer to Contract
Making an offer and signing a contract are pivotal moments, and leveraging our skills and knowledge are especially critical.
Negotiating the Offer
We will help you determine an appropriate offer amount and terms, and will convey the offer to the seller (via the seller’s agent or directly) and prepare to negotiate the best possible price, terms and closing date.
Reviewing the Terms
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.
Signing the Contract
Upon signing, the contract and 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.
From Contract to Close
At this stage of the buying journey, we will help you assemble the remaining documents and finalize the necessary approvals.
Loan Application
Once your application is complete, your financial institution will schedule a third-party appraisal to verify the value of the property.
Co-op Board Application (If Applicable)
In addition to helping you assemble your bank statements, tax returns and letters of reference (personal, professional and financial), we will help you navigate the nuances of winning board approval.
