Finding the
Apartment:
This can take a day or year, depending on your circumstances.
What
you need to do:
Talk with a mortgage broker or banker to see how much of a loan you qualify
for - AND - select an attorney familiar with the New York real estate
market. (RUTH M. GURSKY, ESQ., at your service!)
The
Negotiation:
After finding the apartment you like, the Buyer makes the "first
offer." The Seller may make a "counter-offer", and negotiations
continue, until you and the Seller arrive at an "accepted offer."
The
Contract of Sale:
After agreeing on the price, the Seller's attorney prepares the Contract of
Sale and sends it to your attorney. Your attorney then reviews it, arranges for you to sign it
and forwards the Contract and your down payment check to the Seller's
attorney. After the Seller signs the Contract, it becomes binding upon both
parties.
What
you need to do:
When you receive the fully signed Contract of Sale from your attorney, submit
a copy, along with your completed loan application, to your mortgage broker or
banker. Once your loan is approved, you will receive a loan commitment
letter - notify your attorney when you receive your loan commitment.
The
Board Package & Interview:
Co-op boards (and some condo associations) require financial and personal
information from you and a personal interview. Condo associations
generally do not require an interview.
The
Closing:
Usually takes place at the office of the co-op's attorney or managing agent
(or an agreed-upon location for a condo). Your attorney will provide you
with a list of checks needed for the closing in advance. Bring photo ID.
After all documents have been signed and checks exchanged, you will receive
the keys to your new home!
GOOD
LUCK
...and now that you’re a homeowner, you should consider preparing a
Will!
Check out my mini-book,
ESTATE PLANNING 101
