Buying in Manhattan or Brooklyn moves on its own timeline. Co-op boards, financing, and inspections all run on their own clocks. The Brewer Team has guided buyers through 2,500+ transactions over 30 combined years, so here is exactly what to expect, step by step, from choosing an agent to closing day.
Choose an agent who knows Downtown Manhattan and Brooklyn in depth: inventory, pricing trends, and building-specific quirks that don't show up in listings.
Get pre-approved for a mortgage before you start touring, unless you're paying in cash. Your agent connects you with a mortgage broker, who reviews your income and credit history to confirm your loan amount and set the price range for your search.
Attend private viewings and open houses across a range of buildings and property types. This is when you refine what matters most: layout, light, amenities, and accessibility.
Once you've found the right home, your agent submits an offer, a non-binding proposal on price and terms. If it's below list, expect a counteroffer, which you can accept, reject, or negotiate further. Your agent advises on pricing and strategy at every stage.
Your attorney reviews the contract of sale, building financials, and board minutes to protect your interests. Choose one who specializes in New York City co-op and condo transactions. The paperwork is extensive, and experience here matters.
Sign the contract and put down the deposit.
Complete your loan application. Your bank will order an appraisal to confirm the property's value supports the loan amount.
(Purchasing a townhouse? Skip to Step 10.)
Co-op boards require a board package before approving a purchase: tax returns, bank statements, your mortgage commitment, and a letter of reference. Once reviewed, the board schedules an interview. Your agent helps prepare both the package and you for the interview. Condos skip the interview but still require a purchase application showing you're financially qualified.
After your interview, the board reviews your full application and votes on approval.
Your bank will issue a clearance to close.
Your attorney will work with the seller's attorney to decide on a closing date.
Your agent will schedule a final walk-through of the home.
Congratulations, the keys are yours.
Assessment of the property's market value, typically done for the purpose of obtaining a mortgage.
Monthly maintenance fee paid by condo owners. Property taxes are not included in the common charge.
A percentage of the agreed-upon purchase price paid by the buyer at the time of signing the contract.
Owner of a co-op unit, since what they are actually purchasing are shares of stock in the co-op corporation.
The percentage of an individual’s monthly gross income relative to the amount of debt owned.
Deposit of funds to be transferred upon completion of the deal.
A formal record of all your financial assets, debts, and liabilities.
A tax levied by a co-op and paid by the seller when a sale is made. They are designed to generate funds for the co-op's cash reserve.
Fees paid by co-op shareholders that contribute to building operations.
A background check on the property and the seller to ensure there are no outstanding debts or claims upon the property.
The amount of cash the buyer must have on hand after deducting the down-payment and closing costs.
Advanced approval from a bank or other lending institution for a home mortgage.
Potential buyers provide an overall financial picture and mortgage brokers provide an estimate of what level of loan you will likely be pre-approved for.
A fee paid to the local government to officially report a sale of a home; usually paid by the buyer.
Newly constructed buildings sometimes receive abatements so that owners do not have to pay taxes on their units for a specified amount of time.