While the home buying process may seem daunting, here’s what you need to know: Your agent and brokerage have your back. We will be with you every step of the way, providing invaluable support and guidance to make the transaction process as smooth and seamless as possible. And yes, that’s entirely possible.
Look for a licensed real estate agent who is knowledgeable about the neighborhoods you're considering and can help guide your search.
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying in cash for the full price of your home). Your Agency Agent can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much the bank will lend you, which will help you determine the price range for your search.
Attend viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal home's accessibility and amenities.
Reach an agreement with the seller on price and terms. Once you have seen a home you like, you can put in an “offer,” which is a non-binding agreement to pay a certain price for the home. If your offer is lower than the list price, the seller will likely return with a “counter offer” price, which you can choose to accept, reject, or make another offer. Your Agent will provide advice on pricing throughout.
Analyze the contract of sale, building financials, and board minutes with your attorney. It’s best to work with an attorney who specializes in New York City co-op and condo sales. Your attorney’s job is vital to protecting your interests and they have an incredible amount of paperwork to review on your behalf. Therefore, you want to select an attorney who is familiar with these transactions.
Sign the contract and put down the deposit.
Organize an appraisal with your bank.
(If you are purchasing a townhouse, skip ahead to Step 10.)
Co-ops are run by a board of directors, who will require a board package in order for you to purchase an apartment. A board package generally consists of financial documents including tax returns, bank statements, mortgage commitment from your bank, and a letter of reference. After reviewing your package, the board will set an interview date. Your Agent will help prepare your board package as well as prepare you for your interview. While condos do not generally require board packages or interviews, you will need to present a purchase application that shows you are financially qualified to purchase the apartment.
The board will still down and review your application.
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! You are now a home owner.
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 reverse.
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.
Navigating the New York market requires expertise and strategy. Whether you’re buying, selling, or investing, our team provides data-driven insights and personalized guidance to help you achieve your goals. Let’s make your next move a success.