The New York real estate transaction: from A to Z

BUYER OBTAINS PRE APPROVAL LETTER TO SUBMIT OFFER
OFFER ACCEPTED

  • Broker Delivers Deal Sheet, Offering Plan & Financials to Buyer’s Atty for Review (1-2 days)
  • Seller’s Attorney drafts and delivers Contract to Buyer’s Attorney (1-2 days)
  • Buyer’s Attorney reviews Contract and verifies all info with Client including party names, deposit, financing terms, closing date, and any other miscellaneous info. (1-2 days)
  • Buyer’s Attorney prepared Rider to Contract and negotiates terms with Seller’s Attorney in order to meet
  • Client’s specifications. Seller’s Attorney revises contract and resends to Buyer’s Attorney for execution. (1-2 days) [NOTE: not applicable to New Construction Sponsor sales where contracts are non-negotiable]
  • Buyer’s Attorney meets with Client to review Contract in full, including closing costs. Buyers pays 10%
  • contract deposit and ½ Attorney Fee at time of Contract signing. Contracts and deposit are sent to Seller’s atty for counter-signature. (3-5 days)
  • Buyer’s Atty Receives Fully Executed Contract from Seller’s Atty. Copy sent to client and copy sent to Buyer’s Broker and Lender. (1 day)
  • Client commences Financing with Lender, submits docs, and appraisal is ordered. Loan Commitment forwarded to Buyer’s Atty within 30 days from contract signing ** (Mortgage Contingency- protects buyers deposit until loan approval is issued, otherwise Buyer may cancel and receive return of full 10% Deposit). (3-4 weeks)
  • Buyer submits board package to mgmt. for board waiver and/ or approval.
  • Buyer’s Atty orders Title report, reviews and clears title so Buyer receives clear and marketable title. (7-10 days)
  • Buyer’s Atty coordinates Closing with Lender’s Atty once file is cleared for closing. (3-5 days prior to closing)
  • Buyer’s Atty receives check breakdown from Seller’s Atty, prepares closing statement and reviews all numbers with Client. Client completes final pre-closing walk through/inspection with their Agent (1-2 days prior to closing)
  • CLOSING – ALL CHECKS ARE CUT TO PARTIES INVOLVED, CLIENT RECEIVES KEYS AND DEED TO THE PROPERTY AND IS PROUD & HAPPY HOMEOWNER!!!
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Taliya Bashani ESQ

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