The new york real estate transaction: from a-z

  • BUYER OBTAINS PRE APPROVAL LETTER TO SUBMIT OFFER
  • OFFER ACCEPTED
  • Broker Delivers Deal Sheet, Offering Plan & Financials to Buyer’s Atty for Review & coordinates inspection ( optional for coops / condos – mandatory for houses ) (1-2 days)
  • Seller’s Attorney drafts and delivers Contract to Buyer’s Attorney (1-2 days)
  • Buyer’s Attorney completed Due Diligence : ie reviews Contract and verifies all info with Client including party names, deposit, financing terms, closing date, and any other miscellaneous info. Reviews board minutes , offering plan, building financials and sends questionnaire to management (5 business days from offer acceptance)
  • Buyer’s pays Retainer Fee ( 50% of legal fee ( $2,000) ) and signs the Contract via Docusign and wires 10% deposit to seller’s attorney .
  • Once Sellers atty confirms receipt of deposit wire , Seller will countersign and parties are officially in Contract. Buyer’s Atty Receives Fully Executed Contract from Seller’s Atty. Copy sent to client , realtor and Lender. (1- 2 days)
  • Client commences Financing with Lender, locks in rate , submits financial 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). (30 days)
  • Buyer works with realtor on board package and submits to mgmt. for board approval and is submitted within 3 business days from issuance of commitment letter ( Board has 30 days to review package and invite Buyers for Board interview via zoom if coop / no interview if condo ).
  • Buyer’s Atty orders Title report, reviews and clears title so Buyer receives clear and marketable title. (7-10 days)
  • Once Buyers are board approved , 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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