Shop for the best loan products and terms. We can connect you with mortgage professionals who will review your financials. If there are blemishes on your credit history, we’ll refer a credit service company to resolve any delinquencies and settle disputed claims which, if left unresolved, damage your credit score. Take time to prepare a personal balance sheet of assets and liabilities, gathering current bank/brokerage statements, most recent tax returns, last two months pay stubs and other financial papers like trust documents or life insurance policies. Estimate closing and moving costs as well as expenditures for repairs or renovations. Calculate New York state’s graduated mansion tax for purchases of $1M or more. Did you know there’s a 2% mortgage recording tax for condo borrowers, but none for co-op buyers? Is there a building flip tax and can that be negotiated? Compute your post closing liquidity and debt to income ratio. If this sounds like Greek to you, we will help.

The process of searching for a home is all about weighing the choices and deciding what “must haves” are non-negotiable and what features on your wishlist you might trade for something else. Flexibility is key. Some purchasers may compromise on space, while others will opt for something smaller with good light in a better building. Still others may exchange a washer/dryer for a view, or perhaps choose a low floor if it comes with a fireplace or doorman. Attend open houses that span a range of areas, property types and amenities.

An educated and well advised buyer is one who is prepared to act quickly and decisively. Once you find the property that “feels like home,” you can make a non-binding bid to purchase it at a certain price. If your offer is lower than the asking price, the seller will likely make a counter offer, which you can choose to accept or reject or make a new bid. As your trusted advisor, we will guide you to reach a meeting of the minds with the seller.

Take your time to make an informed decision, but once you’ve made your choice and your offer is accepted, instruct your real estate attorney to complete contract review and due diligence promptly. Parties are not bound in NYC until a contract of sale is fully executed. Backup bidders could be standing in the wings, so delays could cost you more money or worse, you could lose the property. If you need a recommendation for counsel, we can refer an experienced transactional attorney familiar with NYC transactional law. The seller’s attorney initiates the Contract of Sale and then sends it to your attorney who performs “due diligence” on the building and also negotiates the agreement. Once the contract is finalized, the buyer signs first and deposits 10% of the purchase price in escrow. After the seller countersigns, the contract is dated.

You’ll need a fully executed contract of sale to complete your loan application. Your lender will order an appraisal by a licensed appraiser.

Co-ops are run by a Board of Directors and condos by a Board of Managers. Both require an application with supporting documentation to demonstrate that you are financially qualified to purchase. Rarely do you get a second chance to make a first impression. We will help to prepare your paperwork. Although each building has its own set of requirements, a typical board package consists of reference letters, personal financial statement plus backup documentation, tax returns, bank commitment letter and specific building policy forms. A co-op board may ask for additional information, or they may reject your application outright (and they don’t have to give any reason) or invite you to an interview. A condo will issue its waiver of the “right of first refusal” usually within 30 days of receipt of the application. After reviewing your package, the board will set an interview date. Usually we can anticipate what questions might be asked to prepare you for the interview.

Once the board approves your purchase, the attorneys will schedule a closing date and time in conjunction with your bank and the co-op’s managing agent. On the morning of the closing or on the day before, we will schedule a pre-closing walk-through to check that all appliances and systems are in working order and that nothing is measurably different from the time that you entered into the contract.

At the closing, you will sign multiple documents and write a few checks, so bring your checkbook. You will leave as a new homeowner with a new set of keys. Congratulations are in order!