Steps to Buying

• Make an offer and negotiate price and This is typically done through agents on the phone in email and sometimes on text. Nothing binding at this point. With Co-ops a REBNY financial statement is required to properly qualify the offer in terms of income and assets.
• Offer accepted
• Deal Sheet This is the term sheet the sellers attorney uses as a guide to draft the contract.

It includes all details on the deal and from a buyers standpoint we will need the name of your real estate atty, the names you’d like to buy in (LLC allowed only in condos,TH's), the est closing date and whether the deal needs a financing contingency or not.

• Buyers’ atty receives and settles the contract At the same time they review the building’s financials and board minutes and discus with you any relevant issues
• Buyers sign contract and give 10% contract deposit to sellers’ attorney to be held in
• Sellers Now we have a fully executed contract
• Buyers attorney sets appointment to review board minutes and simultaneously reviews the financials
• If financing, the bank will give one of the brokers a call to visit/appraise the property
• Appraisal comes in
• Mortgage commitment comes in from lender (maybe 2 weeks after appraisal)
• Buyer submits full board package to management including bank and brokerage statements

• Management reviews package, asks and follow up questions, then sends to board for approval
• Board reviews purchase package and if finances look good, will typically request an in person interview
• Board interview - typically after work M-F . All potential shareholders should attend (sometimes pets too!)
• Board
• Closing date put on the books
• Walk through the day before or so of closing
• Closing : Remainder of funds Shares and proprietary lease conveyed to purchaser
• Woo Hoo!

• Make an offer and negotiate price and This is typically done through agents on the phone in email and sometimes on text. Nothing binding at this point
• Offer accepted
• Deal Sheet This is the term sheet the sellers attorney uses as a guide to draft the contract.
  It includes all details on the deal and from a buyers standpoint we will need the name of your real estate atty, the names you’d like to buy in or an LLC, the est closing date and whether the deal needs a financing contingency or not.

• Buyer’s atty receives and settles the contract At the same time they review the building’s financials and board minutes and discus with you any relevant issues. In a multifamily purchase, your attorney should also check with the Department of Housing and Community Renewal (DCHR) to make sure there are no pending tenant issues
• Schedule an engineer's inspection to determine any existing or looming capital improvements issues such as the foundation, electrical, heating, roof or plumbing
• Buyers sign contract and give 10% contract deposit to seller’s attorney to be held in

• Sellers Now we have a fully executed contract
• If financing the bank will give one of the brokers a call to visit/appraise the property
• Appraisal comes in
• Mortgage commitment comes in from lender (maybe 2 weeks after appraisal)
• Closing date put on the books
• Walk through the day before or so of closing
• Closing : Remainder of funds Property title and deed conveyed to purchaser
• Woo Hoo!