There will be much to learn and a fair bit of confusion about buying an apartment in New York City. Fortunately, we’ve condensed all the needed information into this quick and easy homebuyers video. Learn the 12 essential steps about the buying process and how you can become the proud owner of your own New York City apartment. Ready to Buy? Contact Us
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Quick Steps to Buying an Apartment
1. Contact a Bank and get pre-qualified for a mortgage, if financing;
2. Team up with a Buyer’s Agent and a real estate attorney to represent your interests;
3. Determine what you are looking for, build a wish list, and choose neighborhoods and apartment types. Your buyer’s agent will shortlist the best available properties.
4. Once you find the ideal condo or co-op apartment, ask your buyer’s agent to perform a comparable market analysis to estimate its fair market value;
5. Ask your buyer’s agent to submit a written offer to formalize your intention to buy;
6. Upon receiving a counteroffer, your buyer’s agent will negotiate for you until an agreement is reached and the offer is accepted.
7. Next, Your exclusive buyer’s agent and an attorney will receive a deal sheet from the seller’s agent,
8. After that, your attorney will negotiate the contract of sale, perform due diligence on the property, and review the building’s financials and board minutes and any outstanding liens. This process generally takes 5/7 business days.
9. It is now time to sign the contract and pay the deposit, usually 10%-20% of the sale price. Once the seller has countersigned, you are now officially in a contract.
10. Next, your buyer’s agent will prepare and submit the co-op or condominium board’s purchase application.
11. Following that, you will be scheduled to attend an interview in the case of a co-op. Or Schedule and prepare for closing in case of a condo.
12. Finally, take a final walk-through with your buyer’s agent on the closing day, proceed to your closing to finalize, and get the keys to your dream home.
For our comprehensive homebuyers guide, download our: First-Time Home Buyers Guide.