ELIKA buyer roadmap · New York City
Investigate the building before the contract becomes binding.
Due diligence tests the legal, financial and operating context around the apartment—not only the apartment itself.
What this stage accomplishes
The contract review is where an accepted offer becomes an informed commitment.
After acceptance, the brokers circulate a deal sheet and the seller’s attorney sends the draft contract and available property documents to the buyer’s attorney. Counsel reviews the contract, negotiates the rider and investigates the property and building.
If the buyer signs, the customary contract deposit—often 10% in a New York resale—is delivered as the attorney directs. The seller’s countersignature creates the binding contract, subject to its negotiated terms and contingencies.
Attorney review
What the file may need to answer.
Legal structure
Offering plan or proprietary documents, amendments, bylaws, house rules, title or lien matters and the authority to transfer.
Building finances
Financial statements, budget, reserves, debt, assessments, arrears, insurance and significant capital projects.
Operations and history
Board minutes, managing-agent responses, violations, litigation, leaks, complaints and recurring maintenance concerns.
Contract terms
Financing, closing timing, included property, representations, defaults, risk allocation and any negotiated repair arrangement.
Contract path
From deal sheet to executed contract.
- 01Deal sheet circulated.
The brokers summarize the agreed business terms and professional contacts.
- 02Draft contract delivered.
The seller’s attorney provides the draft and available due-diligence materials.
- 03Review and negotiation.
The buyer’s attorney investigates, raises issues and negotiates the contract and rider.
- 04Buyer signs and funds deposit.
Execution and deposit follow the attorney’s instructions once the buyer approves proceeding.
- 05Seller countersigns.
The fully executed contract is returned and the transaction moves into financing, application and closing work.
The ELIKA buyer advantage
Advice aligned to one side: yours.
ELIKA supports the attorney’s legal review with transaction context, building knowledge, offer history and coordination among the buyer, lender, managing agent and seller’s side.
Private buyer representation
Build the right plan before the next decision.
Contract and diligence
Connect the contract terms to what the building and property records reveal.
An accepted offer does not complete the investigation. Counsel examines the property and building, resolves material questions and negotiates the contract and rider before signing.
Confirm the asset being purchased.
Review title or lien matters, legal use, alterations, violations, included items, known condition issues and other property-specific records.
Evaluate the shared risk.
Examine offering or proprietary documents, financials, reserves, debt, assessments, insurance, minutes, litigation and applicable policies.
Allocate risk in writing.
Coordinate financing, timing, defaults, repairs, representations, deposit, closing obligations and property-specific riders with the findings from diligence.
Core diligence materials
- Deal sheet and draft contract
- Property-specific contract rider
- Offering plan or proprietary lease
- Building financial statements and budget
- Board or shareholder meeting minutes
- Managing-agent or lender questionnaires
- Title, lien and other relevant searches
- Insurance, litigation and violation information
The contract is transaction-specific
Do not rely on an old explanation of a “standard” clause or rider. Deposit amount, diligence timing, financing protection, representations and remedies are not universal; the buyer’s attorney should interpret and negotiate the actual documents.