What is the Purchase Process?

Moving from contract to closing

Purchasing a co-op or a condo in Manhattan are very similar.

1. Offers are made orally in New York City

2. The seller may "counter" your offer.

3. The negotiation process will eventually lead to a "meeting of the minds," (price, terms, & closing date have been agreed upon).

4. Contact a real estate attorney familiar with real estate in NYC to represent you.

5. You will sign the contract. A deposit of 10% of the purchase price is required. 
   (It is important to note that until all parties have signed the contract, & it has been delivered, the seller can still entertain & accept other offers.)

6. If financing, you should move forward with your loan application.

7. Complete required materials for board requirements & application, aka "board package".
   Typically included are:  an application, a financial statement signed by a CPA , all requisite support for your financial statement, 3 years of tax returns, bank statements, letters of personal & financial reference, letters of professional reference, the contract of sale, bank documents (if financing) indicating that your loan is in place, etc.

8. Complete "package" will be forwarded to the managing agent for review. No applications will be accepted by a Managing Agent unless they are complete.

9. For a coop, interview by the Board or an interviewing committee will be required. Take this meeting seriously. It should be treated as a business meeting.

10. After approval by the Board, you are ready to begin planning for a closing.

11. For condominium, there is generally no formal interview. The application will be reviewed, & if all required materials are included & in order, an approval is typically granted.

The entire process can move quickly in a condominium, & assuming a loan can be secured in a timely fashion, one can move from contract to closing in about 60 days. However, the cooperative process is more involved, & 60 to 90 plus days is not unusual.