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MsLawyerNY


www.MsLawyerNY.com

 

 

THE LAW OFFICES OF RUTH GURSKY

 


 

 

WHEN YOU NEED LEGAL ADVICE
ON BUYING OR SELLING A HOME
CALL
RUTH GURSKY !
212-741-4445

    
    



   Apartment Buying  101

 

 

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F
inding the Apartment:

This can take a day or year, depending on your circumstances. 

What you need to do:

Talk with a mortgage broker or banker to see how much of a loan you qualify for - AND - select an attorney familiar with the New York real estate market. (RUTH M. GURSKY, ESQ., at your service!) 

The Negotiation:

After finding the apartment you like, the Buyer makes the "first offer."  The Seller may make a "counter-offer", and negotiations continue, until you and the Seller arrive at an "accepted offer." 

The Contract of Sale:

After agreeing on the price, the Seller's attorney prepares the Contract of Sale and sends it to your attorney.  Your attorney then reviews it, arranges for you to sign it and forwards the Contract and your down payment check to the Seller's attorney.  After the Seller signs the Contract, it becomes binding upon both parties. 

What you need to do:

When you receive the fully signed Contract of Sale from your attorney, submit a copy, along with your completed loan application, to your mortgage broker or banker.  Once your loan is approved, you will receive a loan commitment letter - notify your attorney when you receive your loan commitment. 

The Board Package & Interview:

Co-op boards (and some condo associations) require financial and personal information from you and a personal interview.  Condo associations generally do not require an interview.
 

The Closing:

Usually takes place at the office of the co-op's attorney or managing agent (or an agreed-upon location for a condo).  Your attorney will provide you with a list of checks needed for the closing in advance.  Bring photo ID.  After all documents have been signed and checks exchanged, you will receive the keys to your new home!  

GOOD LUCK
...and now that you’re a homeowner, you should consider preparing a Will!  
Check out my mini-book, ESTATE PLANNING 101

Buying a co-op or condo apartment entails numerous steps – and lots of patience!