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1.Mortgage Pre-Approval:
Typical Time frame: 1 - 2 days
A mortgage professional, preferably one who specializes in Manhattan real estate, will calculate your financials so you can determine what you can afford. Though each building is different, typically purchasing a condominium will require at least 10% down, and a cooperative will require at least 25% down.
2. Find an apartment:
Typical Time frame: 1week - 6 months
Though the search time is highly variable, the average person sees 10-25 apartments before choosing one. Savvy buyers use the internet as a highly effective resource. Individuals who conduct a bulk of their research online typically view only 4-5 properties before deciding.
3. Negotiations:
Typical Time frame: 1 hour to 2 weeks
Once you decide to make an offer on a property, some items in the apartment may be negotiable – from rugs and curtains to washer/dryers, light fixtures and appliances. Apartments are delivered "swept clean".
4. Sign a Contract:
Typical Time frame: 1 - 2 weeks
It is customary for a real estate attorney to represent each buyer and seller. The seller’s attorney draws up the contract to be examined by the buyer’s attorney. Upon agreement, the buyers sign the contract and send a check for the down-payment. The contract is binding only after the contract is signed by both parties.
5. Apply for and get a mortgage:
Typical time frame: 3 days - 4 weeks
Once the contract is executed, a commitment letter from the lender must confirm mortgage approval. The Board requires this proof of financing as part of the application package.
6. Complete a Co-op or Condo Board Package:
Typical time frame: 1 - 4 weeks
Cooperative apartment buildings require a complete Board package to be approved and an interview to be conducted before a closing can take place. Condominiums only require a complete Board package to be approved, an interview is not usually required. In order to review a potential purchaser, the Board of Directors for a Coop demand extensive information in a Board Package. Your agent will guide you through all of the requisite materials, ensuring that all materials needed are complete and in order. He/she will then forward the package to the managing agent of the building. The managing agent will inspect the package to ensure it is complete and forward it to the Board of Directors, who will then decide to interview (or reject) the applicant based on the "package."
8. If purchasing a Co-op: Board Interview
Typical time frame: 30 minutes - 1 hour
Co-op boards typically meet once a month, and some Boards do not meet in August. Every Board is different, but generally, a Board meeting will be held in the evening on a weeknight. Although a board interview may be granted, this does not guarantee board approval.
9. Receive Approval from Board:
Typical time frame: 1 day - 1 week after board interview
The managing agent will generally alert the seller's broker when a potential buyer has passed the board.
10. Schedule a Closing:
Typical time frame: 1 - 2 weeks after board approval
Managing agents generally set the date for closings, and lawyers for sellers and buyers coordinate with the appropriate banks on available dates and times.
11. Closing: Typical time frame: 1 - 2 hours
Possible delays in the process may occur due to financing, Board approval, or closing date discrepancies. With the help of your Kurland agent, such contingencies are likely to be avoided through apt preparation. |
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20 W 23RD St, 5th Fl • NY, NY 10010 • (212) 370-0898 Ph • (212) 686-3220 Fax
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