Whenever you have identified a property of interest, you will wish to make an offer to buy that property.

Bidding and Negotiating

This really is how the bidding procedure generally performs:

Your agent will submit a purchase offer on your behalf towards the seller’s real estate agent, together with the presentation of one’s qualifications. This might be completed orally or in writing.

Don’t forget to inquire concerning the flip tax, as that is sometimes a negotiating point.

The seller may accept or counter your supply as a part of a value negotiation.

Within the case of several bids, your agent will operate with you to structure a “best and final” supply that you are comfortable with.

The conclusion from the method will result in agreement upon the cost, terms and closing date.

You as well as the seller will want to engage capable and experienced New York City-based actual estate attorneys to prepare and overview a contract of sale.

Going to Contract

Once your offer you has been accepted, you may enter the contract stage.

Your attorney will exercising “due diligence” by asking for certain crucial documents in the seller or their managing agent. These typically include:

Proprietary lease or supplying program

The building’s by-laws

Statements on the building’s financial condition

Following your attorney’s review and approval, you may sign the contract of sale. At the signing, it’s standard to present a deposit of 10% in the sale cost.

The contract and deposit are forwarded to the seller’s lawyer, who will receive the seller’s signature.

Your deposit is normally held inside the seller’s attorney’s escrow account till the closing date. Generally, any interest earned follows the principal.

Closing

Using the board’s approval, the final step will be the closing. The closing usually occurs within the office of the building’s managing agent. The exact date must be flexible to accommodate every person (you, the seller, the attorneys, the banks, and also the managing agent). It’s best to enable for any possible delay of up to 30 days in the closing date specified inside the contract.

Your agent will schedule a final walk-through inspection on the property for you, instantly before the closing.