STEP-BY-STEP GUIDE

Step 1: Financing and Budget

We suggest that buyers get pre-qualified or pre-approved prior to looking at any property.

Pre-qualification is often seen as the first step in the mortgage process, followed by pre-approval. With pre-qualification, you’ll supply an overview of your financial history to the lender, including income, assets, debts, and credit score. The lender will review this information to give you an estimate of what amount you would qualify for. Mortgage pre-qualification doesn’t always require documentation of your financial history; it can often be self-reported. Mortgage pre-approval is very similar, but it usually requires documentation and verification of your income, assets, and debts. A credit check will probably be required as well and that will result in a hard inquiry on your credit report.

Budget: Location, size, amenities, building type, school locations and nearness to public transportation are crucial in determining what a property will cost.

Step 2: REBNY Financial Statement

This form, along with the Pre-Approval letter, is needed when an offer for the purchase of an apartment is submitted. We would like to get you completely ready to put an offer as soon as you identify your dream home. It is best to have the REBNY Financial Statement Form filled out prior to looking at any properties.

Step 3: Attorney 

Please interview and find a Real Estate Attorney that you like. We recommend that you choose an attorney who specializes in the area/neighborhood of your desired property. You may need an attorney rather quickly after submitting an offer for an apartment as things may move fast.

Step 4: Location

Choosing the right neighborhood/area is very important as you most likely will spend a considerable amount of time living there. Many people choose a home based on how close it is to their job, school, friends, and family.  

Step 5: Type of Property

The next step is to determine what type of property you would like to purchase. Your budget will probably help you determine what type of building would be the best fit. For a condominium, co-op or a cond-op description and details/differences please check below*

Step 6: Timing

What is your time frame?

Condominium transactions usually take less time to close and co-op transactions normally take a little longer.

If you are renting, it is good to talk to your landlord a little bit in advance and give them fair notice.

Step 7: Preview

Prepare a list of apartments/properties with your agent. Visit as many as you can so that you make an educated decision.

Step 8: Offer

Your Luxury Apartments LIC agent will help you formulate and submit the Formal Purchase Offer for the property you like.

Step 9: Negotiate

Negotiate the terms. Your Luxury Apartments LIC agent will help you with this step and will negotiate the terms with the Seller and/or the Seller’s agent(s).

Step 10: Due Diligence

Your Luxury Apartments LIC agent will request the building's Offering Plan, the 2 most recent years financials and board package requirements for you and your attorney and/or CPA to review. Seller’s and buyer’s attorneys will then further negotiate and finalize the contract.

Step 11: Sign the Contract

Buyer and seller sign the contract and buyer submits a deposit check (typically 10% of the purchase price).

Step 12: Loan and Insurance

Buyer now needs to apply for mortgage, title insurance, and appraisal.

Step 13: Board Package

Prepare and submit the board package. For Co-ops: schedule a board interview.

Step 14: Schedule Closing Date

Step 15: Final Walk-Through

Your next step is a final walk-through of the property, arranged by your real estate agent. The goal is to ensure the property’s condition hasn’t changed since your last visit, that any agreed-upon repairs have been made and that the terms of your contract are met. A walk-through may be informal or more formal.

Step 16: Close and CELEBRATE!