TIMING
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Typical Time Frame from the time an apartment is found, to the time an apartment closes: 3-5 mos.
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SEEK PRE APPROVAL FOR A MORTGAGE:
Typical time frame: 1 - 2 days
You
must know how much you can spend before you spend it. Condominium
apartments require at least 10% down; cooperative apartments generally
require at least 25% down. However, every building is different. 15% of
Manhattan's buildings are condominium buildings and the other 85% are
cooperatives.
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FIND AN APARTMENT:
Typical time frame: 3-6 months
Depending
on what you are looking for, the length of your search will vary. The
average person sees 20-25 apartments before deciding on one.
Internet-savvy buyers save time by doing their 'homework' before their
search. The average number of apartments viewed before buying by our
internet buyers is 4-5.
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NEGOTIATE ON THE APARTMENT:
Typical time frame: 3 days to 2 weeks
Everything
is negotiable so inquire about assessments, fixtures, window
replacements, air conditioners, rugs, floors, curtains, appliances,
working fireplaces, washer dryers, etc. Apartments are delivered 'swept
clean'.
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SIGN A CONTRACT:
Typical time frame: 1-3 weeks
Generally,
in a sales transaction, a New York City real estate attorney represents
each buyer and seller. The seller's attorney draws up the contract for
the buyer's attorney; the buyer's attorney does 'due diligence'-reading
minutes, financial statements of buildings etc. The buyers sign the
contract and forward the contract with a 10% deposit; the sellers
execute the contract. Possible contingencies: Financing, Board
Approval, closing dates. (See our list of closing costs associated with
buying and selling condominiums and cooperatives.) The quicker the
contract can be signed, the better. A contract is binding only after
both parties sign it.
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APPLY FOR A MORTGAGE:
Receive Commitment Letter from Lender.
Typical time frame: 6 - 9 weeks
Mortgage
applications cannot be processed without an executed contract. If an
apartment is being financed, the board requires a commitment letter
from a lender. These letters are generally the last items to complete a
board package/condo application.
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COMPLETE A BOARD PACKAGE OR A CONDOMINIUM APPLICATION:
Typical time frame: 3 - 9 weeks
Cooperative
apartment buildings require board approval before a closing can take
place. Condominiums require an information packet to be completed
before a closing can take place. In order to review a potential
purchaser, the Board of Directors for a Coop demand extensive
information in a Board Package. Most Boards request the following
information: full financial disclosure (net worth) with supporting
documentation, employment history, current salary, personal and
business references, tax returns for the previous 3 years, credit
history, etc. If a purchaser cannot or does not want to supply this
information, he/she should buy a condominium. Board packages/Condo
applications are given to potential purchasers to fill out after a
contract has been executed. If there is no financing, it usually takes
about 2-4 weeks to gather the information for the board condominium
application.
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SUBMIT BOARD PACKAGE OR CONDO APPLICATION FOR THE MANAGING AGENT'S REVIEW:
Typical time frame: 1-4 weeks
After
the buyer's real estate agent completes the Board package, he/she will
forward the package to the managing agent of the building. The managing
agent will inspect the package to ensure it is complete. The package
will then be forwarded to the Board of Director's of the Coop. After
the Board reviews the package, they will decide if they would like to
meet the potential purchaser.
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MEET THE CO-OP BOARD FOR AN INTERVIEW:
Typical time frame: 30 minutes - 1 hour
Coop
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.
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RECEIVE APPROVAL FROM BOARD:
Typical time frame: 1 day - 1 week after board interview
The managing agent will generally alert the seller's broker whether a potential purchaser has passed the board.
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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.
Typical Time Frame from the time an apartment is found, to the time an apartment closes: 3-5 mos.
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New
York Brokerage:
379 West Broadway
Second Floor
Ny, NY 10012
>View Map |
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