NYC Buyer’s Guide
At Trig Realty, we look forward to sharing our knowledge and experience with you. The “TRIG APPROACH” to real estate means helping to get you ready to purchase your property, whether a co-op or condominium.
The Early Steps
Your agent will guide you to complete the following
1. New York State Disclosure form. This is a required form, which is not a contract. It is required by New York State and explains our fiduciary duties to you. You must review and sign this form before we work with you. You will be (or should be) asked to review/sign this form by each agent you may work with.
2.REBNY (Real Estate Board of New York) Financial Statement
It’s important to get your financials ready prior to finding your next property.
3.Pre-approval letter for mortgage (if financing)
Note that if you are planning for an immediate purchase you should be “pre-approved” for your loan and not “pre-qualified”
4. LET’S GET ROLLING! We will meet with you or speak with you about your real estate needs.
5. GETTING CLOSER! As you get closer to making a purchase, you will want to start interviewing real estate attorneys in New York City. A real estate attorney is required in all property transactions in New York City.
6. Make an offer. Offers are generally made orally in New York City. When you have found the right property, your agent will convey your offer to the seller’s agent or seller directly. The seller may return a “counter offer. ” This starts a negotiation process that may lead to a “meeting of the minds,” at which point price, terms, and closing date have been agreed upon.
7. Letters of reference: If you are planning to purchase a co-op, you will want to think about securing letters of reference. Your agent can guide you.
8. Contract of Sale. The seller’s attorney prepares of a contract of sale. Your attorney (buyer’s) should examine the financial condition of the building that you are interested to purchase. After he/she attorney concludes that the financial condition is satisfactory, that the by-laws of the building are acceptable, and that the contract of sale is also acceptable, your attorney will allow you to sign the contract.
9. Deposit of 10% of the purchase price. The contract plus the deposit will then be forwarded to the seller for signature . This money will be held in the seller’s attorney’s escrow account until closing. It is important to note that until all parties have signed the contract, and it has been delivered, the seller can entertain and accept other offers.
LOANS: If financing, you will move forward with your loan application.
- APPLICATION: The application materials can be similar for a cooperative and condominium. However, the process is different. You will need to complete all of the required materials which typically include: an application, a financial statement signed by a CPA, all requisite support for your financial statement, three years of tax returns, bank statements, letters of personal and financial reference, letters of professional reference, the contract of sale, bank documents (if financing) indicating that your loan is in place, etc. Aren’t you glad that TRIG REALTY prepared you (see above).
- We will forward the package to the Board of Directors. No applications will be accepted by a Managing Agent unless they are complete.
- If your application meets initial approval, you will be invited to be interviewed by the Board or by an interviewing committee (Co-ops). Treat this as a business meeting. In the case of a condominium, there is generally no formal interview. Your application will be reviewed, and if all required materials are included and in order, an approval is typically granted.
- After approval by the Board, you are ready to begin planning for a closing.