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Buyer’s Guide |
Talk to a Mortgage Professional. Klaber Realty Group can recommend someone.
Prior to searching for properties, one should know what they can afford.
Based on your financial background, a mortgage professional can determine
what you can spend on your new property. There is no cost or obligation
for this service until you actually apply for a loan.
Retain an Attorney.
Brokers in New York City do not prepare contracts.
You must hire a real estate attorney. It is important to hire an experienced attorney who
specializes in the laws of New York City real estate. Your attorney will review the contract,
the property financial condition, the board minutes and the building’s by-laws.
Look at Properties. Most buyers look at numerous properties prior to making a decision on
a purchase. Klaber Realty Group will assist you in scheduling as many appointments as possible
while focusing your search on properties that suite your specific criteria.
Make an Offer. Once Klaber Realty Group finds you the right property,
you will be ready to make a verbal offer. The seller may make a “counter offer” and the
negotiation process begins until an agreement is reached. Klaber Realty Group will assist you
and report back to you at every stage of this process.
Sign the Contract. Once your attorney has reviewed the necessary paperwork
and property conditions, you will be ready to sign a contract.
At this point, you execute the contract and deposit 10% of the sales price into the sellers'
attorney escrow account. The seller is still free to entertain and accept other offers until
he/she executes the contract.
Gather your Financial Documents and References. For your loan application
and your board application, in the event of purchasing a co-op, you will need to supply
financial documentation. Most common types of documentation include 2-3 years of tax returns,
bank and investment statements, business references, and personal reference letters.
Submit Board Package. In many instances, the buyer will be required to submit
a package to the board of the building where the property is located for approval before a sale
can be completed. Once your package has been completed, Klaber Realty Group will review it prior
to submission. Only then will your package be submitted for board review.
Meet the Board of Directors (co-op only). Klaber Realty Group will assist you
in preparing and scheduling an interview for you to meet the board. This board interview is a
serious matter and can determine your ability to purchase the property in question.
You should arrive promptly and dress appropriately. Answer only the questions you are
asked without volunteering extra information. Board decisions can be given immediately or
take up to 1-week from the interview date.
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