Buyers Guide

1 Make a detailed list of your needs and place them in order of your level of importance. By doing so, your agent will be able to choose properties that line up with your budget and specific needs and desires.

2 After reviewing your priority list, the agent will conduct extensive research in our exclusive database and present you with a variety of properties to choose from. Next.. arrange a time for you to view them.

3 In today’s competitive market the buyer with a pre-approved mortgage letter has a greater chance of winning their dream home. Obtaining a pre-approval letter from a bank or mortgage broker may be required with an offer to purchase if financing is a condition.

4 Once you have identified your ideal property, your agent will submit an offer letter to the sellers agent on your behalf.  The offer letter will include detailed information regarding the purchase and the terms of the sale as well as your general financial statement.

5 Upon completing all negotiations, the agent will work with the seller’s agent to prepare the offer or your lawyer can as the agent will provide a “deal sheet”.

6  Alternatively your own agent can also prepare the offer.   

7 Be sure to have access to a deposit check (typically 3-10% of the purchase price). 

8 The listing agent or the sellers attorney will hold the deposit in their Trust account until the official closing of sale.

9 Once signed by the seller, the contract is considered fully executed and binding. Generally, this process should take hours to one week, but this depends on the review of the offering plan.

1 0 As soon as the contract is fully executed, you must immediately forward to your mortgage broker or bank, and complete the mortgage application. The approval process usually takes between afew days to complete. 

11  Your agent will assist you in completing the offer.  Your responsibility is to obtain all required documents including financial statements, tax returns and reference letters required by your lender.   

12 IF YOU ARE PURCHASING A COOP

Once your offer has been reviewed, you may be contacted by the Board of Directors of the building. Once the board approves your purchase, your attorney will begin scheduling the closing.

1 3 Prior to closing, you and your real estate agent will walk through the purchased propert to ensure that everything is in working order.

1 4  The lawyers will schedule times to meet to sign the required documentations which they will provide you with a closing cost document.

Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.