Buyer’s Guide
Begin your journey towards ownership in NYC!
Purchasing in NYC
New York City can be one of the most difficult cities to navigate when shopping for a property. We understand the importance in building a strategic approach tailored to your needs and passions. Our team and industry partners will walk you through every step of the process regardless of whether you are buying your first home, an entire building, an investment asset, or even a commercial space. Buy well and be well.
Owning a home or investment in NYC can provide not only long-term stability and lifestyle security, but offers many financial benefits as well:
Appreciation in equity (vs constant increases in rent)
Debt reduction (in the case of gradual mortgage payoff)
Potential Tax Deductions
Depreciation (for investments)
We are excited to help you through this journey and hope the information below helps you understand the key steps in your purchase.
TOP 5 TIPS FOR BUYERS
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Choose a real estate agent carefully as this person will be the most important advisor in your search.
You will spend considerable time with this person so, in addition to knowledge and experience, trust and fit are key qualities you should seek. Upon engaging the services of an agent to represent you in the purchase of a property, you must enter into a written agreement outlining how much the agent will be compensated for their work and how they will be paid. An offer of compensation from the Seller to the buyer’s agent is not required and the Seller will disclose and/or negotiate an offer of a commission, if any, to a buyer’s agent; you should ensure however that you have a written compensation agreement with your agent.
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Before you begin searching for your property, get pre-approved for a mortgage with a bank and/or a mortgage broker so you have a clear understanding of your budget. Your real estate agent can provide recommendations of trusted lender contacts.
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New York is an attorney state so you will need to hire a New York City real estate attorney to represent you in the purchase. Your real estate agent will provide recommendations of competent, experienced attorneys from whom you can choose.
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Educate yourself on the market by speaking with your real estate agent about property values in different neighborhoods and the differences between cooperatives and condominiums. Take advantage of publicly available information to research recent sales of comparable properties, and visit open houses in addition to those properties introduced by your real estate agent to get up to speed on the current market.
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Once you find a home you are interested in be sure to do your due diligence. Your real estate agent will help you obtain information about the building’s financial condition as well as any renovation or major repairs that may have been done to the property itself and the building. Building policies on financing, pied à terre and subletting vary considerably, and can affect property values.
KEY STEPS
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Spend time with your real estate agent, financial team, and legal team so that we can understand your goals and develop a strategy to move you in the right direction. There are a lot of nuances that become critical when considering not only the best location but the type of real estate (legal and physical) structure you want to pursue. Qualifying for a $1,000,000 home in one building may not be the same as qualifying for a $1,000,000 home in another.
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The timeframe for finding your home will vary depending on availability, and can range from one week to many months. It is best to give yourself plenty of time, two to three months if possible. Come up with your top three criteria for your ideal home, for example: neighborhood, building type, particular view, exposure, or amenities, and make sure to communicate these to your real estate agent. If you have pets or require specific services, be sure to let your real estate agent know that, too.
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Once you have identified the property you want to purchase, your real estate agent will guide you through the negotiation. While price is paramount, there are other important terms to consider including timing for close and contingencies for financing and board approval. Be prepared to negotiate all of these terms and use them to your advantage.
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Once you have agreed to terms with the seller, your attorney will negotiate the terms of the contract with the seller’s attorney, who prepares the contract of sale. At the same time, your attorney will conduct due diligence on the building in which the property is located, specifically reviewing the financial condition of the building, by-laws, and minutes of the board meetings, among other items. When your attorney has completed these steps and advised that the deal is sound, you will sign the contract and return it to the seller’s attorney with a down payment (typically 10% of the purchase price). The seller will then countersign whereupon you have a binding contract. Until both parties have signed the contract, neither party is bound to the transaction so it is very important that all parties act quickly and in good faith toward contract execution.
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If you are financing, you will need to finalize your loan application in order to obtain a loan commitment. This will require submission of substantial paperwork including proof of income and assets; bank statements for all accounts; two to three years of tax returns; reference letters; and the loan commitment as well as other bank documents related to mortgage financing.
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Item deNearly all cooperative and condominium buildings require buyers to submit a purchase application, aka a “board package,” for review and approval by the board of directors. Your real estate agent will guide and advise you through this process and assemble the package on your behalf. The required materials typically include the completed application; a financial statement detailing income, assets and liabilities together with substantiating documents including bank statements for all accounts; two to three years of tax returns; reference letters; and the loan commitment as well as other bank documents related to mortgage financing.
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Once the board package is complete, your real estate agent will submit it to the building’s managing agent for initial review. It is then sent to the building’s Board of Directors for final review. If you are purchasing in a cooperative, the Board will then decide whether to grant you an interview which is the final step in the approval process. Your real estate agent will instruct you on how to prepare for the interview. If you are buying a condominium, a board interview is not typically required.
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Once board approval is secured, your real estate agent and attorney will take the required steps to schedule closing. There are often many parties involved in the closing so it typically takes at minimum one to two weeks following approval for closing. In total, the process from accepted offer to close can take between 30 and 90 days. Speak with your real estate agent and attorney to establish the budget for closing costs. Prior to closing you should also secure homeowner’s insurance for your new home.
CLOSING COSTS
As closing costs can be significant, it is important to have an understanding of them as you plan for your sale. These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
Our Process
Plan with Purpose
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Plan with Purpose
Every project is different. We stay flexible and responsive to make sure the process fits your flow—not the other way around.
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