What Happens After Your Offer is Accepted in NYC?

The next step after your offer is accepted on a property in NYC is for the listing agent to prepare and circulate a deal sheet to the buyer, seller attorneys as well as your buyer's agent, if you have one. The deal sheet is a non-binding transaction summary which outlines the proposed terms negotiated between buyer and seller.

Save 2% When Buying in NYC: https://www.hauseit.com/buyer-closing-credit/

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Visit https://hauseit.com, send us an email to team@hauseit.com or give us a call: (888) 494-8258 to learn more. Established 2014.

Save 6% When Selling in NYC: https://www.hauseit.com/agent-assisted-fsbo/
1% Full Service Listing: https://www.hauseit.com/1-percent-full-service/
Hauseit Rental Listing Service: https://www.hauseit.com/rental-listing-service/

Terms outlined on the deal sheet include the purchase price, percentage down any contingencies whether or not you're doing a home inspection and so forth. The deal sheet will also include the details of the building's managing agent, in the case you're buying a condo or co-op.

Now, once the deal sheet is circulated to attorneys. The seller's attorney will prepare a draft contract and writer and send it to your attorney to begin the contract negotiation discussion.

In parallel, your attorney will start what's called buyer due diligence for a condo or co-op. This consists of your attorney reviewing the relevant building documentation, for example, most recent financials, the building's offering plan house rules, sublet rules, sublet application, and fees and so forth and in addition your attorney will typically, also send a questionnaire to management. This questionnaire will ask several pertinent items regarding the specific unit you're buying as well as the building and management will. In due course, send a response which enumerates all of the various items that your attorney's asking about.

So, the combination of your attorney reviewing all these various documents looking at the questionnaire and also looking at the board minutes for reading the condo or co-op board meeting minutes, will start to put together a big comprehensive picture of the apartment you're buying in the building you're buying into.

So, once the contract is completely negotiated and ready to sign your attorney will meet with you to go over the contract and also to go over what he or she has found, as part of the due diligence process, your attorney will typically send you a due diligence report which contains all of the information that they have discovered through the normal course of buyer due diligence. Now, once you've spoken with your attorney and everything is satisfactory, you will then be asked to sign the contract and place an earnest money deposit which in New York City is customarily 10% of the purchase price.

So, in conclusion after you have an accepted offer, a deal sheet is sent out, your attorney reviews the contract, negotiates it with the seller's attorney, and your attorney works on buyer due diligence. When all of this is done, you sign the contract and make a contract deposit at that point, you are fully in contract and ready to move on to the next steps of the process which consists of applying for a loan, as well as obviously completing the condo or co-op board package application if you are buying an apartment among other things, but we'll go into greater detail about those specific parts of the process in another video.
.
.
https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
_
#hauseit #hauseitnyc #hauseitmiami #hauseitsouthflorida #hauseitlongisland #hauseithudsonvalley #hauseitwestchester #hauseitrealestate #hauseitre