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What is the Process to Buy a Condo in New York City

added by Jonathan D on January 13, 2013
What is the Process to Buy a Condo in New York City

What is the Process to Buy a Condo in New York City
The process to buy a condo in New York City is similar, in many aspects, to purchasing real estate in locales across the country. The Big Apple always does things a little bit different however, and purchasing a condo is no exception.

Where to Live? The Choices are EndlessTalk to a Local Broker

In a city of over 8 million inhabitants, there are literally thousands upon thousands of properties that are available for sale at any given time. Those listings are constantly rotating – some are sold or taken off the market and new ones are added – giving condo buyers a huge selection of properties to choose from when looking for the perfect condo. First, look at your budget and housing needs and decide which borough is ideal for you. From there you can narrow the hunt down to a specific neighborhood. Don’t worry – there are properties for sale everywhere, and knowing exactly what you want will make the condo search much easier.

Talk to a Local Broker

NYC real estate is so fast paced and complex that brokers specialize in specific regions of the city rather than trying to focus on the market as a whole. Meet with a broker who excels in finding properties where you want to live. Their knowledge of the local market is essential in finding available listings at a fair price.

You’ve Found Your Condo. Now What?You’ve Found Your Condo. Now What?

You’ve fallen in love with a building and want to make an offer on a condo. What now? Due to the complex nature of real estate transactions in New York City, a few things will happen:

  • 1. Your agent will assist you in negotiating amicable terms with the seller.
  • 2. You will need to hire a local real estate lawyer to examine the sales contract to ensure that your best interests are looked out for.
  • 3. Some condominium buildings (and almost all co-ops) will require approval from the board of directors for the sale – this sometimes means a face-to-face meeting with their selection panel.
  • 4. After your agent and lawyer work through all of the research and financial aspects of the property and sale, you will work with a title company to handle the transfer of the deed to you and the purchase money to the seller.

What is the Process to Buy a Condo in New York City
The process to buy a condo in New York City is similar, in many aspects, to purchasing real estate in locales across the country. The Big Apple always does things a little bit different however, and purchasing a condo is no exception.

Where to Live? The Choices are EndlessTalk to a Local Broker

In a city of over 8 million inhabitants, there are literally thousands upon thousands of properties that are available for sale at any given time. Those listings are constantly rotating – some are sold or taken off the market and new ones are added – giving condo buyers a huge selection of properties to choose from when looking for the perfect condo. First, look at your budget and housing needs and decide which borough is ideal for you. From there you can narrow the hunt down to a specific neighborhood. Don’t worry – there are properties for sale everywhere, and knowing exactly what you want will make the condo search much easier.

Talk to a Local Broker

NYC real estate is so fast paced and complex that brokers specialize in specific regions of the city rather than trying to focus on the market as a whole. Meet with a broker who excels in finding properties where you want to live. Their knowledge of the local market is essential in finding available listings at a fair price.

You’ve Found Your Condo. Now What?You’ve Found Your Condo. Now What?

You’ve fallen in love with a building and want to make an offer on a condo. What now? Due to the complex nature of real estate transactions in New York City, a few things will happen:

  • 1. Your agent will assist you in negotiating amicable terms with the seller.
  • 2. You will need to hire a local real estate lawyer to examine the sales contract to ensure that your best interests are looked out for.
  • 3. Some condominium buildings (and almost all co-ops) will require approval from the board of directors for the sale – this sometimes means a face-to-face meeting with their selection panel.
  • 4. After your agent and lawyer work through all of the research and financial aspects of the property and sale, you will work with a title company to handle the transfer of the deed to you and the purchase money to the seller.

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