Buyer's Guide

Clean up your Credit

Credit scores help banks evaluate the risk of lending to individuals. Use a reputable website to access your credit details without damaging your score and explore ways to improve it, if necessary.

Calculate your Savings

Expect to pay as much as 20% of the sale price for a down payment, along with associated closing costs. For a complete breakdown of costs, refer to the section on “Closing Costs” and connect with your real estate attorney.

Get Pre-Qualified

To help you estimate your price range, a loan officer will inquire about your employment status, income, assets, debts and projected down payment to determine if you qualify for a loan and at what amount.

Get Pre-Approved

After getting pre-qualified, you can work with a lending institution to receive a pre-approved loan statement (typically valid for 60 days), which estimates the amount that you will be able to borrow. You will be asked to submit additional financial documents, including pay stubs, bank statements and tax returns.

As you begin your search, your agent will help bring your vision
of home into clearer focus by surveying the market landscape, setting parameters based on price, location and inventory, and establishing an initial timeline.

The housing stock in New York City primarily consists of cooperatively-owned buildings, condominium buildings and, to a lesser extent, townhouses. Co-ops account for approximately 75% of available NYC apartments at any given time. Condos make up the bulk of the remainder, while townhouses represent around 2%.

FROM OFFER TO CONTRACT

Making an offer and signing a contract are pivotal moments when leveraging your agent’s skills and knowledge is especially critical.

Negotiating the Offer

Your agent will help you determine an appropriate offer amount and terms, and will convey the offer to the seller (via the seller’s agent or directly) and prepare to negotiate the best possible price, terms and closing date.

Reviewing the Terms

Your attorney will examine the contract of sale, by-laws and financial condition of the building to conclude that everything is satisfactory before you sign.

Signing the Contract

Upon signing, the contract and deposit (typically 10% but up to 20% of the offer price) will be safeguarded in an escrow account until closing. Keep in mind that the seller can still entertain and accept other offers until the contract is fully executed.

At this stage of the buying journey, your agent will help you assemble the remaining documents and finalize the necessary approvals.

Loan Application

Once your application is complete, your financial institution will schedule a third-party appraisal to verify the value of the property.

Board Application (If Applicable)

In addition to helping you assemble your bank statements, tax returns and letters of reference (personal, professional and financial), your agent will help you navigate the nuances of winning board approval.

Scheduling the Close

Once you’ve received approval (if applicable) and the bank provides clearance to close, your agent will coordinate a final walk-through and closing date.

Consult your attorney

$750-$1,000

$350-$650

$330-$500

$500-$2,000

$45-$100+

$650-$1,000

2-6 Months

Appr. $1,200-$1,700
Deed Fee (Nassau) - $200 verification fee + $355 per block
Deed Fee (Suffolk) - $200 per lot per document
Verification Fee (Nassau) - $355 per instrument, per block
Verification Fee (Suffolk) - $200 per instrument, per block
Mortgage Fee (Suffolk) - $300 per mortgage or mortgage type doc.

$250-$750

Variable by transation

Variable by transation

$350-$500

An amount equal to 1 -2 months common charges

Varies building to building, consult your agent

Pro-rates for the month closing

Equal interest for the balance of month in which you close

Consult your attorney

$750+

$350+

$330+

$500-$2,000

$45-$100+

$750-$1,000

2-6 Months

Refer Closing Costs: Condominium Apartments

$250-$750

Variable by transation

Variable by transation