Fernando Branco, Principal Broker
c: 212-321-0115 - e: firstname.lastname@example.org -
Fernando Branco Realty - 162 Huntington St, Brooklyn NY 11231
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The NYC Real Estate Purchase Process Explained: A Timeline Estimation of a Coop Purchase From Offer to Closing
Client's Email and Question:
Thank you very much for showing us the 2 apartments today.
Svitolina and I discussed our options this evening based on what we saw and decided that we'll wait until the end of April to bid on an apartment in the $1.4MM range in the hope that we can get something larger and in better condition.
We liked both apartments today but think we'd have trouble with the small kitchens and small bathrooms in both. And we could use a little more space overall.
If we're aiming to submit a board package at the end of April, when would it make sense for us to start spending more time on our search? Perhaps early next year?
"Good evening, Stephanos and Svitolina.
Thank you. It was a pleasure to meet the two of you and also your baby, Sasha.
Here's an estimate of a transaction timeline for you.
1) From making an offer to having an accepted offer: 1 week
2) Contract (due diligence / discovery phase / signing of contract) phase: 5 - 12 business days
3) Preparing the package and also securing a mortgage commitment (filling up docs / submitting supporting docs for mortgage & board package/assembling board package/waiting for mortgage commitment letter / submitting Board package): 4-8 Weeks
4) Review and partial approval of board package/invitation for interview: 4-6 weeks
5) Interview and board response to the application: Less than 1 week
6) Notice to closing till closing: 1-2 weeks.
So if everything were to go nice, straightforward, and fast I'd say 6 weeks from starting an offer, to be ready to submit a board package with a mortgage commitment, but that is in a very fast.
That being said there are a few things to keep in mind:
- You can't be sure you will find the right place immediately when you are ready to make your move.
- I would say that we should step up our efforts with the property search right after the Holidays.
- But, I would also like to mention the value of being aware and educated about how your market is behaving. I will start a search based on the criteria we discussed, and I will create an online listings portfolio for you. I believe it would be a great idea for us to keep an eye on the listings (and their prices) from now till then, and definitely go tour the ones you find potentially suitable.
What are your thoughts about this?
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Legal Line Question of the Week - REBNY Transfer Taxes and Grossed up Consideration I represent the prospective purchaser of a new construction condominium unit. In speaking with the sales office for the sponsor, I was informed that my purchaser is responsible for paying both the New York City and New York State transfer taxes. I thought that the obligation to pay transfer taxes was the r esponsibility of the seller. Can you please explain? Generally, when real property (or a co-op apartment) is sold in New York City, the seller is responsible for paying both the New York State and New York City transfer taxes. In residential real estate transactions where the purchase price is greater than $500,000, the New York City transfer tax equals 1.425% of the purchase price (and where the purchase price is $500,000 or below, the New York City transfer tax is 1% of the purchase price). The New York State transfer tax is .4% of the purchase price. New Yo