Fernando Branco, Real Estate 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: OFFER TO PURCHASE - Client question about moving forward with an offer
Client question about moving forward with an offer:
Good morning, Mr Hong.
In order to proceed, you have to prepare and present your financial statement to the sellers, for your offer to be accepted.
Then, after the offer is accepted, the terms of the offer are sent to the Sellers attorney who prepares the contract of sale, so it can be sent out to your attorney.
In NYC, you must have legal representation by an attorney, who will review the contract for you to make sure there are no issues or legal traps for you, the buyer, and also to review the building financials and legal docs to make sure the building ( coop) and the unit itself are sound and safe for your purchase.
I have names of fantastic and reasonable attorneys for you.
We can certainly ask for a closing date that works for you and your father, and the contract would reflect that.
After the contract is fully signed ( by you, the buyer, and then, by the sellers) we have to prepare a purchase application ( the board package) to be submitted to coop Board members.
Your application will be reviewed by them, and if they like what they see in it, they (the coop hoard members) will schedule and invite you for a personal interview, so they can meet you in person and get to know you a bit.
After that interview, the coop board members will let us know if they approve your application to buy the coop unit.
This process usually takes about 2-3 months.
I would have preferred to have told you this during a personal meeting or at least through a phone call but since you seemed to be too busy, I figured I tell you this now, so you can understand a bit more about the purchase process.
Let me know if you have any questions.
Thank you. Warm regards, Fernando
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April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the StreetEasy April 2019 Market Reports, the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context: The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway: M
February 18, 2016 Q: I am a licensed real estate salesperson and I am representing a purchaser who is considering a co-op apartment in a building that has a Ground Lease. Can you please clarify exactly what a Ground Lease is? Also, are there any particular considerations that should be made before purchasing a co-op apartment in a building that has a Ground Lease? A: If a co-op building has a Ground Lease (also known as a Land Lease) it means that the co-op corporation does not own the land under the building. Rather, the co-op corporation leases the land from the owner of the land. About 100 buildings in Manhattan have Ground Leases, many of which are co-ops. Generally the terms of Ground Leases are quite long, varying from terms of 50 to 99 years. Several important considerations should be made before purchasing a co-op apartment in a building with a Ground Lease: Can the rent payable by the co-op corporation increase during the term of the Ground Lease? If the re