Common Client Question: Hey Fernando, now that we have an accepted offer what is the next step? My Banker wants the signed accepted offer!

Good morning, Eric. 

In Manhattan, there’s no signed offer. 

The deal-related docs (with the terms of the offer and Condo docs) were sent to both seller’s and your attorneys. 

The seller’s attorney will prepare the first draft of the contract and send it to your attorney (Steve Ebbin & Diana Umansky). 

Meanwhile, Steve & Diana will start the due diligence work, looking through the Condo’s offering plan, financials, etc., to make sure there are no major issues, pending litigation, and/or anything else that could be a potential risk for you as a new owner. 

Steve & Diana will also negotiate clauses in the contract to protect your (buyer's) interests. 

Once Steve & Diana finish their due diligence work and the contract negotiations, they will present you their findings and give you the negotiated contract for you to sign (likely Electronically) since you’re not in NYC. 

At that point, you will make your deposit (likely via a wire) of 10% of the purchase price. 

The signed contract (by you) with your deposit will be sent to the seller’s attorney.  

The contract deposit money goes to the seller’s attorney’s escrow account and the contract goes to the sellers so they can countersign it. 

The fully signed contract (fully executed) is then sent back to Steve & Diana and myself. 

That is the only signed and legally binding document for the sale prior to the closing docs you will sign on the closing day. 

Does that make sense?  ๐Ÿ˜Š

Warm regards, 
Fernando & Team

Fernando Branco, GRI, ABR, CNE.
Residential Real Estate
Commercial Sales & Leasing 

Fernando Branco Realty
162 Huntington St- Ste 1R
Brooklyn, NY 11231
c: (212) 321-0115
Working by referral. Let us help you find a home too!!


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