01 · Establish the complete budget
Think beyond the asking price. Discuss financing, closing costs, monthly building charges, taxes, insurance, and a reserve for future work with your lender and financial advisors. Ask for a written Loan Estimate when applicable and compare loan terms carefully.
02 · Understand condo and co-op ownership
A condominium and a cooperative involve different ownership structures and approval processes. Building documents can affect financing, alterations, subletting, and future resale. Have a New York real estate attorney explain the specific documents before you commit.
03 · Build a focused search
Separate essentials from preferences. Consider light, layout, outdoor space, transit, elevator access, and building services. Visit shortlisted properties in person and compare the full ownership costs, not just the purchase prices.
04 · Prepare and negotiate an offer
Discuss price, financing, contingencies, inclusions, and timing with your agent and attorney. An accepted offer is a step in the process; your attorney should explain when obligations become binding.
05 · Complete due diligence and applications
Your attorney reviews the contract and relevant building materials. Your lender evaluates financing. A condo or co-op may require an application, supporting documents, and other approvals; requirements and timelines vary.
06 · Coordinate the closing
Review final figures with your attorney and lender. Arrange the walk-through, building move-in requirements, insurance, and verified closing instructions. Confirm any wiring instructions directly through a trusted, independently verified contact.
General educational information only. Requirements vary by property and transaction. Consult your own attorney, lender, accountant, and financial advisor for advice specific to your circumstances.
OFFICIAL REFERENCE & FURTHER READING ↗