The ultimate buyer's walk-through guide

It’s important to know how much you can comfortably spend
and be able to back that up with verification from a bank or lender. Condominium apartments require at least 10% down while cooperative apartments generally require at least 25% down.

In addition to that, buyers must also work with a real estate attorney to assist with the contract and closing processes of a home purchase as there can be many moving parts during a negotiation. NextGen agents work with the most experienced attorneys and lenders in the business to ensure that our clients feel protected in their investment. We also cover the attorney fees, it is our duty to ensure the process is both seemless and secure. 

NextGen leverages multiple partnerships and close relationships to ensure a positive experience for the you. We help with construction costs, moving costs, and much more.

You should also be aware that there are closing costs associated with every transaction in NYC for both buyers and sellers. These costs differ between condominiums and cooperatives and depend on the contract price. Your agent and real estate attorney can help you understand the expense associated with mansion tax, title fees, mortgage recording tax, etc.

Aside from knowing the specifics of the apartment you want (i.e. how many bedrooms, bathrooms, etc.), you should create a list of the top two or three neighborhoods that you want to live in. Think about your potential commute to work, where your friends live, and neighborhood amenities like restaurants, schools, transportation, and grocery stores.

We will help advise you throughout the search and can set up a schedule to show you the homes that are the best fit for your criteria. Once you find a home you love, you are ready to make an offer!

From this point on, it typically takes between two and four months
to complete the purchase of your home.

During a sales transaction, a New York City attorney representing a seller will draw up a contract for the buyer’s attorney. The buyer’s attorney then does what’s called due diligence – reading minutes, financial statements of buildings, etc. – to make sure that the building is in good standing.

The buyers sign the contract once due diligence is resolved and forward the contract with a 10% deposit. The sellers then countersign the contract, and the money is held in escrow until closing. It is important to remember that the seller can entertain other offers while contract negotiations are taking place but cannot do so after signing the contract.

If you are financing, you should already have your pre-approval
letter from your mortgage banker. Mortgage applications cannot be processed without an executed contract. If an apartment is being financed, the board requires a commitment letter from a lender.

These letters are generally the last items to complete a board package/condo application. If the board reviews the board package and is satisfied with it, they will issue an approval more formally known as the First Right of Refusal.

If you are financing, you should already have your pre-approval
letter from your mortgage banker. Mortgage applications cannot be processed without an executed contract. If an apartment is being financed, the board requires a commitment letter from a lender.

These letters are generally the last items to complete a board package/condo application. If the board reviews the board package and is satisfied with it, they will issue an approval more formally known as the First Right of Refusal.

After board approval, managing agents generally set a closing date and buyer and seller attorneys coordinate with the appropriate banks on available dates and times. After closing, you’ve officially purchased your new home. Your search has finally come to an end and it’s time to celebrate!