PHASE 1: 5-10 business days
- Listing agent sends a deal sheet to buyer and seller brokers and attorneys. It outlines the deal points and lists contact info.
- Attorneys negotiate any finer points of the contract and buyers’ attorney does due diligence on building- reads the building's last 2 years financial statements, reads last 2 years board minutes (in-person at the building’s management co), and sends the building’s management a questionnaire that covers more details about the building and how it is run. This is how the buyer's attorney makes sure a building is financially and physically sound, foresees any assessments or confirms there are no assessments coming up, etc.
- Once due diligence is done and attorneys have a contract they are comfortable with, your attorney goes over everything with you- , discusses specifics, addresses requests, and answers your questions.
- You sign and wire your deposit (10%) to sellers’ attorney’s escrow account. Once wire deposit lands, seller signs.
* The attorneys then send fully executed contracts to everyone including buyer and seller.
** If financing, you would shop for best rate now.
*** Up until the seller countersigns the contract - either party can back out and/or seller can accept a higher offer.
