- The 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 the building- reads the building's last 2 years' financial statements, reads the last 2 years' board minutes, 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 the sellers’ attorney’s escrow account. Once the wire deposit lands, the seller signs.
*** Up until the seller countersigns the contract - either party can back out and/or seller can accept a higher offer.
