What you should know if want to buy a new condo development: useful tips for buying a condo in New York
Who has never dreamed of an apartment in New York? It can offer you any option, because each construction is unique and special.
How is the process of buying a new development in NYC? Conventionally, the following stages of the transaction can be distinguished between:
- preparation. At this stage, the buyer needs to understand how his wishes and expectations relate to the market - find out how much does it cost, how much you can bargain, what will be the cost of the purchase and subsequent costs of ownership, how much the purchase process takes, etc. Ideally, you need to talk with a professional real estate agent, who will make a plan for finding and buying the development. If the apartment is to be purchased with financing, it is necessary to speak with the bank and get prior approval for the loan. This stage also can include consulting with an accountant and/or a lawyer to understand how to structure the transaction.
- finding a condo. It is one of the most interesting stages when you explore neighborhoods and look at potentially suitable apartments. New York City is consisting of five districts, each with its own special atmosphere and price range. You can choose between The Bronx, Brooklyn, Manhattan, Queens and Staten Island. You can find a condo in a few days, or you can spend months doing it.
- offers. Offers can be made after you have found a suitable variant. The offer includes not only the price but also other conditions, such as the duration of the transaction, what is included in the price, etc. The offer is usually accompanied by the proof of the availability of money (bank statement) and, if the apartment is to be purchased on credit, the bank’s prior approval. The stage can be considered finished when the price and other conditions have been agreed. The bidding period can be a month, but usually it takes from a few days to one or two weeks.
- purchase agreement. The seller’s acceptance of your offer is just a verbal agreement. Further, all the terms of the transaction must be set out in the contract, so you need the lawyers of both parties. Negotiating and signing the treaty takes an average of one or two weeks. Sometimes the buyer must not only sign the contract but also transfer to the seller’s lawyer a deposit of 10 percent of the value of the apartment. A fully negotiated and signed purchase-and-sale agreement between all parties is the result of this stage.
- preparation for closing the deal. At this stage, the buyer’s lawyer checks the legal purity of the transaction, the existence of debts and burdens, and makes other necessary checks on the development, in particular the financial condition of the apartment. If necessary, you can use the services of an inspector to check the technical condition of the new construction. In general, this stage can take from one-two weeks to one month.
- permits from the Board of Directors of the house. At this stage, the buyer, with the help of its agent, prepares the documents and makes them available to the management company and the Board of Directors of the house. In the case of the condo, the procedure is a formal one. Overall, this stage can take two-three weeks. The result of this stage is a transaction permit.
- closing the deal. On that date, all final documents are signed, the money in the form of bank cheques is handed over and the seller hands over the keys to the buyer. Also, documents are sent to the city registry for registration of ownership.
Moreover, you can begin your search online without a real estate agent. If you enter "buy an apartment in New York" in the search engine, the real estate sites and portals will come out immediately. There is a possibility to look at apartment variants.
How do you find out the prices of the apartments you are interested in? You just should visit iNewHomes.com, created special for easy searching «new condo near me». It is a modern digital source for new construction projects in North America. On this website you can search by name, use filters as such as «buy or rent», «home type» (any/condo/apartment/house/townhouse), «price range», «bedrooms range» and «square feet range».
Find your perfect development in NYC right now!