Short Sale Coordination Package: Fill & Download for Free

The NYC FSBO Closing Process is surprisingly easy as long as you have accepted an offer from a qualified home buyer. Assuming that you have elected to sell via an agent assisted FSBO, you have already cleared the toughest hurdle to selling FSBO in NYC which is engaging the 90% of buyers’ who are represented by agents!Accepting an offer as a NYC FSBO home sellerYou should request all offers made by buyers or their agents to be professional and standard in nature. That means the offer email should contain all of the following:Full legal name of the buyerOffer level and form of consideration (i.e. all cash, mortgage and down-payment amount)Timing for the buyer on closing dateContingencies, if any (i.e. mortgage contingency – needing a mortgage to be able to close)Short biography of home buyerREBNY Financial StatementPre-approval letter if the buyer will be financing with a mortgageProof of funds if the buyer will be purchasing all cashAssuming you are selling your NYC home via an agent assisted FSBO, your agent will forward you the offer email. In case you’ve received it directly and your agent was not copied, please reply all and copy your agent to confirm receipt of the offer. You should say something along the lines of “thank you for your offer, please let my broker and I review and come back to you.” It is important to copy your broker when you receive your offer, especially if the offer came from a buyers’ agent because the buyers’ agent will want to make sure the transaction isn’t anything too out of the ordinary. The main reason the buyers’ agent will want to see your listing agent involved is to make sure there is no question as to the buyers’ agent commission co-broked in RLS. Remember, when dealing with buyers’ agents in NYC there is no need to let them know you’re not paying full commission!Running a best and final auction as a NYC FSBO home sellerCongratulations on pricing your property correctly if you’ve received multiple offers and now need to choose one. It is common for sellers with multiple interested bidders to hold a “best and final” auction where all interested parties are asked to submit their best bid on a pre-determined date. The cleanest and fairest way to do this would be to provide no information to any parties except that there are multiple bidders involved who are all being shared the same information. Some buyers may simply repeat their original bid and some buyers who really want the property and are afraid to lose out really will “put their best foot forward.” It is a great way to filter for the buyers who want it the most.If you have a sales background or feel savvy enough to provide color (i.e. information) to buyers, you can certainly call them to give them a feel for the competitive process and also get a sense of how hungry each buyer is for the apartment. Keep in mind, you will be dealing with professional real estate agents in many cases who are very experienced in these situations. As with all things sales related, this aspect of the NYC FSBO closing process is more art than science. If you would like an industry veteran to help you run the auction and guide you through the NYC FSBO closing process please sign up for professional broker consulting along with your flat fee RLS listing package.What’s next after accepting an offer as a NYC FSBO home seller?In New York City, once real estate agents have matched a buyer and seller, they generally step out of the picture and let the real estate attorneys handle the closing process. Real estate agents frequently do not even show up on closing day to collect their commission checks (they typically stop by a few days later to pick up their commission checks from the seller’s attorney when it’s convenient for them).With that said, it’s mandatory to have a real estate attorney to manage your NYC FSBO closing process because the purchase and sale contract in New York City is negotiable and customizable versus the standard purchase contracts used in other states. In other states where purchase contracts are standard forms, the brokers typically prepare them without the involvement of an attorney at all.The next step after accepting an offer is to request the agents involved to circulate a “deal sheet” to all parties involved. If you are selling via an agent managed FSBO and the buyer is represented, simply ask the buyers’ agent to fill out as much as he or she can and send it to you to fill out the rest. If you have purchased professional broker consulting then your listing agent can complete the deal sheet on your behalf and send it to all parties involved in the transaction.The deal sheet is a standard Excel file which contains the contact information of all parties involved in the transaction as well as an overview of the deal:Date and address of the property being purchasedSeller & buyerSeller’s attorney and buyer’s attorneyBuilding management firmSeller’s broker and buyer’s brokerMiscellaneous information about the transactionThe miscellaneous information section contains ownership type (i.e. co-op or condo), corporation or condo name, shares / % common elements owned, inclusions and exclusions, storage, closing date, purchase price, maintenance / common charges, real estate tax, assessment (if any), flip tax, financing (contingent, non-contingent, cash), amount to be financed, days to obtain loan commitment, occupants of unit, pets and broker commission.If you have sold via an agent assisted FSBO, please protect the reputation of our full-service affiliate broker by not disclosing to the buyers’ agent (or other brokers) how much you paid in commission. In the broker commission section of the deal sheet it is only necessary to state the commission payable to the buyers’ agent (i.e. 3% commission to Corcoran).After the deal sheet has been circulated, your real estate attorney will begin drafting the purchase and sale contract. The buyer will typically have deference to you on timing and it is usually the seller who demands a quick close. This situation can be reversed if the seller is desperate with a property that has sat too long on the market and the buyer is an opportunistic all cash vulture investor who is willing to walk away. Once your real estate attorney has sent the purchase contract to the buyers’ attorney, your listing status is “contract out” but not “in-contract” yet as it hasn’t been mutually signed. Sellers will typically give the buyer a certain time limit to sign the contract so as to not waste time with an uncommitted buyer. When markets are really strong, sellers have been known to send out contracts to multiple buyers to encourage even more competition. However, this method may be deemed unprofessional in some circles.Your real estate attorney will guide you the rest of the way through closing, so make sure you ask plenty of questions as the contract is being drafted and negotiated. Learn more about Closing Costs in NYC - What Buyers and Sellers Pay in NYCWho holds onto the good faith deposit in a NYC FSBO closing process?Also called an “earnest money” deposit, a good faith deposit is typically 10% of the contract sale price payable by the buyer and held by the seller’s attorney in escrow. The good faith deposit can be written in the form of a personal check and is meant to demonstrate the seriousness of the buyer and to encourage the seller to stop showing the property. The good faith deposit is included with the purchase contract after it has been signed by the buyer.When does the home inspection happen?The buyer will typically request a standard inspection of the property by a licensed home inspector after the deal sheet has gone out. The home inspector will want to also see the common areas (i.e. roof, boiler room, etc.) if it is a condo or co-op.When does the final buyer walk-through happen?The buyer may request to see the property again after the offer has been accepted. The buyer and/or the buyers’ agent will do a final walk-through typically the day before the closing to make sure nothing has changed in the apartment.Who typically attends the closing?The typical NYC closing will involve multiple parties representing the buyer, seller and bank if there is a mortgage involved. It will typically take place at the seller attorney’s office if it is a condo, and at the co-op building management’s office if it is a co-op. Expect to see the buyer, seller, buyer’s attorney, seller’s attorney, bank’s attorney and the closing coordinator on that day.

Donald Trump Fast Facts(CNN)Here's a look at the life of Donald Trump, the 45th president of the United States.Personal:Birth date: June 14, 1946Birth place: New York, New YorkBirth name: Donald John TrumpFather: Fred Trump, real estate developerMother: Mary (Macleod) TrumpMarriages: Melania (Knauss) Trump (January 22, 2005-present); Marla (Maples) Trump (December 1993-June 1999, divorced); Ivana (Zelnicek) Trump (1977-1990, divorced)Children: with Melania Trump: Barron, March 20, 2006; with Marla Maples: Tiffany, October 13, 1993; with Ivana Trump: Eric, 1984; Ivanka, October 30, 1981; Donald Jr., December 31, 1977Education: Attended Fordham University; University of Pennsylvania, Wharton School of Finance, B.S. in Economics, 1968Photos: Donald Trump's riseOther Facts:As Trump evolved from real estate developer to reality television star, he turned his name into a brand. Licensed Trump products have included board games, steaks, cologne, vodka, furniture and menswear.He has portrayed himself in cameo appearances in movies and on television, including "Zoolander," "Sex and the City" and "Home Alone 2: Lost in New York."Trump's slogan, "Make America Great Again," was first used by Ronald Reagan while he was running against President Jimmy Carter.For details on investigations into alleged Russian meddling in the 2016 election, visit 2016 Presidential Election Investigation Fast Facts.For updates on Trump administration departures and firings, visit Who has left Trump's administration and orbit.Timeline:1970s - After college, works with his father on apartment complexes in Queens and Brooklyn, New York.1973 - Trump and his father are named in a Justice Department lawsuit alleging Trump property managers violated the Fair Housing Act by turning away potential African-American tenants. The Trumps deny the company discriminates and file a $100 million countersuit, which is later dismissed. The case is settled in 1975, and the Trumps agree to provide weekly lists of vacancies to black community organizations.1976 - Trump and his father partner with the Hyatt Corporation, purchasing the Commodore Hotel, an aging midtown Manhattan property. The building is revamped and opens four years later as the Grand Hyatt Hotel. The project kickstarts Trump's career as a Manhattan developer.1983-1990 - He builds/purchases multiple properties in New York City, including Trump Tower and the Plaza Hotel, and also opens casinos in Atlantic City, New Jersey, including the Trump Taj Mahal and the Trump Plaza. Trump buys the New Jersey Generals football team, part of the United States Football League, which folds after three seasons.1985 - Purchases Mar-a-Lago, an oceanfront estate in Palm Beach, Florida. It is renovated and opens as a private club in 1995.1987 - Trump's first book, "Trump: The Art of the Deal," is published and becomes a bestseller. The Donald J. Trump Foundation is established in order to donate a portion of profits from book sales to charities.1990 - Nearly $1 billion in personal debt, Trump reaches an agreement with bankers allowing him to avoid declaring personal bankruptcy.1991 - The Trump Taj Mahal files for Chapter 11 bankruptcy protection.1992 - The Trump Plaza and the Trump Castle casinos file for bankruptcy.1996 - Buys out and becomes executive producer of the Miss Universe, Miss USA and Miss Teen USA pageants.October 7, 1999 - Tells CNN's Larry King that he is going to form a presidential exploratory committee and wants to challenge Pat Buchanan for the Reform Party nomination.February 14, 2000 - Says that he is abandoning his bid for the presidency, blaming discord within the Reform Party.January 2004 - "The Apprentice," a reality show featuring aspiring entrepreneurs competing for Trump's approval, premieres on NBC.November 21, 2004 - Trump Hotels & Casino Resorts Inc. files for Chapter 11 bankruptcy.2005 - Establishes Trump University, which offers seminars in real estate investment.February 13, 2009 - Announces his resignation from his position as chairman of Trump Entertainment Resorts. Days later, the company files for bankruptcy protection.March 17, 2011 - During an interview on ABC's "Good Morning America," Trump questions whether President Barack Obama was born in the United States.June 16, 2015 - Announces that he is running for president during a speech at Trump Tower. He pledges to implement policies that will boost the economy and says he will get tough on immigration. "When Mexico sends its people, they're not sending their best...They're sending people who have lots of problems," Trump says. "They're bringing drugs, they're bringing crime, they're rapists, and some, I assume, are good people."June 28, 2015 - Says he's giving up the TV show "The Apprentice" to run for president.June 29, 2015 - NBCUniversal says it is cutting its business ties to Trump and won't air the Miss USA and Miss Universe pageants because of "derogatory statements by Donald Trump regarding immigrants."July 8, 2015 - In an interview with CNN's Anderson Cooper, Trump says he "can't guarantee" all of his employees have legal status in the United States. This is in response to questions about a Washington Post report about undocumented immigrants working at the Old Post Office construction site in Washington, which Trump is converting into a hotel.July 22, 2015 - Trump's financial disclosure report is made public by the Federal Election Commission.August 6, 2015 - During the first 2016 Republican debate, Trump is questioned about a third party candidacy, his attitude towards women and his history of donating money to Democratic politicians. He tells moderator Megyn Kelly of Fox News he feels he is being mistreated.August 7, 2015 - The controversy continues, as Trump tells CNN's Don Lemon that Kelly was singling him out for attack, "You could see there was blood coming out of her eyes, blood coming out of her wherever."September 11, 2015 - Trump announces he has purchased NBC's half of the Miss Universe Organization, which organizes the annual Miss USA and Miss Universe pageants.December 7, 2015 - Trump's campaign puts out a press release calling for a "complete shutdown of Muslims entering the United States until our country's representatives can figure out what is going on."May 26, 2016 - Secures enough delegates to clinch the Republican Party nomination.July 16, 2016 - Introduces Indiana Governor Mike Pence as his running mate.July 19, 2016 - Becomes the Republican Party nominee for president.September 13, 2016 - During an interview with CNN's Jake Tapper, New York Attorney General Eric Schneiderman says his office is investigating Trump's charitable foundation "to make sure it's complying with the laws governing charities in New York."October 1, 2016 - The New York Times reports Trump declared a $916 million loss in 1995 which could have allowed him to legally skip paying federal income taxes for years. The report is based on a financial document mailed to the newspaper by an anonymous source.October 7, 2016 - Unaired footage from 2005 surfaces of Trump talking about trying to have sex with a married woman and being able to grope women. In footage obtained by The Washington Post, Trump is heard off-camera discussing women in vulgar terms during the taping of a segment for "Access Hollywood." In a taped response, Trump declares, "I said it, I was wrong and I apologize."October 9, 2016 - During the second presidential debate, CNN's Cooper asks Trump about his descriptions of groping and kissing women without their consent in the "Access Hollywood" footage. Trump denies that he has ever engaged in such behavior and declares the comments were "locker room talk." After the debate, 11 women step forward to claim that they were sexually harassed or sexually assaulted by the real estate developer. Trump says the stories aren't true.November 8, 2016 - Is elected president of the United States. Trump will be the first president who has never held elected office, a top government post or a military rank.November 18, 2016 - Trump agrees to pay $25 million to settle three lawsuits against Trump University. The deal keeps the President-elect from having to testify in a trial in San Diego that was set to begin November 28. The settlement ends a suit brought by Schneiderman, as well as two class action suits in California. About 6,000 former students are covered by the settlement.December 24, 2016 - Trump says he will dissolve the Donald J. Trump Foundation "to avoid even the appearance of any conflict with my role as President." A spokeswoman for the New York Attorney General's Office says that the foundation cannot legally close until investigators conclude their probe of the charity.January 10, 2017 - CNN reports that intelligence officials briefed Trump on a dossier that contains allegations about his campaign's ties to Russia and unverified claims about his personal life. The author of the dossier is a former British spy who was hired by a research firm that had been funded by both political parties to conduct opposition research on Trump.January 20, 2017 - Takes the oath of office from Chief Justice John Roberts during an inauguration ceremony at the Capitol and delivers an inaugural address centering on the populist themes that fueled his candidacy.January 23, 2017 - Trump signs an executive action withdrawing the United States from the Trans-Pacific Partnership, a 12-nation trade deal negotiated by the Obama administration and awaiting congressional approval.January 27, 2017 - Trump signs an executive order halting all refugee arrivals for 120 days and banning travel to the United States from seven Muslim-majority countries for 90 days. Additionally, refugees from Syria are barred indefinitely from entering the United States. The order is challenged in court.February 13, 2017 - Trump's national security adviser, Michael Flynn, resigns amid accusations he lied about his communications with Russian ambassador to the United States, Sergey Kislyak. Flynn later pleads guilty to lying to the FBI.February 28, 2017 - Nominates Neil Gorsuch to replace late Supreme Court Justice Antonin Scalia.March 4, 2017 - Alleges on Twitter, without offering evidence, that Obama wiretapped his phones ahead of the 2016 election. "Terrible! Just found out that Obama had my 'wires tapped' in Trump Tower just before the victory. Nothing found. This is McCarthyism!"March 16, 2017 - The Trump administration releases its budget blueprint, with increases in funding for the military and cuts for agencies including the State Department, the Environmental Protection Agency and the Department of Agriculture.May 3, 2017 - FBI Director James Comey confirms that there is an ongoing investigation into ties between the Trump campaign and Russia during a hearing on Capitol Hill. Less than a week later, Trump fires Comey, citing a DOJ memo critical of the way he handled the investigation into Clinton's emails.May 2017 - Shortly after Trump fired Comey, the FBI opens an investigation into whether Trump "had been working on behalf of Russia against American interests," citing former law enforcement officials and others the paper said were familiar with the probe.May 17, 2017 - Former FBI Director Robert Mueller is appointed as special counsel to lead the probe into Russian meddling in the 2016 election, including potential collusion between Trump campaign associates and Russian officials. Deputy Attorney General Rod Rosenstein makes the appointment because Attorney General Jeff Sessions recused himself in March from investigations into Trump's campaign.May 19, 2017 - Departs on his first foreign trip as president. The nine-day, five-country trip includes stops in Saudi Arabia, Israel, the Vatican, a NATO summit in Brussels and a G7 summit in Sicily.June 1, 2017 - Trump proclaims that the United States is withdrawing from the Paris climate accord but adds that he is open to renegotiating aspects of the environmental agreement, which was signed by 175 countries in 2016.July 7, 2017 - Meets Russian President Vladimir Putin in person for the first time, on the sidelines of the G20 meeting in Hamburg, Germany.August 8, 2017 - In response to nuclear threats from North Korea, Trump warns that Pyongyang will "face fire and fury like the world has never seen." Soon after Trump's comments, North Korea issues a statement saying it is "examining the operational plan" to strike areas around the US territory of Guam.August 15, 2017 - After a violent clash between neo-Nazi activists and counterprotesters leaves one dead in Charlottesville, Virginia, Trump holds an impromptu press conference in the lobby of Trump Tower and declares that there were "fine people" on both sides.August 25, 2017 - Trump's first pardon is granted to former Arizona sheriff Joe Arpaio, who was convicted of criminal contempt for disregarding a court order in a racial-profiling case. Trump did not consult with lawyers at the Justice Department before announcing his decision.September 5, 2017 - The Trump administration announces that it is ending the DACA program, introduced by Obama to protect nearly 800,000 undocumented immigrants brought to the United States as children. Trump calls on Congress to introduce legislation that will prevent DACA recipients from being deported. Multiple lawsuits are filed opposing the policy in federal courts and judges delay the end of the program, asking the government to submit filings justifying the cancellation of DACA.September 19, 2017 - In a speech at the United Nations General Assembly, Trump refers to North Korean leader Kim Jong Un as "Rocket Man" and warns that the United States will "totally destroy North Korea" if forced to defend itself or its allies.September 24, 2017 - The Trump administration unveils a third version of the travel ban, placing restrictions on travel by certain foreigners from Chad, Iran, Libya, North Korea, Somalia, Syria, Venezuela and Yemen. (Chad is later removed after meeting security requirements.) One day before the revised ban is set to take effect, it is blocked nationwide by a federal judge in Hawaii. A judge in Maryland issues a similar ruling.December 4, 2017 - The Supreme Court rules that the revised travel ban can take effect pending appeals.December 6, 2017 - Trump recognizes Jerusalem as Israel's capital and announces plans to relocate the US Embassy there.January 11, 2018 - During a White House meeting on immigration reform, Trump reportedly refers to Haiti and African nations as "shithole countries." He reportedly says that the United States should get more people from countries like Norway.January 12, 2018 - The Wall Street Journal reports that Trump had an alleged affair with a porn star named Stephanie Clifford, aka Stormy Daniels. The newspaper states that Trump's personal attorney, Michael Cohen, arranged a $130,000 payment for a nondisclosure agreement weeks before Election Day in 2016. Cohen denies that Trump had a relationship with Clifford.March 13, 2018 - Trump announces in a tweet that he has fired Secretary of State Rex Tillerson and will nominate CIA Director Mike Pompeo as Tillerson's replacement.March 20, 2018 - A New York Supreme Court judge rules that a defamation lawsuit against Trump can move forward, ruling against a July 2017 motion to dismiss filed by Trump's lawyers. The lawsuit, filed by Summer Zervos, a former "Apprentice" contestant, is related to sexual assault allegations.March 23, 2018 - The White House announces that it is adopting a policy, first proposed by Trump via tweet in July 2017, banning most transgender individuals from serving in the military.April 9, 2018 - The FBI raids Cohen's office, home and a hotel room where he'd been staying while his house was renovated. The raid is related to a federal investigation of possible fraud and campaign finance violations.April 13, 2018 - Trump authorizes joint military strikes in Syria with the UK and France after reports the government used chemical weapons on civilians in Douma.May 7, 2018 - The Trump administration announces a "zero tolerance" policy for illegal border crossings. Sessions says that individuals who violate immigration law will be criminally prosecuted and warns that parents could be separated from children.May 8, 2018 - Trump announces that the United States is withdrawing from the Iran nuclear deal. "This was a horrible one-sided deal that should have never, ever been made," he says in remarks that, at times, misrepresent the international agreement's provisions.May 31, 2018 - The Trump administration announces it is imposing tariffs on steel and aluminum imported from allies Canada, Mexico and the European Union.June 8-9, 2018 - Before leaving for the G7 summit in Quebec City, Trump tells reporters that Russia should be reinstated in the group. The annexation of Crimea in 2014 led to Russia's suspension. After leaving the summit, Trump tweets that he will not endorse the traditional G7 communique issued at the end of the meeting. The President singles out Canadian Prime Minister Justin Trudeau for making "false statements" at a news conference.June 12, 2018 - Trump meets Kim in person for the first time during a summit in Singapore. They sign a four-point statement that broadly outlines the countries' commitment to a peace process. The statement contains a pledge by North Korea to "work towards" complete denuclearization but the agreement does not detail how the international community will verify that Kim is ending his nuclear program.June 14, 2018 - The New York attorney general sues the Trump Foundation, alleging that the nonprofit run by Trump and his three eldest children violated state and federal charity law.June 26, 2018 - The Supreme Court upholds the Trump administration's travel ban in a 5-4 ruling along party lines.July 16, 2018 - During a joint news conference with Putin in Helsinki, Trump declines to endorse the US government's assessment that Russia interfered in the election, saying he doesn't "see any reason why" Russia would be responsible. The next day, Trump clarifies his remark, "The sentence should have been, 'I don't see any reason why it wouldn't be Russia." He says he accepts the intelligence community's conclusion that Russia meddled in the election but adds, "It could be other people also."August 21, 2018 - Cohen pleads guilty to eight federal charges, including two campaign finance violations. In court, he says that he orchestrated payments to silence women "in coordination and at the direction of a candidate for federal office." On the same day, Trump's former campaign chairman, Paul Manafort is convicted on eight counts of federal financial crimes. On December 12 Cohen is sentenced to three years in prison.September 5, 2018 - The New York Times publishes an op-ed by an anonymous Trump administration official who claims that there is an ongoing effort to thwart the president's worst impulses. Trump says the person who wrote the piece is "gutless."September 11, 2018 - Bob Woodward's book "Fear: Trump in the White House" is published. Several administration officials say that they are misquoted in the book.November 20, 2018 - Releases a statement backing Saudi Arabia in the wake of the murder of Washington Post journalist Jamal Khashoggi, a Virginia resident, killed in October at a Saudi consulate in Turkey. Khashoggi was a frequent critic of the Saudi regime. The Saudis initially denied any knowledge of his death, but then later said a group of rogue operators were responsible for his killing. US officials have speculated that such a mission, including the 15 men sent from Riyadh, Saudi Arabia, to murder him, could not have been carried out without the authorization of Saudi leader Crown Prince Mohammed bin Salman.December 18, 2018 - The Donald J. Trump Foundation agrees to dissolve according to a document filed in Manhattan Supreme Court. The agreement allows the New York attorney general's office to review the recipients of the charity's assets.December 19, 2018 - Trump declares that the US has defeated ISIS and orders a "full" and "rapid" withdrawal of US military from Syria.December 22, 2018 - The longest partial government shutdown in US history begins after Trump demands lawmakers allocate $5.7 billion in funding for a border wall before agreeing to sign a federal funding package.January 16, 2019 - After nearly two years of Trump administration officials denying that anyone involved in his campaign colluded with the Russians to help his candidacy, Trump lawyer and former New York City mayor, Rudy Giuliani, says "I never said there was no collusion between the campaign, or people in the campaign. I said the President of the United States. There is not a single bit of evidence the President of the United States committed the only crime you can commit here, conspiring with the Russians to hack the DNC."January 25, 2019 - The government shutdown ends when Trump signs a short-term spending measure, providing three weeks of stopgap funding while lawmakers work on a border security compromise. The bill does not include any wall funding.February 15, 2019 - Trump declares a national emergency to allocate funds to build a wall on the border with Mexico. During the announcement, the president says he expects the declaration to be challenged in court. The same day, Trump signs a border security measure negotiated by Congress, with $1.375 billion set aside for barriers, averting another government shutdown.February 18, 2019 - Attorneys general from 16 states file a lawsuit in federal court challenging Trump's emergency declaration.February 28, 2019 - Trump's summit with Kim ends with no joint agreement after Kim insists all US sanctions on North Korea be lifted. On the same day, Trump's former attorney Cohen testifies before the House Oversight Committee presenting an extensive set of Trump's possible criminal liabilities.

Buying an apartment in NYC can be an enjoyable and profitable experience if you’ve done your homework and educated yourself before you begin the process.Here the steps involved in buying an apartment in NYC:Before You Begin Searching:1. Determine Budget and Condo vs. Co-opTo avoid wasting time during your search, it’s highly suggested that before you begin you determine your budget and whether you are looking for a condo or a co-op apartment.There are a number of differences between condos and co-ops, however in general if you plan on living in NYC for the foreseeable future then a co-op usually makes more sense. Co-ops are more affordable but are harder to sublet and have a more rigorous board application process.We would only suggest a condo if you need full optionality to sublet your apartment and/or if this purchase is more of an investment than a primary residence.If you choose a co-op, please be aware that most buildings require a minimum 20% down and require purchasers to have 1-3 years worth of monthly mortgage and maintenance in remaining assets after closing. In addition, co-ops usually require your monthly mortgage and maintenance payment to account for no more than 25% of your monthly income.2. Prepare your Offer Paperwork in AdvanceDocuments Required:Pre-Approval (or Pre-Qualification)REBNY Financial Statement (if searching for a co-op)There’s no point in searching and finding your dream apartment, only to lose out on the purchase because you were unable to submit an offer in time because your paperwork wasn’t ready.With that said, it’s highly suggested that at a minimum before starting your search you request a pre-approval and complete a REBNY financial statement.We discuss the other offer documentation you will need in this article, but since the pre-approval and REBNY statement take the most time we suggest you get started on those right away.3. Request a Buyer Broker Commission RebateBecause of the way traditional seller commissions are structured in NYC, sellers effectively pay the same total commission on a deal whether or not the buyer is represented. What this means is that, as a seller, you are paying for buyer agent representation even if you do not elect to use a buyer broker.Therefore, as a buyer it makes the most sense to request a buyer closing credit. Not only will you receive a massive commission rebate check at closing, but you will also benefit from professional representation when it comes time to prepare an offer strategy, complete a board package, and generally oversee your deal to ensure that it closes without a hitch.4. Search for Listings and View PropertiesOver 98% of home buyers today begin their search online without a real estate agent because virtually all home listings will be available on popular real estate search websites. Gone are the days where only agents had access to property listings through their local Multiple Listing Service (i.e. MLS) inter-brokerage listings database.Public real estate search websites have become so good that many real estate agents openly admit to using them to search for listings on behalf of their clients. With the ease of use and functionality of today’s real estate search engines, you can easily save search criteria and get email reminders when new listings that fit you come on the market. They are so good in fact that many search websites allow you to search by custom, user drawn map boundaries so you can search for listings exactly where you want to live.5. Make OffersThe next step to buying an apartment in NYC is to submit a credible offer to the listing agent of a property you wish to purchase.You can use this opportunity to consult with your buyer’s agent about bidding strategy and valuation. In order to receive a buyer’s closing credit, your broker will need to submit the offer on your behalf. Doing so directly without your buyer’s agent will mean your buyer’s agent worked for free! Moreover, you won’t be able to receive a broker commission rebate if your buyer’s agent doesn’t get paid.The listing agent will want to see that you’re serious about purchasing this property. That means you’ll need more than just a one sentence email from your Yahoo Mail account stating that you’d like to offer a certain dollar amount for the property.Specifically, to submit an offer you’ll need to provide your buyer’s agent with the following information:Your full legal name and that of any co-purchaserOffer level (price) and form of consideration (i.e. all cash, mortgage and down-payment amount)Timing for the buyer on closing dateContingencies, if any (i.e. mortgage contingency – needing a mortgage to be able to close)Short biography of home buyerREBNY Financial StatementPre-approval letter if the buyer will be financing with a mortgageProof of funds if the buyer will be purchasing all cash6. Agree on TermsHow your offer is viewed by the seller will depend on the competitive dynamics of the particular listing you are bidding on. If the listing has been on the market for a while and you are the only bidder, then you can expect the sellers to conduct a bilateral negotiation with you. There may be a few rounds of back and forth as you and the seller move closer to terms which are acceptable to both parties.If the listing you are interested in is being pursued by multiple other parties, then there’s a chance that the listing agent will invite all bidders to submit their ‘best and final’ offer levels by a certain date and time.A key value proposition of working with a buyer’s agent comes from the experience and advice he or she can bring to the table when preparing an offer strategy and helping you compete effectively against other interested buyers.Once you and the seller agree on a price, the listing agent will circulate a deal sheet to all brokers involved as well as the attorneys for both buyer and seller.7. Review Contract and Conduct Due DiligenceAs soon as you have an accepted offer, your attorney will begin conducting due diligence on the property. In order to complete diligence, your attorney will usually require a copy of the building’s offering plan, board minutes, two years of financials as well as a draft of the contract of sale and any rider. The brokers and seller’s attorney will usually work together to figure out the most efficient way to acquire and relay all of these documents to your lawyer.8. Obtain a MortgageOnce you have a fully countersigned contract of sale, you need to begin the process of securing a mortgage. Your mortgage banker will educate you on the specific steps in this process, but in general the following items will be required:Submit a Mortgage ApplicationConduct an AppraisalReceive a Commitment LetterReceiving Clearance to Close9. Prepare a Board PackageIf you are purchasing a co-op, the final task will be to work with your buyer’s agent to prepare and submit a perfect co-op board package (purchase application). Co-op buyers are frequently rejected by boards for incomplete and/or unprofessional board applications, so this is another time in the process where you will benefit immensely from working with an experienced buyer’s agent.10. Close on Your PurchaseIf you are approved by the board, then you will be ready to move onto the final steps of closing on your NYC apartment. Prior to closing, it’s traditional that you and your buyer’s agent conduct a walkthrough of the property.You’ll want to inspect the property the day of closing or the day before closing to make sure nothing material has changed in the condition of the property since you last saw it.You will want to test the lights, faucets, air conditioning, showers, toilets and appliances to make sure nothing has happened since your last visit. If you notice scratches or marks that were not previously there, you may record these flaws and request the seller to address these issues post-closing.The closing meeting itself will typically take place at the seller’s attorney’s office and will include lawyers from both parties,both the buyers and sellers as well as the banks’ attorneys and a closing coordinator who will chaperone the process.At the closing, you will be handed all of the home’s keys by the seller. After the closing, you will be handed a commission rebate check from your buyer’s agent if you were savvy enough to sign up for a broker commission rebate.If you’re lucky, your broker commission rebate check could more than cover all of your closing costs in NYC! It is entirely possible to actually get paid to buy a property if you purchase a home under $1 million (i.e. no Mansion Tax) and do not use a mortgage (i.e. no Mortgage Recording Tax). If that’s you, congratulations and what a closing gift to tell all your friends about!