Purchasing an apartment: The Process
When to start
Given the gravity associated with the decision to purchase an apartment, you are advised to start 3-5 months prior to expected move in date.
Compared to renting an apartment, it is often easier for international investors to purchase an apartment in New York. In fact, a significant
portion of our clients looking to purchase apartments in NYC are internationally based.
Purchasing a property is most likely one of the most expensive and impactful investments one will make. It can be a painstaking process,
but with the help of experienced and knowledgeable brokers, it can actually be an exciting process and prove to be a sound investment.
Generally, the burden to pay commissions for both the seller and buyer representatives is paid by the seller. It is strongly advised to
work with a broker when purchasing an apartment as they can help make the process smoother and ensure you are properly represented by working
with all the parties involved including, but not limited to, the seller, title company, lawyers, building board, etc.
We have worked with many clients that have purchased an apartment for their child as they commence university.
This decision can prove to be economically sound as the student has a permanent residence, does not need to pay rent and storage annually
and can reap the benefits of capital appreciation on the unit over time.
Once we have an idea of what your ideal apartment is, we will provide you with a Buyer Representative Agreement for you to sign so we can get started! This grants us permission to conduct an apartment search on your behalf. Based on our expertise and knowledge of the market, we will curate a list of apartments that meets as many as, if not all, of your requirements subject to market availability. There are thousands of apartments on the market at any given times and we will go through all of them for you and narrow it down to those that meet your needs.
We will then setup appointments with all the selected apartments and send you all the details on the apartments and the dates and times of each viewing. But don't worry- you don’t have to do this alone! We will accompany you to each and every apartment and provide you with professional advice as needed.
Negotiating the offer
Negotiating the offer can be a challenging process, but lucky for you we are pros at this! We will negotiate the terms of the offer with the seller and listing broker on your behalf and we will give you a plain English understanding and guidance on the terms of the offer. We are here to find you the best apartment at the best price.
Acceptance of the offer
Upon acceptance of your offer, the Seller’s attorney will send a purchase and sale agreement to your attorney. Your attorney will negotiate the legal terms with the Seller’s attorney and conduct Due Diligence on the property. Once satisfied, he or she will send the contract to you for signature and for the initial deposit (typically 10% of the purchase price). After that, depending on the timeline agreed upon between the Seller and you, you will pay the balance amount and close on the property.
Closing/Inspection/Walk through/Board Package, etc.
Unlike renting an apartment, purchasing one entails many additional steps, including going through getting approval from the building board, closing process and costs, financing process, inspection, apartment walk through, etc. If you plan to use the property for investment purposes, our team can provide a notional analysis of the projected rental yields and cap rates. We have a large network of experienced professionals (including lawyers, accountants, financial advisors and mortgage brokers) that we can refer who can provide assistance in completing the purchase seamlessly. Given our expertise in working with international clients that are purchasing apartments, we are well versed in what it entails and can provide help every step of the way. Please allocate at least one month to complete all of the aforementioned steps. It takes a great deal of time and patience, but the payoff of receiving the keys to your very own home is well worth it!
After closing, we are happy to provide references to help you with renovate, redecorate and move-in process so you can get comfortably settled into your new home.
We go through multiple listings sites and contact our network of trusted listing brokers and developers and to find apartments that match your requirements. We preview all the properties that match your needs and forward the links with photos to you via email for review.
We can also provide a notional analysis of the projected rental yields and cap rates, upon request.
Once you tell us which apartments you like and when you will be visiting, we contact the listing brokers to schedule appointments on your behalf.