Buyers Guide

Begins with an Offer sent in writing with either a pre-approval from a bank (assuming a mortgage) OR, proof of funds (if cash---a screenshot of accts or some such will suffice). The Offer is non-binding and cost free! No money is involved. We hope to negotiate and then get to an A/O (accepted offer). Once we have an A/O (still non-binding and still 100% cost-free) we rush to inspection. The inspection will be the first money you spend toward a deal.

When inspection is complete, and any issues (if any) are satisfied, a so-called "Fact Sheet" is made up to reflect the agreed upon deal details. You are still not in contract and neither party (buyer or seller) is under any obligation to proceed.

The "fact sheet" is sent to the attorneys (we will need contact info for an attorney at this point) and the seller’s attorney will draw up the contract from that template. The seller’s attorney sends the contract to your attorney for comment and revision (to benefit your needs and to protect you).
Once all the contract language and details are agreed upon, your attorney asks you to come and sign it and bring a deposit (customarily 10%) --this is the second money used (not spent, as it is held in Escrow).

The half-signed (by you) contract goes back to seller for signature. The deposit goes to seller attorney escrow account. You are nearly “in contract”, but not just yet. Once the sellers counter-sign, and the fully executed contract comes back to your attorney, you are "in contract" (NOW you have a legally binding deal—but you did not before this point).
The mortgage process begins. Once you get a mortgage commitment and are subsequently cleared to close...a closing date will be set.

From time of Offer to Contract being drawn (assuming negotiations are quick...an average time frame of a week or two is possible. From contract signing (both sides) to closing is another 5-8 weeks (mortgage) OR 4-6 weeks (cash deal).

Any questions, please let us know,

Carol Marrone

914-419-4000

carol.marrone@elliman.com

Owen Berkowitz

914-819-7622

owen.berkowitz@elliman.com

 

 

 

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