Hello, this is Javier, co-founder of the Thrive Real Estate Team at Compass and this is How to Purchase a Home in New York City, Part 1: Your Real Estate Team.
So in your transaction there's gonna be like 13 - 14 people involved sometimes, in your team and the seller team. In your team your three core professionals are your real estate agent, your real estate attorney, and your lender or your accountant if you're paying cash. Your real estate agent is going to work with you and managing the deal from beginning to end making sure that no ball falls through the cracks, getting you through the process, building a negotiation strategy, an offering strategy, making sure you secure the property that you absolutely want to buy. Your attorney comes in once you have an accepted offer, they get a deal sheet, put together a contract with the seller's attorney, review it for you do due diligence and negotiate closing dates, as well as building a financial statement for the closing table so you know exactly how much you have to bring to the closing table to procure your property. And your lender is going to work with you on securing the mortgage with a bank or with a portfolio lender depending on what kind of property you're buying. They're going to order appraisals, look at the financials of the buildings and make sure that the risk that the bank is taking is worth it. They will also be reviewing your documents for a pre-approval letter and they will be reviewing your documents pre-closing. They're going to be working very close together with me and with you through the process right after the contract is signed and sometimes depending on the property you're buying you may need a contractor, an architect, your family for sure is going to become part of your team, but the three main professionals you need to make sure you have: your real estate agent your real estate attorney and your lender or your accountant if you're paying cash.