Hey, this is Thomas, the co-founder of the Thrive Real Estate Team at Compass and this is How to Purchase a Home in New York City. Part 6 - Getting into Contract.
So you made an offer, right? and then the lawyers are having contracts, they're doing due diligence so what that means for you is there's gonna be a lot of hurry up and wait, basically what's gonna happen is the lawyers are gonna review things they're gonna go back and forth a little bit and then you will receive a copy of a contract in 7 to 14 days and when you get the contract you're going to review it after you review it you are going to sign it, and when you sign it, you are going to give 10% earnest money with that, that is not the 20% down payment that is required for the apartment but it will be used towards that. Now you have a couple different options when it comes to an inspection, in New York City, Manhattan property it's very rare that you see an inspector, condos and co-ops they're covered by different things so really all you have to be concerned about is your four walls in the interior of the apartment. If you're purchasing a house we highly recommend you get an inspector. When you are doing this process it is very very very important that you do it fast, the longer that it takes for you to do an inspection the longer it is possible for someone to come in from the outside and mess up the whole transaction with a higher offer or an offer that is not contingent on inspection. After that is all set you will receive a copy of the contract and then you will get instructions on the board package, if it's a condo or a co-op and if it's a home, well there is no board package because you are the sole owner, which means you are the board. I hope this answers some of your questions and in 30 to 90 days theoretically you will be the owner of your own little piece of New York City.