New York City Residential Real Estate · Compass
New York City Residential Real Estate · Compass
What happens after the accepted offer — due diligence, financing, board approval and closing, explained.
Start with The Manhattan Buyer’s Guide → An overview of the buying journey, before the detail below.
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An accepted offer begins the due-diligence and contract process. The buyer’s attorney generally reviews the property and building documentation while the contract is negotiated. Depending on the property, the review may include offering plan and amendments, building financial statements, board or condo minutes, assessments, capital projects, insurance, litigation, financing requirements, sublet policies, flip taxes, sponsor/investor ownership, alteration history and other material building issues. Gerald remains involved while the attorney handles legal review and helps the buyer understand how practical findings may affect the transaction.
The buyer’s attorney is responsible for legal due diligence. Gerald remains engaged to provide transaction context, help the buyer understand practical implications and coordinate information among the parties. Legal advice remains with the attorney.
For financed purchases, buyers generally proceed from preapproval into a full mortgage application after contract signing. The process may include loan application, financial documentation, property appraisal, building review, underwriting, additional document requests, commitment and final lender approval. New York City co-op and condo transactions can involve both borrower and building underwriting.
View Trusted Mortgage ResourcesA cooperative purchase typically requires a detailed application package. Depending on the building, documents may include a financial statement, bank statements, brokerage statements, tax returns, employment verification, references, contract, loan information, landlord reference, identification and building-specific forms. Gerald helps organize and review the package so it is complete, polished and responsive to building requirements.
A co-op board interview is generally the final stage of building approval. Gerald helps buyers prepare so they understand what to expect and can approach the interview comfortably and professionally. Preparation includes reviewing the submitted package, knowing the purchase terms and financial information, answering questions clearly and directly, avoiding unnecessary information and presenting professionally.
Confirm broom-clean condition, agreed repairs, included fixtures and appliances, working plumbing and electrical items, absence of significant new damage, proper removal of excluded fixtures, no exposed wires or unfinished removals, and transfer of keys/access items.
Confirm final lender requirements, homeowners insurance when required, closing funds, final walkthrough, moving procedures, building requirements, utility setup, transfer of keys/access devices and attorney closing instructions.
Buyers should arrange appropriate insurance before closing when required. Requirements may vary by property type, building, mortgage lender, coverage needs, personal property, liability and special features.
Buyers should arrange utility service to begin when ownership transfers. Depending on the property, this may include electricity, gas, internet, cable/streaming and other building-specific services. Confirm what is individually metered and what is building-provided.
Manage or transfer Con Edison service →
At or around closing, buyers may receive apartment keys, building entrance keys, mailbox keys, key fobs, garage remotes, storage keys, amenity access and other property-specific access items. Some buildings issue devices directly rather than transferring them from the seller.
Closing costs vary significantly depending on whether the property is a co-op, condo or townhouse, whether financing is involved, purchase price, mansion tax, lender costs, building fees, attorney fees and other transaction-specific expenses. Gerald can provide a preliminary estimate to help buyers prepare for the full cost of the purchase.
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