PURCHASE PROCESS
Management companies play an important role in completing condominium and cooperative sales. The information presented below provides an overview of the purchase process for these forms of homeownership and highlights the management company's contributions. If you are a first time condominium or cooperative buyer, or its been a while since your last transaction, you may benefit from a better understanding on how to interface with the management company during a purchase.
Offer
Purchaser will make an offer to the seller either directly or through a brokerage agent. Key business terms will be addressed in the offer, such as purchase price, proposed closing date and the down payment amount.
Pre-Contract Due Diligence
As part of the purchaser's due diligence, buyers review the board's meeting minutes to better understand building issues. Board's record their own minutes and maintain these files with the management company. Normally, buildings prefer to keep the minutes confidential and require interested purchasers to review minutes at the management company's office. Our property managers can answer questions prospective buyers may have with regard to the minutes. To review the meeting minutes, obtain our Office Manager's information on our contact us webpage and schedule an appointment.
Contract
If the offer is accepted, the seller's attorney will draft a contract of sale. Once the buyer is satisfied with the contract of sale, she/he signs the contract and issues a deposit to be placed in escrow until the closing. Next, the seller will countersign the contract, thereby creating a binding agreement.
Mortgage
After signing the contract, assuming a portion of the purchase price will be financed, the purchaser applies for a mortgage. To complete this process, the bank's appraiser will require that a building information questionnaire is completed by the managing agent. Goldin Management accurately expedites completion of these forms, usually turning the request around in one business day. In addition to the questionnaire, banks will also require the building's financial statement, insurance and budgets. Requests for all this information are handled by the management company. Prospective buyers and their representatives can request all this information through our Office Manager. Our Office Manager's contact information is listed on our contact us webpage.
The entire mortgage process at this phase may take 45 to 60 days and will conclude with the issuance of a mortgage commitment from the bank.
Board Approval
Upon obtaining the mortgage commitment, the purchaser should be prepared to submit a purchase application to the condominium or cooperative board, as applicable. Purchase applications may be obtained on our website or by submitting a request by phone, fax or email. To request the application by phone, call our purchase application staff person whose contact information is listed on our contact us webpage.
Purchaser will submit the purchase application to our purchase application staff person who will distribute the application to the appropriate board members. See our purchase applications webpage for additional information on application submission process and other details.
Cooperative boards normally schedule an interview with the applicant once satisfied with the application and supporting materials. Boards request that our application staff person schedule this meeting with purchaser on their behalf.
Upon making a decision, both condominium and cooperative boards will communicate their decision to the management agent's application department which will in turn relay that decision to the applicant. Cooperative boards may either approve or decline an applicant's request to purchase. Condominium boards can only approve an applicant or elect to exercise its first right of refusal.
Closing
Once board approval is obtained, a closing is scheduled by the purchaser's attorney. During the closing, the sale is consummated and the loan transaction, if applicable, is completed. Closings for cooperatives are ordinarily held at the management agent's office. To schedule a closing, call or email our closings staff person whose contact information is listed on our contact us webpage.
Moving in
Move in rules are usually established to guide new owners through a safe and responsible moving process. New owners should contact the property manager assigned to their building for information about move in procedures. If you do not possess your property manager's contact information, locate your manager's information on our contact us webpage. If you do not know your property manager's name, you may contact our Office Manager to obtain their contact information. Our Office Manager's information is also listed on our contact us webpage.
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