Real Estate
Sellers Time Line
The real estate sale process in
STEP 1 FIND A BUYER &
ACCEPT THE BUYER=S OFFER
The first step in any real
estate transaction is to find a buyer and accept his or her offer. Whether you
have listed the property with a real estate agent or are selling the property
without a broker, our legal work begins once you find a buyer.
Once you find a buyer, do
not put anything in writing, as this may, unintentionally, create a binding
contract. Often times the real estate agent will request that you sign a buyer’s
offer or even a contract. Do not
do so without speaking to a Real
Estate Attorney.
STEP 2 HIRE A REAL ESTATE
ATTORNEY
Once you accept your buyer’s offer, it is time
to retain a real estate attorney. In New York, buyers and sellers of real
estate almost always hire a lawyer; the lawyers job is to guide the parties and
handle the legal paperwork.
When looking for an attorney, make sure the
attorney has experience in real estate closings. The staff at the Law Offices
of Matthew K. Tannenbaum handles HUNDREDS of real estate closings per year and
are well qualified to represent you. Please do not hesitate to Contact Us at any time.
STEP 3 ALLOW THE BUYER TO
CONDUCT DUE DILIGENCE
If your buyer chooses to conduct a homeowner’s
inspection, please grant the inspector access. After the inspection is
conducted, the buyer may find certain faults with the property and may ask for
you to make certain repairs prior to closing. It is up to you and the buyer to
then agree on which repairs you will and will not make.
STEP 4 SIGN THE CONTRACT
Once The Law Offices of Matthew K. Tannenbaum is
retained, you or your real estate agent provide us with certain information
necessary to prepare the Contract of Sale. We then draft a Seller friendly
contract based on the information provided and send the contract to the Buyer’s
attorney. The Buyer’s attorney then reviews the contract
and negotiates the terms. We discuss the terms with you and assuming all
parties are in agreement, the Buyer signs up to four (4) copies of the Contract
of Sale and mails the contracts, along with the down payment check to our
office. Upon receipt of the contract, we schedule an appointment for you to
sign (or, alternatively we may mail or email the contract to you for signature,
if you prefer). Once you sign the contracts, The Law Offices of Matthew K.
Tannenbaum deposits the down payment into our escrow account. We then mail two
(2) fully executed contracts back to the Buyer’s attorney.
STEP 5 WAIT
After the Buyer’s attorney receives the fully
executed contract, the following conditions must be satisfied:
The Buyer’s Attorney orders a title search to ensure that title to
the property is clean. A title search takes about 5-10 business days. If there
are problems with title, we must work to clear the title problems. This may
take more time, depending on the severity of the title problem.
If your Buyer is obtaining financing, the Buyer must apply to his
lender to obtain a loan. Generally, it takes about 45-60 for a lender to clear
the loan for closing.
If you are selling a Coop, the Buyer must apply to the Coop Board
AFTER getting approval for financing. The Board can take up to 30 more days to
approve or deny an applicant.
You move your belongings off the Premises (or get ready to do so)
to provide the property in Avacant and broom clean condition.
Assuming the title is clean, the Buyer is able
to get financing and is approved by the Board (if it is a coop sale) and you
have moved out or are ready to move out from the premises, we can schedule a
closing. Below are the average time periods it takes to close. Please note that
these are only AVERAGE time periods evidenced only by our experience:
Cash
Cash
Cash
STEP 6 SCHEDULE A CLOSING
Once the Buyer and the Buyer’s bank are ready
to close, we can schedule a closing. You should plan ahead of time to determine
when you will be able to move out of the premises to deliver the property
vacant at closing.
STEP 7 MOVE OUT
Unless otherwise agreed in the contract, the
premises are to be delivered vacant and Abroom clean at closing. This
means that all occupants must be off the premises and all personal belongings
and furniture are removed.
STEP 8 ATTEND THE CLOSING
The following individuals usually attend the
closing:
(1) the Buyer,
(2) the Seller,
(3) the Buyer’s attorney,
(4) the Seller’s attorney,
(5) the Buyer’s Banks
attorney,
(6) the Seller’s Banks attorney (in Coop transactions only),
(7) the Title Closer (in non
Coop transactions only),
(8) the real estate brokers
and
(9) the Managing Agent (in
Coop transactions only).
The Closing customarily takes places either at
the Seller’s attorneys office or at the Buyer’s Bank Attorney’s office. In Coop
transactions, the Closing always takes place at the office of the Managing
Agent.
I hope this information is helpful. Please do not hesitate to call me for a free telephone consultation
(516) 683-1234
