Three Helpful Tips For a Stress-Free NYC Apartment Closing

Relax and enjoy a stress-free nyc real estate closingIf you are unfamiliar with the New York City housing market, closing on an apartment can be an intimidating process. However, a little bit of preparation can go a long way toward making your purchase as simple as possible. Buying real estate need not be a daunting task if you follow these three helpful tips for a stress-free NYC apartment closing.

1. Hire a good attorney.

To make negotiating a contract on an apartment easy in New York, you need a real estate attorney that can take the time to explain to you what is in the contract and how it affects you.  This is a legal and binding document so you need to be sure you understand what you’re agreeing to. Try to find an attorney who understands your preferences and communication style, as he will be your primary point of contact during the negotiation process.

At a recent closing, one of my clients had concerns about a bed bug infestation that had occurred seven years prior. My client’s attorney, who was thoughtful, organized and cognizant of the client’s concerns, was able to verify that the problem had been fully addressed. Thanks to a thorough, trust-worthy attorney, my client was able to close on the apartment with confidence.

Having an attorney is a step (just like obtaining a bank pre-approval) that should be undertaken prior to finding an apartment. This way, you will have one less decision to make in the heat of the moment and your apartment search will be much less stressful.

2. Expect the unexpected.

Regardless of  how well you prepare, closing on an apartment almost never goes as planned. For example, communicating with management companies is not always a straightforward process. Though in many instances board applications can be downloaded, they are frequently incorrect or incomplete. This could have created a major snag in the process during a recent sale, however, we were prepared for the unexpected.

Instead of allowing my clients to panic, I was able to walk them through the process in a calm and stress-free manor. By reaching out to the seller’s broker, I found an excellent resource who was familiar with the management firm and the board application process. We were able to put together a board package in the way the board preferred to view it and move forward with the closing.

3. Budget for surprises

Closing on an apartment almost never ends up costing what you thought it would cost at the beginning of your search. For example, a co-op board can require the purchaser to pay for copies of the board package which can be reviewed by hand. With boards often having as many as seven members, and packages which can resemble a novel, this can amount to a couple hundred extra dollars necessary to get to closing. You can save some money by having the seller’s attorney provide their copy of the building’s offering plan, but be aware of the fact that there may be some unexpected expenses along the way.

If this is your first time buying an apartment, or you’re relocating to the area, having reputable guidance such as that provided by RealDirect agents can make all the difference between an unpleasant transaction and a stress-free NYC apartment closing.

Please feel free to reach out if you’d like me to guide you through your NYC apartment search.

-Olga Alexander

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