Begin your journey with a vision of your dream home including the size, number of bedrooms, baths, features and building amenities as well as the amount of money you are comfortable spending. There are three types of Manhattan properties: condominiums, co-operatives, and townhouses. Condominiums and townhouses are real property. You will receive a deed of sale. Co-operatives are a more restrictive form of ownership. You will be purchasing shares in the co-operative and will receive a proprietary lease. Think of neighborhoods that suit your lifestyle. Carol has an encyclopedic knowledge of buildings and neighborhoods. She will help you to identify the best properties and provide you with all the information you need to make the best choice. She will help you determine an appropriate opening offer and negotiate fiercely on your behalf.
During the sales transaction, the seller’s real estate attorney will draft the contract of sale for the buyer’s attorney. The buyer’s real estate attorney will conduct due diligence – reviewing the offering plan, reading minutes, building financial statements, etc. The buyers sign the contract once the due diligence is resolved and forward the contract with a 10% deposit. After the contract is signed, buyers complete a board application if they are purchasing in condominiums or co-ops. No board application is required for purchasing in a new development condominium. For condominiums, the board application is a formality. The condominium board can only deny your application if they waive their first right of refusal and purchase the apartment. For co-ops, the board uses the application to determine who they desire to interview and can grant or deny your approval. Carol will collaborate with all the parties of the transaction to provide all the documents needed and to answer any questions.
If you decide to take out a mortgage, it is best to get pre-approved. You also can pay all cash and obtain financing after the closing. Boards require a commitment letter from your lender. The commitment letter is included in your board package. If the condominium approves your board application, you will receive a document called The First Right of Refusal. Before a co-operative board gives final approval, a personal interview is required. Carol will help you complete and present an excellent board application. If an interview is required, she will prepare you for your board interview.
After board approval, the closing will be scheduled. The deal closes and you are handed the keys to your dream home. Carol offers you with a bespoke concierge service that can provide you with any A-Z service that you may need from the beginning of your search to your move in and beyond.
Carol Staab has an innovative luxury real estate practice that provides an elite level of concierge service through unparalleled world-class marketing and a hands-on business approach. Her mission is to give her clients an exceptional experience while helping them achieve the best results possible.