Offer accepted? Time to go to contract
Published on Brick Underground
(https://www.brickunderground.com)
Offer accepted? Time to go to contract [1]
Once you have an accepted offer in hand, it’s time for your attorney [2] to get busy. Generally
speaking, it takes about 10 business days to go from accepted offer to signed contract and another
30 – 75 days to close depending on whether you’re using financing and the speed with which your
lender and the building’s board move. Of course there are always things that can delay closings
even longer.
During this time, your attorney will review the last few years worth of minutes and financial
statements and ask the managing agent some probing questions, all of which is intended to disclose
any pre-existing or potential problems related to everything ranging from finances, bed bugs, leaks,
noise complaints, reserve funds, major capital projects, problem neighbors, etc. As we’ve
said before [2], your attorney will ideally do these things him or herself, rather than dispatch a
paralegal, and speak to the managing agent in person or by phone, rather than sending a
questionnaire.
Your attorney will also review the building’s offering plan, bylaws, rules and renovation policies to
make sure there are no surprises that might change your mind about buying the place.
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10 things NYC buyers should look for in their apartment sale contracts [5]
4 things buyers MUST do if the seller wants to say after closing [sponsored]» [6]
Why you might want to buy your next place under an LLC--even if you're not famous
[sponsored] » [7]
Source URL: https://www.brickunderground.com/agent-referral/contract
Links
[1] https://www.brickunderground.com/agent-referral/contract
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Offer accepted? Time to go to contract
Published on Brick Underground
(https://www.brickunderground.com)
[2] http://www.brickunderground.com/agent-referral/how-to-buy/4
[3] http://www.brickunderground.com/blog/2012/07/ask_an_expert_is_it_possible_to_get_a_pre_appro
ved_for_a_washer_dryer
[4] http://www.brickunderground.com/blog/2013/01/a_home_inspection_checklist_for_new_yorkers_y
ep_we_need_them_too_sometimes
[5] http://brickunderground.com/blog/2014/07/10_reps_to_make_sure_are_in_your_buyers_contract
[6] http://www.brickunderground.com/blog/2012/04/buyers_4_things_you_must_do_if_the_seller_want
s_to_stay_after_closing
[7] http://www.brickunderground.com/blog/2013/04/buying_under_an_LLC
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