Step 2: Retain a Real Estate Attorney

Before coming on the market, you will need to select an experienced real estate attorney to represent your interests. Please interview and find a Real Estate Attorney that you like and who is going to look out for your best interests. 

Step 3: Sellect a Listing Agent

A listing agent represents you and has a fiduciary responsibility to look out for your best interests. 

Step 4: Prepare Your Home for Sale

Prepare your home for sale by cleaning and decluttering it. Consider hiring a professional stager to stage your home for showings or at least ask your Luxury Apartments LIC agent for help and feedback. Make sure your home is clean and in top condition. Display some fresh flowers, it always looks good. Make any necessary repairs. If you're selling a home where pets live, you might want to make temporary, alternate plans for them. You only get one chance to make a great first impression.

Step 5: Launch Marketing Campaing and Start Showing Your Home

Use your Luxury Apartments LIC agent for help with professional photos and listing details/description. Launch marketing campaign. Hold open houses and arrange private appointments. Allow your agent to schedule showings at the time of day when your home looks best. If necessary, tweak marketing to increase traffic. Make sure that your listing is posted online. Your agent should be advertising your property on as many online platforms as possible.

Step 6: Manage Negotiations and Offers

The buyer's agent will prepare an offer letter, the REBNY financial form and his client's pre-approval letter. These documents will be subited to you and your agent. The offer from a buyer is made either orally or in writing through your real estate agent. You may accept or counter the offer as part of a price negotiation. Your Luxury Apartments LIC agent will help with this and together (in case of multiple offers) you will discuss and agree on a strategy in order to obtain the best price and terms from the most qualified buyer.

Step 7: Prepare the Deal Sheet and Send Contract to Buyer's Attorney

Once the offer is accepted your attorney will prepare a contract of sale and submit it to the buyer’s attorney for review. In the meantime, the buyer’s attorney will exercise due diligence by asking for certain documents from you or your managing agent of the building (statement of the building’s financial condition, the building’s by-laws, offering plan).

Step 8: Buyer Signs Contracts and Put Down Deposit

With the approval and agreement of the buyer’s attorney, the contract of sale is signed by the buyer. At the signing, the buyer typically presents a deposit of 10% of the sale price and it is usually kept in your attorney’s escrow account until the closing date.

Step 9: Seller Signs Contracts 

The contract and deposit are forwarded to the seller's attorney, who will obtain the seller's signature.

Step 10: Submit Board Package

The seller's real estate agent presents the buyer with the building’s board requirements and application forms, which may include:

-Application

-Signed financial statements

-Tax returns

-Bank statements

-Brokerage statements

-Personal and financial letters of reference  

-Professional reference letters

-Contract of sale

-Bank financing documents (if financing).

The buyer’s agent compiles the board package and then sends it to the seller's agent. They will review it prior to submission to the building’s managing agent, who will present it to the building’s board of directors.

Step 11: Board Interview

The board will review the application and it may or may not ask for additional information. A co-op may turn down a buyer. If not, the board will arrange to interview the buyer. Participants should be forewarned that the time lapse between submission of the board package and scheduling of the interview varies greatly from building to building. Generally, condominium buyers are not interviewed.

Step 12: Schedule Closing Date

Once the board approves the application, the final step is the closing. Usually it takes place at the office of your building’s managing agent. The exact date should be flexible to accommodate everyone (the seller, the buyer, the attorneys, the banks, and the managing agent). It is best to allow for a potential delay of up to 30 days from the closing date specified in the contract.

Step 13: Final Walk-Through

The next step is a final walk-through, arranged through the seller's real estate agent. The goal is  to ensure the property’s condition hasn’t changed since the last visit, that any agreed-upon repairs have been made and that the terms of the contract are met. A walk-through may be informal or more formal.

Step 14: Close and CELEBRATE!