Follow This Tip If You're Selling a Condo or Co op in NYC

In this video we will provide you with a quick tip as to how you can best prepare in advance of selling your condo or co-op in NYC.

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From our experience doing deals here in NYC, what we've found is that your typical seller
is rather unprepared for the phases that come after the accepted offer. It almost seems like it's a surprise when there's an accepted offer. They don't have any paperwork ready, they don't really know like basically how to how to move forward in a timely manner, and this is really a nightmare because in NYC offers are not binding.

Accepted offers by extension are not binding either, so if you get to the point where you have an accepted offer, you just listed and you're taking full advantage of the momentum of your sale you get this amazing offer you accept it, but you don't have any of the due diligence documentation prepared for transmission to the buyer's attorney. Therefore, buyer due diligence cannot be completed and who's to say that the buyer might not just see a new listing on the market and eventually just back out and not sign the contract?

So this is a long-winded way of saying that as a seller in NYC of a condo or co-op, the first thing you should do way before an accepted offer and way before you even list is to start going through your files and assembling all of the due diligence documentation that the buyer's attorney will need at the time of an accepted offer.

This includes but is not limited to for example the offering plan of your building and also the most recent two years of financials. You also would want to obtain the house rules alteration agreement decorative rider, basically all of the paperwork that is available on your building.

Now in theory you should already have all of this because for example when you buy you should have received a copy of the offering plan. Every year as a unit owner you should
have received a copy of the financials from management so this is really more of a homework exercise on your part to just go through your files and get everything together. We recommend putting everything in a Dropbox (or other cloud storage) folder and this way it can be very efficiently sent along with the deal sheet at the time of the accepted offer to the buyer's attorney.

So just to recap if you're selling a condo or co-op in NYC, do your homework. Get all your paperwork together even before you list. It should be the first thing you.

Now the other quick tip we'll leave you with is to make sure that you are prepared with respect to a real estate attorney. Do not wait until the day of an accepted offer to contact your lawyer.
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
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