sales guides

The Buying Process:

Speak to a mortgage broker, bank or financial advisor.
Know what your budget is before you even begin your search. Financial requirements vary from building to building, so keep that in mind.
1 - 2 days

Find an apartment.
1 day - 6 months

Negotiate on the apartment.
3 days - 2 weeks

Sign a contract
Both the buyer and seller are represented by real estate attorneys. The seller's attorney draws up the contract for the buyer's attorney and, upon receipt, the buyer's attorney performs “due diligence” (e.g., reading minutes, reviewing financial statements of the building, etc.). Once all terms are agreed upon, the buyer signs the contract and returns it to the seller's attorney with a 10% deposit, after which the seller executes the contract. Possible contingencies may include financing, board approval and closing dates.
3 days - 2 weeks

Apply for a mortgage and receive a commitment letter from your lender.
Mortgage applications cannot be processed without a fully executed contract, and if an apartment is being financed, the board requires a commitment letter from the lender.
3 - 6 weeks

Complete your board package or condo application.
Your real estate agent will ensure that your board package is thorough and completed in a timely manner.
1 - 2 weeks

Submit a board package or condo application to the managing agent.
Once the board package is complete, it is given to the building's managing agent. The package is then forwarded to the Board of Directors, who decides whether or not an interview will be granted.
4 - 6 weeks

Meet with the co-op board for an interview.
Every co-op board is unique to its building, but they typically meet once a month on a weekday evening. An interview does not mean you have been approved.
30 minutes - 1 hour

Receive approval from the board.
The managing agent will let the seller's agent know whether or not you've been approved by the board.
1 day - 1 week after the interview

Schedule a closing.
The managing agent sets the closing date, and the buyer's and seller's attorneys then coordinate with the appropriate banks for available dates and times.
1 - 2 weeks after board approval