• Decide how much you can afford to spend on your new home. As a rule of thumb, look at a home that costs two or three times your gross income.
  • List the features you want in a home according to priority.
  • List New York neighborhoods you would like to live in, again according to priority. Make sure you consider all factors like schools, recreation facilities, transportation and commute.
  • Make sure you have enough money to cover the down payment plus closing costs. Closing costs will run between 3%-6% of the home price.
  • Check your credit reports before making an offer on a home, so no problems will occur when it comes time to arrange for financing.
  • Determine what size mortgage you will qualify for, and check different financing options to find the best for you.
  • Organize all documentation such as pay stubs, bank statements, etc. so the loan application process will run smoothly.
  • Locate an experienced New York real estate agent who can guide you through the entire process. Make sure you are comfortable with this agent and that they come highly recommended in the New York community.


  • Get pre-approved for your own mortgage and then determine how much you can afford. In New York, condos typically require, at least, 10% own; co-op apartments look for, at least, 20% down, but these figures vary from building to building.
  • Find the lodging the you are looking for.
  • Negotiate the final contract. for condos and co-ops, make sure to inquire about assessments, fixtures, appliances, etc.
  • Contract signing: the seller's agent/attorney will draw up the contract. The buyer's agent/attorney then conducts 'due diligence' to make sure the contract is properly prepared and all facets of the sale are listed. At the time of the signing, the down payment will be due.
  • The mortgage application is then completed and the buyer received a commitment letter from the lending institution.
  • Condominium application or Board Package is completed. Condos require an application to be completed before closing can take place. This process can take 2-4 weeks to conclude.
  • Submit condo application or Board Package for review.
  • The Co-op Board meets and reviews the application. These boards typically meet once a month, but every Board is different.
  • The Board approves or rejects.
  • Schedule closing and move-in date.


  • The bidding process begins when your real estate agent submits an offer on your behalf to the seller's agent; this offer will include any qualifications that you want mentioned. Be aware of the so-called "flip tax" which is a transfer fee and should be considered as part of the price negotiation.
  • The seller will accept or counter your offer.
  • If there are multiple bids your real estate agent will work with you on the best possible offer.
  • The offer process ends with the agreement of price, terms and closing date.
  • The Contract of Sale is then drawn up, either using the two real estate agents or a qualified New York attorney
  • Your agent (or attorney) will then practice 'due diligence' by asking for and reviewing all related documentation including, proprietary lease plan, condo or co-op building by-laws, and building financial condition and history.
  • The contract is signed and down payment is paid.
  • The contract and deposit are forwarded to the seller's agent (or attorney) for their signature.
  • The deposit is held in escrow until the closing date.
  • The Board approval process now begins. The seller's agent will provide the buyer with the Board's requirements and application forms; the application will require the buyer's tax returns, bank statements, brokerage statements, letter of reference, etc.
  • Upon completion of the application process, your agent will forward the package to the seller's agent who will review and then forward it to the building's Board for approval.
  • The Board reviews the application and may ask the for an interview with the buyer. This whole process may take days or weeks depending upon the building.
  • Upon approval by the Board, the closing occurs, usually in the office the building management agent.
  • Your agent will schedule a final walk-through inspection prior to closing.


All costs are estimated and due to change depending on the current market.

  • Buyer's Attorney: $2500
  • Bank Fees: $2500
  • Mansion Tax: 1% of purchase price when exceeds $1 Million
  • Lien Search and UCC Filing Fee: $425
  • Managing Agent or Co-op Attorney: $750
  • Maintenance Adjustment Fee, up to one month
  • Short-Term Interest Adjustment Fee
  • Move-In Deposit: $1000
  • Flip Tax, if applicable: Approximately 2% of final price


All costs are estimated and due to change depending on the current market.

  • Buyer's Attorney: $2500
  • Bank Fees: $2200
  • Recording Fees: $200
  • Mortgage Tax: 1.8% of amount of mortgage on loans under $500,000; or 1.925% of mortgage amount for loans over $500,000
  • Mortgage Title Insurance: $200 per $100,000, if financed
  • Title Insurance Fee: Approximately $450 per $100,000
  • Mansion Tax: 1% of entire price, if price exceeds $1 Million
  • Miscellaneous Title Charge: $500
  • Common Charge Adjustment, up to one month
  • Real Estate Tax Adjustment, up to one month