Buyer's Guide


Preparation Stage

Your Platinum Properties Associate will arrange for you to speak with our in-house mortgage broker to establish your purchasing power. Once established, your Associate will be able to focus on properties that fit your criteria and are within your price range. It is imperative that you be represented by an attorney that has prior experience with Manhattan real estate. NYC has complex re laws that your attorney will need to know to protect your interests. Platinum Properties has a staff attorney who is an expert in all matters of NYC real estate law. You may choose to work with our in-house attorney or utilize another attorney of your choice.

In cooperatives, you will be required to provide financial statements and documentation that demonstrates your ability to perform. Your Platinum Properties Associate will provide you a list of all documents required.

Immediately review your credit score and remove any erroneous claims.

Searching & Finding Your Home

During your initial meeting with your Platinum Associate, you will have defined search parameters including price range, location/neighborhood, and property size. Be completely honest and transparent with your Associate in terms of needs vs. wants, tastes and preferences. The more clearly your Associate understands your requirements, the more accurately they will be able to focus their search for your ideal property.

As your Platinum Associate shows you properties, avoid evaluating properties based on whether you will "feel at home". The property is the Sellers home. Until you decorate and renovate to your individual taste, no property will feel like "home". Focus on the structure of the home and its potential to become that which will represent "home" to you.

If you commute to work or school, commute from the prospective home and determine if the commute is workable on a day-to-day basis.

Offer and Purchase

When you find the home that you desire, submit an offer to your Platinum Associate. Your Associate will advise you on terms, price, and conditions and present the offer to the seller. Items to be included in the offer include:

If you have strong financials, it is highly recommended that you ask your Associate to convey that to the seller in the offer. Once the offer is accepted, the seller.s attorney will send the contracts to your attorney for review.

Your attorney will review the contract with you and present the risks associated with purchasing the property. When instructed by you to proceed, the attorney will ask you to execute the contract and put down a 10% deposit to be held in escrow. Once the seller countersigns the contract, a copy will be sent to your attorney and your mortgage personnel.

An appraisal must be ordered by the buyer. The appraiser's job is to insure that the lender is making a sound investment.

A Board Package may be required by the Board of Directors of the property. Your Platinum Properties Associate will provide you with an application and assist you in completion. Your Platinum Associate will review the information and submit the package to the Board. Typically, Boards of Directors meet monthly. You will be scheduled for an interview at the next board meeting. Within 3-5 days of the interview, you will be informed of your application status. Upon approval, notify your attorney who will coordinate a closing date.

The total time for securing a mortgage is typically 30-45 days.

Walk Through

One or two days before scheduled closing, you and your Platinum Associate will inspect the property to ensure that it is in the promised condition. Ensure that all appliances work including heat, water, and lights. Ensure that all of the previous owner.s belongings are removed.

Closing

Bring at least two copies of government issued identification. Your checkbook will also be necessary for any adjustments made at closing. You will sign documents necessary to complete the loan transaction including a mortgage and promissory note. You will also sign a Deed, Power of Attorney, and Title Report. In Cooperative and Condo closings, additional documents include Security Agreement, Stock Power, Assignment of Lease, Stock Certificate, and Proprietary Lease. Once all adjustments have been made, the checks will be given to the seller and the keys will be given to you.