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BUYER’S GUIDEULTIMATEPRESENTED BYUnlock our broadexpertise, strongconnections, andmarket leadership toexperience the city’smost exclusive living.HOW TO B U Y R E A LESTAT E I N N Y C
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undividedre.com03/16We all begin the home-buying journey with an inspiration, a dream of what ahome means to us. Whether it's your first time buying a home or not, it is oneof the most important financial - and personal - decisions many of us willmake in our lifetimes.At Undivided, we are committed to helping you turn that vision into reality. As New York City's premier residential real estate brokerage, we havecreated this itinerary for you to outline the buying process in one of theworld's most exciting and competitive real estate markets.LOVE WHERE YOU LIVE
04/1601.CONNECT WITH A PROFESSIONALsales@undividedre.com
undividedre.com05/16Buyers in New York City are faced with challenges that most buyers elsewherewill never encounter. That’s why we, as professional real estate salespeople,systematically break down the milestones into manageable, digestible bites to ensure clarity and to help make the process as stress-free as possible.THE UNDIVIDED ADVANTAGEWHY A PRO?We are not just full-servicepartners on your journey toclosing a deal, we are alsoendless resources forprofessional referrals,personal recommendationsand knowledge of the cityand its neighborhoods. / ZERO SURPRISESNo one home is createdequal. We keep an eye out for potential problems to ensure you are buying a sound property./ RESPONDS QUICKLYIt's reassuring to know thatyou have an advocate byyour side when it counts,which is why we respond to all inquiries right away./ WEEKLY UPDATESReceive weekly feedbackand insight to determine the best direction for yourNYC real estate ventures.
06/1602.ARRIVE AS A BUYERsales@undividedre.com
undividedre.com07/16When you pay a monthlymortgage, you increase yourownership stake, i.e. equity, inyour property. The greater yourequity, the more you cancapitalize on your home's value.Securing a fixed-rate mortgageensures you won't have toworry about rising monthlyhousing costs that can occurwhen renting through alandlord or property manageryear-over-year.Want to open up the kitchen byremoving a wall? Or how aboutretiling a bathroom? You canbecause it's your home. As longas you abide by your building'sguidelines and NYC codes, you have the freedom topersonalize your space. THEOWNERSHIPADVANTAGE/ GROW YOUR EQUITY / FIX YOUR MONTHLIES / DESIGN YOUR SPACE
08/1603.L E T T H E J O U R N E Ysales@undividedre.com
undividedre.com09/16THE ITINERARYSTEP 01 STEP 02 STEP 03The Financials The Search The CloseB E G I N
10/16Credit scores help banksevaluate the risk of lending toindividuals. If necessary, use areputable website to accessyour credit details withoutdamaging your score andexplore ways to improve it.You can work with a lendinginstitution to receive a pre-approved loan statement thatestimates the amount you areallowed to borrow. You will be asked to submitadditional financial documents,including pay stubs, bankstatements, and tax returns. Expect to pay as much as 20% of the sale price for adown payment, along withassociated closing costs.PREP YOURFINANCIALPROFILE/ CREDIT CLEAN UP / GET PRE-APPROVED/ KNOW YOUR FINANCIALSSTEP 01THE JOURNEY STEP 01sales@undividedre.com
undividedre.com11/16As you begin your journey, your agent is there to bring your visionof home into clearer focus by advising the status of the market,setting the course on price, location, and inventory, and creating a primary timeline. CONDUCTING YOUR SEARCHCO-OPS,CONDOS, ANDTOWNHOMESThe housing stock inNew York City primarilyconsists of apartments,cooperatively-owned(co-op) buildings,condominium buildings,and townhomes. Co-ops make upapproximately 75% ofavailable NYC homesfor sale at any giventime. Condos accountfor the bulk of theremainder, whiletownhouses representjust around 2%. STEP 02THE JOURNEYSTEP 02
12/16The co-op board interviews allprospective owners and hasthe right to approve or rejectany applicant. Be prepared toput down at least 20% of thepurchase price or more, basedon the building requirements. Board interviews are not required. The application is not asrigorous as the co-op board process. Be prepared to put down atleast 10% of the purchase price, plus closing costs.Monthly fees include common charges, for services and amenitiesshared by residents, and property taxes. Subletting is typicallypermitted, and the apartment can be sold at will. CONDO CO-OPsales@undividedre.comTHE JOURNEY STEP 02
13/16Maintenance fees are basedon the number of shares thetenant owns (typically dictatedby apartment size and floorlevel). Subletting must beapproved by the co-op board,and when selling, the buyermust be approved by the co-op board. undividedre.comA board is not involved in the purchase or sale, creating a muchfaster transaction from contract signing to closing. Be prepared to put down at least 10% of the purchase price, plusclosing costs, depending on the loan-to-value ratio determined byyour bank. All maintenance costs and property taxes are included in themonthly fees. Subletting is permitted, and the townhouse can besold at will. TOWNHOMETHE JOURNEYSTEP 02
Your attorney will examine thecontract of sales, by-laws andfinancial condition of thebuilding to conclude thateverything is satisfactorybefore you sign. 14/16Upon signing, the contract anddeposit (typically 10%, but up to 20% of the offer price) will be safeguarded in an escrowaccount until closing. Keep in mind that the seller can stillentertain and accept otheroffers until the contract is fully executed. Your agent will help youdetermine an appropriate offeramount and terms, and willconvey the offer to the seller(via the seller's agent ordirectly) and prepare tonegotiate the best possibleprice, terms, and closing date. Making an offer and signing a contract are pivotal moments whenyour agent's skills and knowledge are especially critical. FROM OFFER TO CONTRACT/ REVIEW TERMS / SIGN CONTRACT/ NEGOTIATESTEP 03sales@undividedre.comTHE JOURNEY STEP 03
15/16On the day of closing, ensurethat you have all of yourpaperwork and financing ready,there will be lots of signing onthe dotted line.Upon finalizing all, you willreceive the keys and move into your new home.Your agent will join you on afinal visit to assess the propertyand compile what's called apunch list of outstanding items to be resolved prior to the close. / THE CLOSING/ FINAL WALKTHROUGHundividedre.com THE JOURNEYSTEP 03At this stage of the buying journey, your agent will help you assemblethe remaining documents and finalize the necessary approvals.CONGRATULATIONS!In addition to helping youassemble your bankstatements, tax returns, andletters of reference (personal,professional, and financial),your agent will help younavigate the nuances ofwinning board approval.Once you've received approval(if applicable) and the bankprovides clearance to close,your agent will coordinate afinal walk-through and closing date. Once your application iscomplete, your financialinstitution will schedule athird-party appraisal to verifythe value of the property./ BOARD APPLICATION / SCHEDULE CLOSING/ LOAN APPLICATIONFROM CONTRACT TO CLOSE
PRESENTED BYWith unwaveringdedication and apassion for excellence,we are redefining thestandard of service,making every real estatejourney a seamless andexceptional experience.CONTACT INFOundividedre.comsales@undividedre.com646.631.2220