Process of buying property in New York
Posted by Wei Min Tan on May 19, 2021
Weimin Tan gives an overview on the process of buying property in New York.
Why New York?
Global clients looking for asset diversification and to preserve capital invest in New York because New York is a top global city alongside London. Additionally, New York is ranked by The Wealth Report as the number one city in the world in terms of investment, wealth and lifestyle.
New York is now the U.S. East Coast’s Silicon Valley and is no longer reliant on the financial industry. This is evidenced by Google and Facebook’s expansion in Manhattan. Manhattan’s largest corporate tenant is now Facebook.
Process of buying property in New York
Engaging a buyer’s broker – the buyer’s broker is the one representing the interest of the buyer and explains the upsides and downsides of each property.
Identifying the right buy – the buyer and the buyer’s broker will evaluate properties based on the buyer’s objectives.
Negotiating the deal and contract signing – based on comparable properties, the buyer’s broker will evaluate what to offer and present to the seller. After an offer is accepted, seller’s broker will prepare a deal sheet and lawyers on both sides will review and negotiate the legal points of the contract. Buyer will sign the contract and send the contract deposit to seller, who will then countersign.
Preparing for closing – this step involves submitting a formal mortgage application to the buyer’s bank to initiate the mortgage process. With a cash transaction, this step is skipped since there is no mortgage. The board package is also submitted for approval by the condo board.
Finally, closing – after the bank provides a clear-to-close and the board has approved, all parties will agree on a day of closing. Closing is the point after which the buyer becomes the official owner of the property.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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