Once you have accepted an offer, your real estate attorney will prepare the contract of sale and forward it to the buyer's real estate attorney for the buyer's signature. Once signed, it will be sent to you to sign.
The Deposit
The buyer must provide a check with the signed contract for the sum of 10% of the contract price.
The Purchase Application
Immediately after the contract has been signed and the mortgage, if sought, has been applied for, the buyer and the buyer's agent must prepare the board package for my approval. The buyer will be required to complete the application within approximately 30-45 days of the signed contract. If a mortgage is sought, the commitment letter must be included with application.
Once completed, the buying agent will submit it to me for my review. Upon my approval, the buying agent will submit all appropriate copies to the property manager who, in turn, will distribute copies to the board of directors or board of governors, depending on whether it is a co-op or a condo, for their approval.
Important: Failure to submit the board package in a timely manner can result in a breach of contract. If this occurs, your buyer may be in jeopardy of breach of contract and possibly lose all or part of their deposit.
