A condominium apartment is real property. The owner actually owns his/her unit and will receive a deed to the property. Each unit is responsible for their own taxes. A monthly maintenance is charged for the maintaining of the building.
Condo Purchasing Process:
After the broker has helped the buyer and the seller agree upon a price, the steps to take are as follows:
1. Fact sheet
(Broker prepares) Consist of: Buyer and Seller’s names, address, social security #, Attorney name and address, closing date, amount financing, Broker’s information.
Buyer’s attorney will have the opportunity to read minutes and financials of condominium. Seller’s attorney will prepare contract and send out to Buyer’s attorney. The Buyers signs the contract and gives a deposit of 10% of the purchase price. The seller will in turn sign the contract and deal is binding. Note; there is no binding deal until the contract is fully executed (signed by both parties).
Buyer should have this in place and have been pre-approved already.
4. Condo Package
Condo’s unlike Coop’s are much easier to get in to, you will just need a credit check and possibly a financial statement.
The attorney’s, and bank set a date for closing. The buyer will do a walk through prior to the closing.
After closing the attorney should notify the management company of the change of title, copy of deed is required.