Mortgage Pre-Approval:

• Estimated time frame: 1 - 2 days

It is important to understand how much you can afford to spend. Condo apartments typically require at least 10% down; co-op apartments generally require at least 20% down. Down payments can vary from building to building,15% of Manhattan's buildings are condominium buildings and the other 85% are cooperatives.

Finding an apartment:

• Approximate time frame: 1-6 months

Depending on what you are looking for, the length of your search will vary. The average buyer sees 15-20 apartments before deciding upon one.

Negotiation:

• Approximate time frame: 3 days to 3 weeks

Everything is negotiable so inquiring about assessments, fixtures, floors, appliances, working fireplaces, washer dryers, etc.

Contract Signing:

• Approximate time frame: 1-3 weeks

The seller's attorney draws up the contract of sale for the buyer's attorney; the buyer's attorney does 'due diligence' - reviewing minutes, financial statements of buildings etc. The buyers sign the contract and forward the contract with a 10% deposit, the sellers execute the contract. Possible contingencies: Financing, Board Approval, closing dates. The quicker the contract can be signed, the better. A contract is only binding after both parties sign..

Mortgage Application:

• Approximate Time frame: 5 - 9 weeks

Commitment Letter from Lender. Mortgage applications cannot be processed without an executed contract. If an apartment is being financed, the board requires a commitment letter from a lender. These letters are in most cases the last items to complete a board package/condo application.

Condominium Application or Board Package:

• Approximate time frame: 3 - 9 weeks

Condominiums require an application to be completed before a closing can take place. In order to review a potential purchaser. Condo applications are given to potential purchasers to fill out after a contract has been executed. If there is no financing, it generally takes about 2-4 weeks to gather the information for the condominium board application.

Coop's demand extensive information in a Board Package. Most Boards request the following detailed information: full financial disclosure with supporting documentation, employment history, current salary, personal and business references, tax returns for the previous 3 years, credit history, etc.

Submit Condo Application or Board Package for review:

• Approximate time frame: 1-4 weeks

After EA completes your Board package, we will forward the finalized package to the managing agent of the building. The managing agent will inspect the package to ensure it is complete. The package will then be forwarded to the Board of Director's of the Condominium. After the board reviews the application they will decide if they would like to meet the potential purchaser.

Co-op Board Interview:

• Approximate time frame: 30 minutes - 1 hour

Coop Boards typically meet once a month, and some Boards do not meet in August. Every Board is different, but generally a Board Meeting will be held in the evening on a weeknight. Although a board interview may be granted, this does not guarantee board approval.

Board Approval:

• Typical time frame: 1 day - 1 week after board interview

Coop Boards typically meet once a month, and some Boards do not meet in August. Every Board is different, but generally a Board Meeting will be held in the evening on a weeknight. Although a board interview may be granted, this does not guarantee board approval.

Schedule a Closing:

• Typical time frame: 1-2 weeks after board approval

Coop Boards typically meet once a month, and some Boards do not meet in August. Every Board is different, but generally a Board Meeting will be held in the evening on a weeknight. Although a board interview may be granted, this does not guarantee board approval.