1. Prepare Financially
- Determine your budget and secure mortgage pre-approval
- Prepare for substantial closing costs (1-4% of purchase price)
- For co-ops: Prepare to show substantial liquid assets beyond down payment
- Organize financial documents (tax returns, bank statements, employment verification)
2. Define Your Search Parameters
- Neighborhood preferences
- Size requirements (bedrooms, bathrooms, square footage)
- Building amenities (doorman, elevator, gym, outdoor space)
- Co-op vs. condo preference based on your priorities
3. Property Search Phase
- Work with a buyer's agent who specializes in Manhattan
- Attend open houses and schedule private viewings
- Research building financials, house rules, and recent comparable sales
- For co-ops: Check sublet policies, pet policies, and board reputation
4. Making an Offer
- Submit offer through your broker
- Include pre-approval letter and financial statement summary
- Be prepared for counteroffers and negotiation
- Once accepted, terms will be outlined in a term sheet
5. Due Diligence
- Hire an attorney to review the contract and building documents
- Review building financials, board minutes, and offering plan
- Order a home inspection
- For co-ops: Review proprietary lease and house rules
- For condos: Review declaration and bylaws
6. Contract Signing & Deposit
- Sign contract prepared by seller's attorney
- Submit contract deposit (typically 10% of purchase price)
- This deposit is held in escrow until closing
7. Mortgage Application & Approval
- Submit formal mortgage application
- Provide additional documentation as requested
- Lender orders appraisal and underwrites the loan
- Receive commitment letter (typically 30-45 days after application)
8. Board Application (Co-ops)
- Prepare comprehensive board package with your broker's guidance
- Typically includes financial statements, tax returns, reference letters, etc.
- Submit completed package for board review
- Attend board interview if application is approved
9. Final Walk-Through
- Inspect property 24 hours before closing
- Verify all included items remain and condition is as expected
- Check that agreed-upon repairs have been completed
10. Closing
- Attend closing with your attorney
- Sign final documentation
- Pay closing costs
- Receive keys to your new Manhattan home
