“ A home is one of the most important assets that most people will ever buy. Homes are also where memories are made and you want to work with someone you can trust.”
WARREN BUFFETT Chairman and CEO, Berkshire Hathaway Inc.
I AM HERE FOR YOU
Whether you are new to homebuying or have multiple properties, purchasing a home is a significant life decision and a major investment. With the ever-changing array of listings and the complexity of the process, it can feel daunting. I am equipped with the knowledge and skills to provide an exceptional experience for my clients, acting as a trusted advisor throughout the entire transaction and beyond. We lead with integrity and quality service, strategizing and negotiating each deal as if it were our own.
My success comes from a meticulous approach, effective marketing, and a vast network. Every detail is carefully managed. My philosophy has always been to build relationships over merely closing deals. My mission is to help buyers find a place they can call home and to help people achieve their dreams. While many agents overlook the importance of the initial consultation, I see it as a crucial step to understand your unique needs. I recognize the importance of buying, selling, or leasing a home in your life, and I am here to provide expert guidance every step of the way.
Brian Meier
Licensed Associate Real Estate
Broker
Executive Director of Luxury Sales
The Meier Team of Berkshire Hathaway HomeServices New York Properties
THE MEIER TEAM
Leading the New York City real estate industry, The Meier Team expertise as your liaison brings established roots with trusted principals every step of the way. We bring value to our clients not just by bringing market identity to their spaces but by bringing peace of financial security. Our market and value acquisition analysis remains a trusted resource in our clients’ portfolios. Our vigorous presence in each borough enables the effective understanding of new market entrants and economic issues to guide our proactive approach. We stand behind our beliefs, values and standards of authentic commitment which led us to the top of our industry. We take your vested interest as our own. With us it’s not just a transaction, it’s your future.
TEN WAYS WE CAN HELP
Be your personal source of knowledge about the buying process, individual homes, condominiums vs. co-ops, new development properties, neighborhood amenities, and market dynamics.
Help you clarify your real estate goals in relation to the local market and set your expectations on price, home size, and more.
Provide you with access to a network of agents, sellers, mortgage brokers, real estate attorneys, and contractors and keep you updated on off-market properties that have not been listed.
Schedule showings that align with your schedule and keep you informed about open houses.
4 5 6 7 8 9 10
Attend showings with you in order to facilitate a smooth showing process and give you a different perspective than that of the selling agent.
Submit offers on your behalf and negotiate with the seller/seller’s agent to get you the best possible deal.
Manage the contractual process and the back-and-forth negotiation between you, the seller, and the attorneys that represent each side.
Offer support and guidance in filling out applications for financing, buyer packages, and board interviews
Coordinate your closing and final walk-through.
Be a future resource to you should you ever want information about the market or ever consider selling your home.
HOME BUYING TIMELINE
STEP 3: Offer & Negotiation
STEP 1:
Pre-approval
Determine your buying power:
The first step is to get preapproved for a mortgage. This process usually takes 1 to 3 days and will help you understand how much you can afford to spend on a new home.
Making an Offer:
Once you find a property you want to buy, your agent will present your offer to the seller’s agent or the seller directly.
Negotiation Process:
The seller might counter your offer, initiating negotiations. This phase involves discussions to agree on the price, terms, and closing date.
STEP
2: Property Search
Define Your Preferences:
Identify what you are looking for in your new home. This includes factors such as location, size, style, and any specific features you desire.
STEP
4: Contract Review
STEP
5: Sign Contract
Finalize the Agreement:
At this stage, you will typically need to provide a deposit. The signed contract and deposit are then sent to the seller for their signature. The deposit will be held in the seller’s attorney’s escrow account until closing. It’s important to note that until all parties have signed the contract and it has been delivered, the seller can still consider and accept other offers.
Securing Your Dream Home:
During this stage, it is crucial to have an attorney experienced in New York City real estate to represent you. They will review the contract of sale, the building’s bylaws, and its financial condition to ensure everything is satisfactory before you sign the contract.
STEP 6:
Loan Application
Proceed with Financing:
If you need financing, proceed with your application and arrange an appraisal through financial institution.
STEP 7: Complete Purchase Application
You will receive the necessary documents and requirements from your agent, which usually include an application form, a financial statement signed by you or a CPA, and supporting documents for your financial statement. This often involves providing 2 to 3 years of tax returns, recent bank statements, letters of professional reference, and the contract of sale. If you are financing, you will also need to submit bank documents indicating that your loan is secured. In the case of a co-op purchase, if your application meets the initial approval, you will be invited to an interview with the board or an interviewing committee.
Application Financing: financing, loan arrange for through your institution.
STEP
8:
Board-Approval
For co-op purchases, you need to get approval from the board.
STEP 9: Bank Clearance Clearance to close:
Your bank will issue a clearance to close once all conditions are met.
STEP 11:
Final Walk-through & Closing Inspect and Close:
Conduct a final walk-through of the property and then proceed to the closing to finalize the purchase.
STEP
10:
Set the Closing Date:
Coordinate with all parties to schedule the closing date.
STEP 12: Celebrate! Enjoy Your New Home:
Celebrate the successful completion of your home buying process. All our hard work has paid off!
THE SEARCH
Let’s start with the fun part - Deciding what you want in a home!
When looking for an apartment, it’s important to have a clear idea of what you want in terms of the number of bedrooms, bathrooms, and so on. But don’t forget to think about the neighborhoods you’re interested in living in. Consider your daily commute, proximity to friends, and amenities like restaurants, schools, transportation, and grocery stores. Your agent will be there to help you every step of the way, showing you the homes that best fit your criteria. When you find a place you love, it’s time to make an offer! Your agent will put together a written offer that includes your pre-approval letter (if you’re financing), a REBNY form that shows your assets and liabilities, and your attorney’s information. Keep in mind that not everything will be negotiable, and the seller may come back with a counteroffer. But with your agent’s guidance, you can work toward a deal that works for everyone.
SUBMIT WRITTEN OFFER
• Agent and transaction team prepare official offer
• You sign the offer electronically
• Agent and transaction team send to listing agent along with pre-qualification letter
• Agent will stay in close contact with listing agent to confirm receipt and get feedback as to our offer strength (if in a multiple offer situation)
SELLER’S RESPONSE
When your offer is presented, the seller’s options are to:
ACCEPT IT: If, after reviewing your written offer, the seller’s sign, then you will have an executed contract!
COUNTER: If the sellers like some aspects of your offer, they may present a written (or verbal) counteroffer that includes the changes the sellers want to make. You are then free to accept their counteroffer, reject it, or make your own counteroffer.
Once everything is agreed upon and executed – Congratulations! It is time to move on to the “under contract” steps. . .
CONTRACT & BOARD APPLICATION
After finding your dream home, the purchase process can take anywhere from two to four months. The seller’s attorney will draw up a contract for the buyer’s attorney to review. This is when the buyer’s attorney does their due diligence to ensure that the building is in good standing by reading minutes, financial statements, and other documents. Once due diligence is resolved, the buyers sign the contract and submit a 10% deposit. The sellers then countersign the contract, and the money is held in escrow until closing. Keep in mind that the seller can still consider other offers while negotiations are taking place, but once the contract is signed, they cannot.
When purchasing a condominium or cooperative, the purchaser is required to complete a purchase application. For condos, this is more of a formality, and the board is highly unlikely to deny you the right to purchase. For co-ops, the application is more important, and the board will use it to determine if they want to interview you and whether to grant approval.
Before closing, it’s important to ask your agent and attorney about the closing costs associated with the transfer of the property. These costs can differ for buyers and sellers and between condos and co-ops. Your agent and attorney will guide you through the process and help ensure that everything runs smoothly.
MORTGAGE & BOARD APPROVAL
If you’re planning to finance your purchase, it’s important to have your pre-approval letter from your mortgage banker in hand before you start searching for a home. Once you find the right apartment, the board will require a commitment letter from your lender. This commitment letter is usually the final piece of a board package or condo application. If the board is satisfied with your application, they will issue an approval, also known as the First Right of Refusal.
Assembling a board package or condo application can be a detailed process. You’ll need to provide financial statements, three years of tax returns, bank statements, and personal and professional references (although the exact requirements can vary depending on the building). If you’re purchasing a co-op, you’ll also need to prepare for an interview with the board. But don’t worry, your agent will guide you through the process, helping you put together your application and preparing you for the interview if necessary.
CLOSING & MOVE-IN
Once you receive board approval, the managing agents will usually set a closing date, which your attorneys will coordinate with the banks to ensure availability. After closing, you will officially own your new home. Congratulations, your search has finally come to an end! It’s time to celebrate this exciting milestone in your life.
LAST STEP: CELEBRATE! WHAT TO DO?
Take Pictures Throw A Housewarming Party Leave Your Broker A 5-Star Review Buy Furniture and Decorate
TESTIMONIALS
“This is a great apartment. The rooms are enormous and the location is perfect. Thank you for finding it for us and expediting the process” DANNY D.
“Brian Meier did what can only be called an outstanding job of selling our home in SoHo. He is an intelligent, hardworking agent who knows his field and every market very well.” MICHAEL C.
“Brian, you stood by us during all of the ups and downs. You found us the perfect short-term rental, then found us our dream cottage in the middle of New York City. You have been amazing.” GAVIN B.
CONDO VS. CO-OP AND UNDERSTANDING THE DIFFERENCES
Two Seemingly Similar Apartments Can Be Quite Different
CONDOMINIUM
As new buildings continue to rise in New York, condominiums are becoming increasingly popular. Unlike co-ops, which are a different form of property ownership, a condominium represents real property ownership, akin to buying a house. Each condominium unit receives its own tax bill, while there is also a monthly common charge, similar to a co-op’s maintenance fee. However, these common charges do not cover real estate taxes and are not tax-deductible. Generally, common charges for condominiums are lower than those for co-ops, as there is no underlying mortgage for the building. The straightforward nature of purchasing a condo, combined with the ability to finance up to 90% of the purchase price and the freedom to sublet at will, makes condominiums a top choice for those seeking flexibility.
CO-OP
A phenomenon predominantly found in Manhattan, cooperative apartments have been a traditional way to own upscale residences for nearly a century. In New York City, 85% of all available apartments for purchase, and nearly all of the prestigious pre-war apartments on Fifth, Park, and Central Park West, are located in co-op buildings. When you buy into a co-op, you are purchasing shares in a corporation that grants you a proprietary lease. Generally, the larger the apartment, the more shares you own.
Co-op shareholders pay a monthly maintenance fee to cover building expenses, including heat, hot water, insurance, staff salaries, real estate taxes, and the building’s mortgage. Portions of these maintenance fees are tax-deductible due to the mortgage interest and real estate taxes of the building. The co-op board of directors decides the maximum amount of the purchase price that can be financed and sets minimum cash requirements. Subletting in a co-op can be challenging, as each building has its own rules that should be thoroughly reviewed before making an application.
Prospective buyers must undergo an interview with the board of directors and prepare a comprehensive board package, which typically includes personal and professional references, as well as detailed information on income and assets. Working with an experienced broker is invaluable in this process. Your broker can assist in finding a suitable apartment and preparing a board package that effectively presents your qualifications to the board of directors once you find the right home for you and your family.
LOAN APPLICATION PROCESS
The following information is typically needed when applying for a mortgage:
PURCHASE CONTRACT AND PROPERTY INFORMATION
• Copy of sales contract
• Mailing address and property description
• Contact information for access to the property
• Plans and specifications (new construction only)
PERSONAL INFORMATION
• Social Security number
• Age
• Years of schooling
• Marital status
• Number and ages of dependents
• Current address and telephone numbers
• Addresses for the past seven years
• Current housing expenses (rent, mortgage, insurance, taxes)
• Name and address of landlord or mortgage holder for past two years
EMPLOYMENT HISTORY AND INCOME
• Two years of employment history, with complete details of each job
• Recent pay stubs and two years of W-2 forms
• Complete tax returns and financial statements (if self-employed)
• Written explanation of employment gaps
• Records of dividends and interest received
• Proof of other income
ASSETS
• Complete information on all bank and money market accounts
• Two months of bank statements
• Current values of stocks, bonds, mutual funds and other investments
• Vested interest in retirement funds
• Value of life insurance
• Information on vehicles you own
• Information on any other real estate you own
• Value of significant personal property you own
LIABILITIES
• Itemized list of all current debts (loans, credit cards, and other bills) Written explanation of past credit problems
• Full details of bankruptcy during the last seven years
FEES
• Credit report and appraisal fees (usually $500 or less)
TIPS TO FOLLOW PRIOR TO PURCHASING YOUR HOME:
• Refrain from changing jobs
• Hold off on buying or leasing a car
• Be sure to maintain bank accounts at the same bank
• Hold onto your savings
• Avoid large credit card purchases
• Decline cosigning on loans
• Hold off on applying for new credit cards
NYC PURCHASER’S CLOSING COSTS
NYC PURCHASER’S CLOSING COSTS
Bank Fee’s
o Bank Attorney
o UCC-1 Filing Fee
Purchaser’s Attorney Fee
Maintenance or Common Charge Adjustment
Varies according to bank and loan product
$800 - $1,250
$75 - $125
$800 - $1,250
Consideration
$1,000,000 - $1,999,999
$2,000,000 - $2,999,999
$3,000,000 - $4,999,999
$5,000,000 - $9,999,999
$10,000,000 - $14,999,999
$15,000,000 - $19,999,999
$20,000,000 - $24,999,999
$25,000,000 - More
$3,500 and up
Purchaser reimburses Seller for any prepaid maintenance or common charge payments
Adjustment for other Seller Prepaid Items Water, sewer and other utilities, assessment, etc.
Homeowners Insurance Premiums
First 12 months to be paid at or before closing Appraisal Fee
Cooperative Apartment Only
o Judgement and Lien Search
$600 - $1,500 (except for all cash purchasers)
o Financing | Recognition Agreement Fee
$450
$250-$500
Condominium/Townhouse/ Single Family Only
o Owner’s Title Policy (Optional) Approximately $4 per $1000 of purchase price
o Mortgage Title Insurance Approximately $1 per $1000 of loan amount
o Real Estate Tax Adjustment
o NYC Mortgage Recording Tax
o Title and Municipal Search Fee
o Deed Recording Fee
o Mortgage Recording Fee
o Unit owner’s POA Recording Fee
o Title Closer Attendance Fee
o Mortgage Interest
Reimburses Seller for any prepaid real estate taxes
1.80% if mortgage amount is less than $500,000
1.925% if mortgage amount is $500,000 or more
$895
$285
$250
$100
$300 - $500
From the closing date until the end of the month
Purchaser’s Additional Closing Costs- New Construction (Typical)
o Sponsor’s Attorney Fee’s
$2,500 - $3500
o Sponsor’s NYC and NYS Transfer Taxes If paid by Purchaser, transfer taxes are calculated and added to the purchase price (for tax purposes only) and then recalculated based upon the bulked up price
o Resident Manager’s ApartmentCalculated based upon Purchaser’s percentage of (if applicable) Common interest in the building
o Working Capital Fund Contribution
One-time fee equal to 2 months of common charges
OUR FAMILY OF SERVICES
A partnership with one world-class organization opens the door to a seamless partnership with our family of services companies. Berkshire Hathaway HomeServices New England, New York and Hudson Valley Properties and our partner companies are with you every step of the way.
Prosperity Home Mortgage (PHM) is a licensed mortgage banker offering free pre-approval. Mortgage & Financing Services
Marc Kunen
347.992.6846 | Marc.kunen@phmloans.com
HomeServices Insurance provides personal insurance coverage for home, auto, umbrella, and more written with top-rated local and national insurance companies.
Shawn Goode
917.743.1341 | Sean.goode@homeservices-ins.com
Providing a full suite of corporate mobility services associated with relocating a new hire candidate or transferring an employee. No opportunity too big or too small, from a single move to complex multi-state, group move programs
Jim LaBanca, Senior Vice President of Operations (800) 579-4432 | jimlabanca@bhhsne.com
The Berkshire Hathaway HomeServices Forever Concierge will help you manage your move and home management needs, all in one place. Your online dashboard includes access not only to vendor recommendations, but also a week by week task checklist that keeps track and suggests your next steps in the process.
FINEST LOCALLY, DEFINED GLOBALLY
GLOBAL RELATIONSHIPS
Built for a new era in residential real estate, the Berkshire Hathaway HomeServices brand has grown to over 50,000 agents worldwide and has presence across the U.S. and the globe. Berkshire Hathaway HomeServices New England, New York, and Hudson Valley Properties’ global reach can help you find properties anywhere in the world.
50,000+ AGENTS | 1,500+ OFFICES | 50 STATES 12 COUNTRIES & 3 CONTINENTS
United States, Canada, Mexico, Europe, Middle East, India & Bahamas
LOCAL EXPERTISE
Locally, Berkshire Hathaway HomeServices New England, New York and Hudson Valley Properties has nearly 2,200+ agents in 63 offices in Connecticut, New York, and Rhode Island. From Woodstock Connecticut to Woodstock New York and Narragansett Rhode Island to Manhattan, we share in our heritage and esteemed reputation as one of the most respected and admired companies in the world.
2,200+ AGENTS | 63 OFFICES | 3 STATES
MANHATTAN FLAGSHIP OFFICE LEADERSHIP
Berkshire Hathaway HomeServices New York Properties opened its flagship office at 590 Madison Avenue in 2017. Led by industry icons Steven James, Diane Ramirez and Brad Loe, the 75 sales associates work closely with the New England and Hudson Valley Properties offices and agents.
STEVEN JAMES
President & CEO, BHHS New York Properties
BRAD LOE
Executive Vice President & Sales Director, BHHS New York Properties
LET’S GET TO WORK!
Having a trusted advisor guiding you through the homebuying process is crucial. With the right team by your side, what is often a stressful experience can become an exciting journey. Even after the purchase is complete, I look forward to maintaining our professional relationship and continuing to support you in any future needs.
To your home journey success... Let’s stay connected!
