STEPS IN DUE DILIGENCE

Broker Delivers Deal Sheet, Offering Plan & Financials to Buyer’s Atty for Review & coordinates inspection ( optional for coops / condos – mandatory for houses ) (1-2 days)

Seller’s Attorney drafts and delivers Contract to Buyer’s Attorney (1-2 days)

BUYER’S ATTORNEY COMPLETED

DUE DILIGENCE ie reviews Contract and verifies all info with Client including party names, deposit, financing terms, closing date, and any other miscellaneous info. Reviews board minutes , offering plan , building financials and sends questionnaire to management (5 business days from offer acceptance)

Buyer’s pays Retainer Fee

(50% of legal fee

($2,000)) and signs the Contract via Docusign and wires 10% deposit to seller’s attorney.

Once Sellers atty confirms receipt of deposit wire , Seller will countersign and parties are officially in Contract. Buyer’s Atty Receives Fully Executed Contract from Seller’s Atty. Copy sent to client , realtor and Lender. (1- 2 days)

5

Buyer works with realtor on board package and submits to mgmt. for board approval and is submitted within 3 business days from issuance of commitment letter ( Board has 30 days to review package and invite Buyers for Board interview via zoom if coop / no interview if condo ).

6 Client commences

Financing with Lender, locks in rate , submits financial docs, and appraisal is ordered. Loan Commitment forwarded to Buyer’s Atty within 30 days from contract signing **

(Mortgage

7

Contingency-protects buyers deposit until loan approval is issued, otherwise Buyer may cancel and receive return of full 10% Deposit).

(30 days)

Once Buyers are board approved , Buyer’s Atty coordinates Closing with Lender’s Atty once file is cleared for closing. (3-5 days prior to closing)

8

Buyer’s Atty orders Title report, reviews and clears title so Buyer receives clear and marketable title. (7-10 days)

9

10 11

Buyer’s Atty receives check breakdown from Seller’s Atty, prepares closing statement and reviews all numbers with Client. Client completes final pre-closing walk through/inspection with their Agent (1-2 days prior to closing)

ALL CHECKS ARE CUT TO PARTIES INVOLVED, BUYER RECEIVES KEYS AND DEED TO THE PROPERTY AND YOU ARE NOW A PROUD & HAPPY HOMEOWNER!!!