BUYER’S GUIDE Without a doubt, buying a home is ver y difficult, both emotionally and financially. The New York real estate market presents very unique challenges. Having an agent who is an expert in this market and is up-to-date on market trends gives you tremendous advantage in making the right decisions. The agents at Trump International Realty are committed to helping you make the right decisions based on your needs and desires. Our real estate professionals are highly qualified and will guide you every step of the way. The Trump International Realty Experience will include assisting you to decide which type of property and what price range is best for you. Utilizing their expertise and superior negotiating skills, your agent will be sure to obtain the best deal for you. Our goal is to make the process of finding your home trouble free and enjoyable.
THE PURCHASE PROCESS 1. CREATE A LIST To get started, we recommend making a detailed list of
Generally, this process should take up to one week, but this
your needs, and placing them in order of your level of
depends on the review of the offering plan and the board
importance. By doing so, your Trump International Realty
minutes by your attorney.
agent will be able to choose properties that line up with not only your budget, but also your specific needs and desires.
7. MORTGAGE APPLICATION As soon as the contract is fully executed, you must
2. MATCHING YOUR NEEDS
immediately forward to your mortgage broker or bank, and
After reviewing your priority list, your agent will research
complete the mortgage application. The approval process
our exclusive database and will present you with a variety
usually takes between 30-45 days to complete.
of properties to choose from and will arrange a time for you to view the selected properties.
8. YOUR BOARD PACKAGE - RESALE ONLY Your agent will assist you in completing the board package.
3. OBTAIN A PRE-APPROVED MORTGAGE LETTER
Your responsibility is to have available all required
In today’s competitive market the buyer with a pre-
reference letters. Once complete it will be presented to the
approved mortgage letter has a greater chance of winning
managing agent of the building for approval.
their dream apartment. Obtaining a pre-approval letter from a bank or mortgage broker is a simple complimentary service that gives the seller confidence.
documents including financial statements, tax returns and
9. BOARD INTERVIEW - IF YOU ARE PURCHASING A COOP Once your board package has been reviewed, you will be
4. MAKING AN OFFER
scheduled for an interview by the Board of Directors of the
Once you have identified your ideal apartment, your agent
building. Once the board approves your application, your
will submit an offer letter to the seller on your behalf. The
attorney will begin scheduling the closing.
offer letter will include detailed information regarding the purchase and the terms of the sale.
10. FINAL WALK-THROUGH Prior to closing, you and your real estate agent will walk
5. DEAL SHEET
you through the apartment to ensure that everything is in
Upon completing all negotiations, your agent will work
working order.
with the seller’s agent to prepare a “deal sheet”. This will contain all relevant information for the deal, including the
11. CLOSING ON YOUR HOME
seller’s and buyer’s contact information, along with their
At the closing table you will be joined by the buyer’s and
attorney’s information.
seller’s attorney, seller, lender and management company representative, and both real estate agents. Prior to the
6. CONTRACT OF SALE
closing your attorney will provide you with a closing cost
Once the seller’s attorney receives the “deal sheet,” they
document. Closings are generally held at the managing
will draft the “contract of sale” and will send it to your
agent’s office.
attorney for review. After reviewing the contract with your attorney, you will sign it and it will be sent to the seller’s attorney, along with a deposit check (typically 10% of
12. CONGRATULATIONS! YOU NOW OWN YOUR DREAM HOME.
the purchase price). The seller’s attorney will then hold the deposit in escrow until the official closing of sale. Once signed by the seller, the contract is considered fully executed and binding.
212.247.7100
ESTIMATED CLOSING COSTS FOR PURCHASERS CONDOMINIUM / TOWNHOUSE Buyer’s Attorney Application Fee
$2,500 and up
$350 and up
Credit Report (on Each Applicant)
$75 and up
Application, Credit, Appraisal,
$2,000 and up
Bank Attorney, etc. Real Estate Tax Escrow
2 to 6 months
Recording Fees
$250 and up
Mortgage Tax
1.8% of mortgage on loans under $500,000, and 1.925% of mortgage on loans of $500,000 and over.
Title Insurance
Amounts vary
Municipal Search
$350 and up
Managing Agent Fee
$350 and up
Common Charge Adjustment
Pro-rated for the month of closing
Real Estate Tax Adjustment
Prorated accordingly
Title Closer Fee
$350 and up
Mansion Tax
1% of price when price is over $1 million
Move-In Deposit
$500 to $1,000 (typically refundable)
For New Development, Sponsor Units, and Conversions: NYC Real Property Transfer Tax
1% of purchase price up to $500,000
NYS Transfer Tax
$4/$1,000 of purchase price
Sponsor’s Attorney Fee
$2,000 and up
CO-OPERATIVE APARTMENTS Buyer’s Attorney
$2,500 and up
Application Fee
$500 and up
Credit Report (on Each Applicant)
$75 and up
Move-In Deposit
$500 to $1,000 (typically refundable)
Maintenance Adjustment
Pro-rated for the month of closing
Mansion Tax
1% of price when price is over $1 million
Application, Credit, Appraisal,
$2,000 and up
Bank Attorney, etc. UCC-1 Filing
$100 and up
Recognition Agreement Fee
$250 and up
Lien Search
$350 and up
It is prudent to check with a bank/mortgage broker for any additional fees. These are only estimates. Please confirm specific costs with an attorney and/or bank.
212.247.7100
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914.373.6290
561.691.8710
305.392.4945
212.247.7100
704.799.0700
312.644.0900
877.878.6711
All information regarding a property (whether for reliable. However, no representation or warranty change of price, rental, commission, prior sale, lease or advise you to hire your own architect or engineer. Trump
sale or for rental), as well as information regarding related taxes or financing, is from sources deemed is made as to the accuracy of any such information, and such information is subject to errors, omission, financing, or withdrawal without notice. All dimensions are approximate. For exact dimensions, we International Realty is a licensed real estate broker and member of the Real Estate Board of New York