Why Buy With Us?
Congratulations on your decision to purchase!
Lafayette Realty Partners uses its relationships with landlords and developers throughout the five boroughs to assist clients with pursuing the rental or purchase of their choice and relies upon its savvy and sophisticated staff to assess the opportunity based on our client’s needs and criteria.
Our ability to navigate an enormous inventory of New York real estate, coupled with dedicated, capable professionals, enables us to find the ideal property. We understand how the local real estate market works.
We know what it takes to match you with the perfect home for rent or for sale to meet your needs.
Here few steps you need to know !
Homes For Sale
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Once you have determined your budget, you should obtain a pre-approval letter from a bank or mortgage broker. Your real estate agent will need this letter to submit with any purchase offers to demonstrate your credibility as a buyer.
Escrow and Closing Costs
As closing costs can be significant, it is important to have an understanding of them as you plan for your purchase. Closing costs vary depending on whether you are purchasing or selling your home, and also depending on whether the property is a cooperative versus real property (e.g., condominium or single-family home).
Nearly all cooperative and condominium buildings require buyers to submit a purchase application, aka a “board package,” for review and approval by the board of directors. Your real estate agent will guide and advise you through this process and assemble the package on your behalf. The required materials typically include the completed application; a financial statement detailing income, assets and liabilities together with substantiating documents including bank statements for all accounts; two to three years of tax returns; reference letters; and the loan commitment as well as other bank documents related to mortgage financing. Once the board package is complete, your real estate agent will submit it to the building’s managing agent for initial review. It is then sent to the building’s Board of Directors for final review. If you are purchasing in a cooperative, the Board will then decide whether to grant you an interview which is the final step in the approval process. Your real estate agent will instruct you on how to prepare for the interview. If you are buying a condominium, a board interview is not typically required.
Once board approval is secured, your real estate agent and attorney will take the required steps to schedule closing. There are often many parties involved in the closing so it typically takes at minimum one to two weeks following approval for closing. In total, the process from accepted offer to close can take between 30 and 90 days. Speak with your real estate agent and attorney to establish the budget for closing costs. Prior to closing you should also secure homeowner’s insurance for your new home.
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