When we represent a Buyer
The Intake Interview
The Intake interview is one of the most important functions of representation. We listen, digest, appropriately determine the buyer’s needs and then chart a course of action. Questions concerning where they currently live and their timing objectives; their method of payment, i.e. whether by gifts, private funds or financing; if they are financing, have they been prequalified by a mortgage banker or broker? We and the Buyer talk about the condition of the residence, the obligations of a seller in connection thereto, the role and appropriateness of an inspection. We discuss with the Buyer the process and what we do and that we are there for them to rely upon, guide and advise.
Review and due diligence
If it’s a Co-op or Condo being purchased, we perform a level of due diligence. We review the financials and the building’s underlying docs. We review minutes of meetings of board of directors and interview management on whether the building is on budget, anticipated increases or assessments, capital projects, lawsuits, and so on.
The Contract Stage
“...you were nice enough to speak with me, and the advice you gave me in that 45 minutes was more on target and astute than anything I had heard from my lawyer in the previous three months.”
— A Buyer not too satisfied with his then present attorney
Contracts come in all different formats. There is always work to be done and it’s our job to work to get the contract into normal and acceptable shape with both parties having their normal and customary rights and obligations. We routinely see contracts coming in a form where the seller attempts to shift or insulate themselves from a customary seller obligation. It’s our job to push back to norm.
The Contract Performance Stage
Title Review; Board Approval (if it’s a co-op or condo); Loan Process (if financing). It’s a constant monitoring of rights and obligations.
The next stage is pre closing: getting the deal ready for the closing date, money in a proper bank, estimate of funds, insurance requirements, scheduling, monitoring deadlines and expirations, preparing a closing statement, trouble shooting walk through issues, direction on funds.
Closing the deal
This is the final stage, scheduled on a closing date. All parties show up to execute documents. It’s a review of the documents, it’s an explanation of the documents to the client, it's a confirmation that title is proper, it’s a troubling shooting or negotiating of issues. It's a few stories and positive good state of mind, it’s a passing of the keys, it’s a culmination of hard work and a confidence that everything was done properly.