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Once an offer is accepted by the Sponsor, The Sponsor's attorney draws up the Purchase Agreement. The Purchase Agreement and Offering Plan are then sent to the purchaser's attorney for review.
Once both parties have signed the Purchase Agreement and the Sponsor receives a deposit, the residence is considered "in contract."
A Sponsor can only send out one contract per unit at a time for a New Development deal.
This can be to your advantage to get a contract out on a property you may be interested in. If you change your mind you can easily withdraw offer.
If you’re facing a river or a park you are most likely safe of nothing going up around the area you are purchasing. If you are worried about views and are willing to spend a little extra money you can get the proof at least for the near future because a view can not be protected or guaranteed without owning the air rights.
Contracts are not very transparent, buyers need to get the right attorney and mortgage broker involved, it is very important to get a mortgage person that can finance in a new building. Everything has to be quick.
It is important to have an experienced buyer's broker represent you in New Developments. On-site sales agents represent the seller/sponsor/developer's interests.
WHAT IS CONSIDERED NEW RESIDENTIAL DEVELOPMENT?In New York, this is a residential offering that is completely new to the market, and must be approved by state and local governments. It includes both ground-up construction and the conversion of an existing structure, such as an office building or rental property.
The legal entity that owns the new development being offered—considered “the seller.”
WHAT IS AN ‘OFFERING PLAN’?
A comprehensive disclosure document provided by the Sponsor and approved by the Office of the Attorney General of the State of New York (“Attorney General”) that describes the property’s offering.
WHAT IS AN ‘OFFERING PLAN AMENDMENT’?
A modification to the Offering Plan that is filed with and accepted by the Attorney General. Amendments are issued over time as material changes are made to the Offering Plan.
WHAT IS A ‘PURCHASE AGREEMENT’?
A legal agreement between a Purchaser and Sponsor detailing the conditions of the sale of property, including price and terms.
HOW IS AN OFFER MADE?
Offers are made in writing and submitted to the development’s onsite salesperson by the buyer or their real estate agent.
HOW DOES AN ACCEPTED OFFER GO INTO CONTRACT?
Once an offer is accepted by the Sponsor, the onsite salesperson requests contact information for the purchaser. The Sponsor’s attorney draws up the Purchase Agreement. The Purchase Agreement and Offering Plan are then sent to the purchaser’s attorney for review. Once both parties have signed the Purchase Agreement and the Sponsor receives a down payment, the residence is considered “in contract.”
HOW IS A DOWN PAYMENT MADE IN NEW DEVELOPMENT?
Typically, this is a percentage of the purchase price. Often, it is paid in the form of a certified check or wired into an escrow account set up by the Sponsor’s attorney.
WHAT IS THE DIFFERENCE BETWEEN COMMON CHARGES AND MAINTENANCE FEES?
Common Charges are monthly dues in condominiums, the most common form of new development. Maintenance Fees pertain to cooperatives.
FOR CONDOMINIUM BUYERS, WHAT ITEMS ARE COVERED BY MONTHLY COMMON CHARGES?
Common Charges are the monthly charges allocated to each residence and paid to the condominium in order to cover the pro-rata share of the condominium operating expenses. This does not include the unit owner’s real estate taxes which are billed separately to each owner. As the cost of operating the building changes over time, Common Charges are also subject to change.
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