Buyer's checklist

From first look to keys in hand

Every step of buying a home in New York City, in order. Tick things off as you go; this page remembers your progress on this device.

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Three to six months before you shop

Get ready

Figure out your criteriaWhich neighborhoods? Close to a park? Close to the subway, and which lines? Decide what matters most to you and your family, and what you'd trade for it.
Pull your credit reportsFree at annualcreditreport.com. Fix errors early; they take weeks to clear.
Gather your paperworkTwo years of tax returns and W-2s or 1099s, recent pay stubs, and two months of statements for every account.
Stop moving money aroundLarge deposits you can't document slow down lenders and co-op boards. Keep a paper trail for any gift.
Know your three numbersDown payment, closing costs, and cash left over after closing. The calculator in the manual does the math.
Take a homebuyer education courseRequired for HomeFirst, SONYMA and most bank grants. The certificate lasts about a year.
Decide co-op, condo or houseCo-ops cost less to close but want more down and a board approval. Condos close faster and cost more.

Before you tour seriously

Work with a buyer's agentA seasoned agent curates listings, spots red flags, and handles the negotiating so you never have to play bad cop. In most New York sales the seller pays the buyer's agent's commission, so it often costs you nothing out of pocket, and we'll put the terms in writing before we start. This is where I come in.
Get pre-approved, not just pre-qualifiedA pre-approval letter means a lender has checked your documents. Sellers take it seriously.
Hire a real estate attorneyIn New York, attorneys draft and negotiate the contract and review the building. Ask your agent for names.
Line up an inspectorEssential for houses, worth it for many condos. Book early so it doesn't hold up your contract.
Talk to an insurance brokerGet a homeowner's quote, and a flood quote if the address is in a flood zone.

While you tour

Check what's being built nearbyA new tower next door can mean years of construction noise and a lost view. Look up the block on the city's ZoLa zoning map and DOB permit search, see my New Dev tracker, or ask me.
Compare monthly costs, not just pricesMortgage plus maintenance, or plus common charges and taxes. Ask about any assessments.
Run the flood checkLook the address up on the official flood maps, including the heavy rain map.
Visit at different timesMorning commute, weekday evening, Saturday afternoon. Noise and light change a lot.
Ask about the buildingReserve fund, recent and planned repairs, sublet and pet rules, and the co-op's financing limits.

When you find the one

Submit with your pre-approvalCo-ops usually also want a financial statement up front. Your agent will have the form.
Negotiate price and termsClosing date, financing contingency, and what stays with the apartment.
Send the accepted offer to your attorneyThe deal isn't binding until the contract is signed.

About one to two weeks

Attorney reviews the building and contractYour attorney checks the offering plan, financials, board minutes and any lawsuits, then walks you through your contingency options, such as a mortgage contingency that lets you get your deposit back if your loan falls through, and what each one protects.
Do the inspectionBefore you sign, since New York contracts are usually signed as-is.
Sign the contract and pay the depositTypically 10%, held in escrow by the seller's attorney.
Verify wiring instructions by phoneWire fraud targets home buyers. Call your attorney at a number you already know before sending money.

About 30 to 60 days

Complete the full mortgage applicationAnswer document requests quickly. Each delay pushes your closing.
AppraisalIf it comes in low, your attorney and agent will walk you through the options.
Get the loan commitment letterUsually about 30 days after contract. Your attorney tracks the deadline.
Co-op: board package and interviewA thick package of financials and references, then a friendly but formal interview.
Condo: right of first refusal waiverThe board formally passes on buying the unit. Usually routine.

The last week

Bind homeowner's insuranceAn HO-6 policy for a co-op or condo, a homeowner's policy for a house. The lender needs proof.
Review the closing statementCheck every number with your attorney a day or two before.
Do the final walk-throughWithin 24 hours of closing. Check appliances, fixtures and anything promised.
Arrange your closing fundsWired or certified as your attorney instructs. Bring photo ID.
Set up utilitiesCon Edison or National Grid, internet, and your building's move-in rules and elevator booking.

The first month

Change your addressUSPS, banks, employer, DMV and voter registration.
Register for the STAR creditNew York's school tax relief for primary residences. Register with the state tax department if you qualify.
File your closing documentsKeep the deed or stock certificate, closing statement and title policy somewhere safe.
Tell me how it wentAnd when friends ask who helped, you know who to call.

Every deal is different. Your attorney and lender set the exact timeline. Ask me where you are and what's next.

Emma Chao · Licensed Real Estate Salesperson · Brown Harris Stevens, Brooklyn Heights

129 Montague Street, Brooklyn, NY 11201 · Mobile 917-547-1318 · Office 718-875-0100 · echao@bhsusa.com · @EmmaKnowsBrooklyn · Flood check

Equal Housing Opportunity. Information on this site is general and is not legal, tax or lending advice.