Once you have an accepted offer in hand, it’s time for your attorney to get busy. Generally speaking, it takes about 10 business days to go from accepted offer to signed contract and another 30 – 75 days to close depending on whether you’re using financing and the speed with which your lender and the building’s board move. Of course there are always things that can delay closings even longer.
During this time, your attorney will review the last few years worth of minutes and financial statements and ask the managing agent some probing questions, all of which is intended to disclose any pre-existing or potential problems related to everything ranging from finances, bed bugs, leaks, noise complaints, reserve funds, major capital projects, problem neighbors, etc. As we’ve said before, your attorney will ideally do these things him or herself, rather than dispatch a paralegal, and speak to the managing agent in person or by phone, rather than sending a questionnaire.
Your attorney will also review the building’s offering plan, bylaws, rules and renovation policies to make sure there are no surprises that might change your mind about buying the place.
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