Buying Condo (you are the buyer)

  1. Buyer signed binder with broker/real estate agent after gathering information with the premises;
  2. Buyer retains an attorney on his/her behalf for the transaction;
  3. Buyer’s attorney receives and reviews the contract prepared by Seller’s Attorney and reviews the offering plan and two year financial statements of the condo; make changes of the contract terms, if necessary;
  4. Buyer signs four copies of the contract after going over the contract with buyer’s attorney and pay contract down payment (usually 10% of the contract price; personal check okay) to Seller’s Attorney as escrowee; the contract is delivered to Seller’s Attorney for seller’s signature;
  5. After receiving the signed contract from Seller’s Attorney, buyer shall do the following,
  6. prepare loan application, if required and as per the contract; get loan commitment letter from the bank (do not lock the rate unless consulting with your attorney)
  7. Order title search report from title company via buyer’s attorney;
  8. Contact the Seller / Seller’s attorney if there is defect in the title report and resolve it;
  9. Buying insurance if required.
  10. Buyer, after locking the rate and scheduled the closing date, shall:
  11. Do final inspection of the premises with broker and seller, and report problems to buyer’s attorney immediately, if nay
  12. Prepare certifies and/ or bank check for payment according to buyer attorney’s instruction
  13. Closing. Buyer shall be present at the closing table;
  14. On the scheduled time, all the parties whose names on the contract shall attend the closing unless a proper Power Of Attorney (POA) is used;;
  15. With Proper ID;
  16. Sign the documents, do adjustment which may include real estate tax, maintenance charges, tenant’s rent, if any, and pay the balance;
  17. Receive closing documents including deed, title insurance, mortgage documents if applicable, etc.
  18. After closing, the property is officially transferred from the seller to the Purchaser.