What to Expect

A Transparent Guide to the Real Estate Transaction Process with 3%NY

Selling a home can be a complex journey. It also can require a great deal of preparation work on the part of the seller. To guide you through this, we've divided it into four distinct phases.

We’re presenting all of this information to help ensure a smooth and successful transaction, with as little stress as possible. From preparing your property (staging) for a photo shoot and for the visits of potential buyers to the excitement of the closing day.

Our comprehensive guide offers insights, tips, and invaluable information to empower you at every step of your real estate adventure. Whether you're a seller looking to maximize your property's potential or a buyer ready to navigate the complexities of a real estate transaction, our step-by-step guide is available to all, regardless of whom you choose to represent you.

A Transparent Guide to the Real Estate Transaction Process with 3%NY , Phases

Phase I

Initial Consultation & Gathering Information

WHAT TO KNOW

Be prepared to answer questions about property details, maintenance, assessments, alterations, and permits.

WHAT TO DO

Contact the 3%NY team to set up an initial consultation.

Setting the Price, Listing, and Open House

WHAT TO KNOW

In New York City's real estate market, pricing is more science than art. The process involves meticulous analysis of recent sales data from properties similar in size, age, neighborhood, and amenities. Thanks to platforms like StreetEasy, where a wealth of recent sales and their prices are readily available, the task of finding comparable and setting an accurate price has become simpler.

This well-informed approach ensures that as long as your property's price aligns with the prices of comparable properties, you're likely to attract multiple offers after just one open house. This is particularly true due to NYC’s low vacancy rate, where well-priced properties in desirable neighborhoods tend to move swiftly.

At 3%NY, our pricing strategy is rooted in current market dynamics and the analysis of comparable sales. Unlike some who may list homes at artificially low prices to showcase higher sale figures, we believe in pricing homes at their true value. This approach garners the same impressive results without resorting to lowball tactics. Rest assured, we'll showcase your property on leading platforms like StreetEasy and Zillow, ensuring it receives the visibility it deserves.

Gather Essential Documents for Due Diligence, Including:

WHAT TO KNOW

Ensure a smooth transaction by proactively gathering due diligence materials that prospective buyers' representatives will need to review. Having all of this at the ready means a faster due diligence process!

For Houses: Title insurance, surveys, recent water bills, and utility charges.

For Condominium Units: Offering plans, house rules, lease/alteration policies, and management contact information.

For Cooperative Units: Proprietary lease, house rules, sublease/alteration policies, and management and coop attorney contact information.

Prepare for an Open House

WHAT TO KNOW

Check building rules for open house criteria, such as notice requirements or lobby representatives.
Provide keys to 3%NY team for unit and amenities access.
Specify which items stay or are excluded from the sale, e.g., fixtures or furniture.
Create a welcoming atmosphere using our photo shoot tips above.

Following the open house, we typically expect one or more offers to come in. The 3%NY team will manage all inquiries and engage in discussions with you about the strategy for accepting an offer.

The Time Between Offer and Signed Contract

01. Deal Sheet Creation

The 3%NY team will compile a comprehensive deal sheet containing crucial information about:

Seller
Buyer
Attorneys
Brokers
Management
Transaction details, including price, common charges/maintenance, and exclusions.

This, along with the due diligence materials, will be sent to both the seller's and purchaser's attorneys. At this stage, the attorneys take the lead.

02. Due Diligence Process

Our customers deserve the highest level of support, and we work tirelessly to maintain those standards. When you choose to work with our team, know that you are consistently choosing:

Quality
Excellence

Customer service is at the heart of everything that we do.

03. Contract Negotiation

Simultaneously, the seller's attorney and the buyer's attorney will engage in negotiations to prepare the contract for execution.

04. Inspection (Optional)

Although not mandatory, most buyers opt to hire an independent inspector to assess the property. These inspections typically occur before the contract signing and provide peace of mind to the prospective buyer by ensuring there are no hidden defects.

Inspectors thoroughly examine:

Plumbing
Electricity
Appliances
Structural aspects within the unit
Broader building elements such as the boiler, roof, and elevator.

05. Continuous Communication

Effective communication is crucial to advance towards contract signing. The 3%NY team is dedicated to maintaining ongoing communication with your attorney and actively seeking updates on the progress of the process.

Rest assured, we will keep you well-informed every step of the way.

06. Contract Execution

When the contract is finalized, and the due diligence process concludes satisfactorily, the parties involved are usually ready to sign the contract.

Initially, the purchaser signs the contract and transfers the 10% contract deposit to the seller's attorney.
Subsequently, the seller signs the contract, marking the official engagement in a binding transaction.

Congratulations, you're on your way!

Download PDF

Download Phase I Cheat Sheet

Phase II

Preparing for the Big Day -
The Time Between Contract & Closing

During this phase, it's crucial to closely collaborate with your attorney and diligently follow their guidance.

The duration of this phase can vary, spanning from weeks to months, contingent on various factors like:

Cash vs. loan purchases
Tenant occupancy
Permit requirements

Preparing for Closing

House painter reinstalls a drapery rod RM

Get ready for the final steps, which may include:

Move Out: Know your building's regulations concerning move-out procedures.
Attending the Closing: Decide whether you'll be present at the closing. If not, notify your attorney.
Final Walkthrough: Anticipate a meticulous inspection by the purchaser. Ensure your property maintains its condition as of the contract signing.

Here are some common issues at this stage:

Property Damage: Any damage that happens during move-out, like wall or floor scuffs.
Malfunctions: Address any issues that arise between contract signing and closing, such as malfunctioning appliances or fixtures.

Address these issues only if raised by the Purchaser. Typically, you have three options:

Repair: Make necessary fixes.
Credit: Consider offering a credit to the Purchaser.
Escrow: Agree to hold funds in escrow through your Attorney until resolution.

Phase III

Your Closing Date

Learn about the pivotal closing date, whether it's in person or remote, and who the key participants are in this decisive phase.

Participants

Meet the cast of characters who will join you at the closing table, ensuring a smooth transition of property ownership.

Signing

Dive into the exciting yet paper-filled world of signing documents at your real estate closing, guided by your trusted attorney.

Getting Paid

Celebrate the culmination of your real estate journey by understanding how you'll receive your well-deserved proceeds after the closing.

Phase IV

Post-Closing (if any)

Explore the possibility of a post-closing phase where the property changes hands, even after the closing.

1/1

3%NY

What to Expect

A Transparent Guide to the Real Estate Transaction Process with 3%NY

Phase I

Initial Consultation & Gathering Information

Setting the Price, Listing, and Open House

Gather Essential Documents for Due Diligence, Including:

Prepare for an Open House

The Time Between Offer and Signed Contract

Download PDF

Download Our Free Real Estate Photoshoot to Do List!

Phase II

Preparing for the Big Day -
The Time Between Contract & Closing

Mortgage / Loan

Important Dates

Preparing for Closing

Broom Clean

Keys

Proceeds

Phase III

Your Closing Date

Participants

Signing

Getting Paid

Phase IV

Explore the possibility of a post-closing phase where the property changes hands, even after the closing.

3%NY

Keep Yourself Up to Date

Others Links

Contact Info

3%NY

What to Expect

A Transparent Guide to the Real Estate Transaction Process with 3%NY

Phase I

Initial Consultation & Gathering Information

Phase II

Preparing for the Big Day - The Time Between Contract & Closing

Phase III

Your Closing Date

Participants

Signing

Getting Paid

Phase IV

Explore the possibility of a post-closing phase where the property changes hands, even after the closing.

3%NY

Keep Yourself Up to Date

Others Links

Contact Info

Preparing for the Big Day -
The Time Between Contract & Closing