Congratulations! Your offer was accepted! But now what? Are you buying it? Not exactly. Until the contract is signed, either party can walk away for any reason without penalty.
While getting to an accepted offer is a big step, there is still a lot of work to be done before it's official. Your attorney will tag in and handle the process for the next week or two. Over that time, they will work with the seller's attorney to prepare the contract and perform due diligence on the property.
When buying a house, due diligence will be pretty simple. Apartment buyers will have their attorney do homework on the overall building. For example, if the building has been operating at a significant deficit for the last three years, the maintenance or common charges likely need to increase. You also want to find out if the building is involved in any litigation. The goal of due diligence is basically to make sure there won't be any negative surprises after you close.
If everything looks good (and it usually does), you'll be asked to sign the contract and put down a 10% deposit. Once the seller countersigns, it's actually official and you can celebrate!
For an in depth look at this stage, check out our blog post here - [ Ссылка ].
And if you have questions or would just like to talk through this with someone, you can email me, James McGrath, Co-Founder of Yoreevo, at james@yoreevo.com.
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