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The purchaser shall make sure the fund to purchase the real property is available in the bank account before signing the contract. This is especially important for those purchasers who purchase cooperative units or who need to apply for loans from banks. If the contract is signed first before the fund is available in the bank account, it’ll delay the loan approval or cooperative board approval. In case the fund is not available after the contract is signed, it will not only delay the transaction and closing but also put the purchaser at risk of contract default and loss of contract deposit.

First the seller’s attorney sends the contract draft to the purchaser’s attorney. The purchaser’s attorney reviews the contract and makes revisions. After the seller’s attorney approves the proposed revisions to the contract, the purchaser will sign the contract first and send the contract deposit to the seller’s attorney. After the seller’s attorney receives the contract deposit, the seller will sign the contract. At this point, the contract is fully executed and becomes a binding legal.

If a purchaser plans to purchase a residential house, it is strongly recommended that the purchaser shall have a home engineer inspect the house and have the home inspection report ready before entering into the contract. In the event that the purchaser plans to purchase a condo or cooperative unit, a home inspection may not be needed but the building offering plan and financial statements shall be reviewed by the attorney for evaluation.

After the loan approval is obtained and the title report shows title records are clear, all parties will proceed to schedule the closing. The purchaser shall make sure to do the final walk-through prior to closing, purchase home insurance, prepare bank checks and bring unexpired photo ID to closing.