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What to do before signing contract?

Started by 3BRsearch
over 12 years ago
Posts: 15
Member since: Feb 2012
Discussion about
Bid accepted, lawyers reviewing, contract to be signed in days. What, if anything, should we be doing before signing the contracT? We thought we'd get an inspector in, but the broker says that's not typical for a condo? Is there anything we should be doing? We're planning on renovating, but have not hired an architect/designer/contractor yet (see my other thread on that question). Thanks!
Response by gcondo
over 12 years ago
Posts: 1111
Member since: Feb 2009

I would, as part of attorney review, have the condo inspected as part of a home inspection process. Never trust a real estate broker whose #1 goal is to get that commission as soon as possible. Ask your lawyer, not this stupid board.

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Response by vic64
over 12 years ago
Posts: 351
Member since: Mar 2010

gcondo is right. You are already paying your lawyer. Get the most out of him.

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Response by cdrm1980
over 12 years ago
Posts: 88
Member since: May 2012

I agree with gcondo and vic64.

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Response by ab_11218
over 12 years ago
Posts: 2017
Member since: May 2009

i would get an inspection. it may not be too typical for coops, but it is definitely more typical with condos. broker doesn't want anything to spoil the deal, that's why he is says that to you.

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Response by hofo
over 12 years ago
Posts: 453
Member since: Sep 2008

Check the plumbing and electric to make sure they are all working.

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Response by 3BRsearch
over 12 years ago
Posts: 15
Member since: Feb 2012

Lawyer said inspection not typical (fyi, this is condo combined unit from 1980's era building)... what is there to check besides plumbing and electric?

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Response by streetsmart
over 12 years ago
Posts: 883
Member since: Apr 2009

What about reviewing the minutes of the last board meeting.

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Response by ab_11218
over 12 years ago
Posts: 2017
Member since: May 2009

check plumbing, electric in the unit. check roof, boiler

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Response by streetsmart
over 12 years ago
Posts: 883
Member since: Apr 2009

The last apartment I sold, the buyer's lawyer insisted on an inspection. It was in a pre war building.

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Response by Guywithcat
over 12 years ago
Posts: 329
Member since: Apr 2011

Rain dance?

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Response by drdrd
over 12 years ago
Posts: 1905
Member since: Apr 2007

I remember someone on this board saying that s/he had hired an inspector & was embarrassed to report that they caught a number of items while s/he was daydreaming, glancing out the window, musing where the sofa would go, etc.

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Response by Parker1205
over 12 years ago
Posts: 66
Member since: Jan 2012

Cry

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Response by Ottawanyc
over 12 years ago
Posts: 842
Member since: Aug 2011

I would just go read the board meetings. Most people leave this to the lawyers, but is actually kind of interesting and you get to learn a lot about building and how it is run. If you really want the unit I would not bother with the inspection unless it is quite old. In your unit there is very little that can be wrong. Plus, what if there is something a little wrong? You willing to renegotiate for a few thousand bucks and risk losing the place?

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Response by stevenlee21
over 12 years ago
Posts: 88
Member since: Mar 2013

i would never skip inspection myself. it doesn't cost much. u can learn about a lot about ur property in a couple of hours, why not?

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Response by spyridonsophie
over 12 years ago
Posts: 21
Member since: Feb 2011

Get an inspector and be certain to determine what is behind those built ins (?fire door?).

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Response by spyridonsophie
over 12 years ago
Posts: 21
Member since: Feb 2011

Do not listen to lawyer. They also just want to close the deal. BE CAREFUL IN NY BUYER BEWARE. Once you sign there is no going back.

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