Broker Selection Once you have chosen your Sumitomo broker, you're well on your way to finding your dream home/investment. Sumitomo Real Estate Sales is a member of REBNY (Real Estate Board of New York). The reliability and integrity of this organization is a powerful tool in our industry - providing our brokers the up-to-date educational tools needed to help guide you in making your choice. Viewing Properties It may take a visit to only one property before you "fall in love," but usually it takes more. You may have to see a dozen or more properties, so get ready for the search - and always keep your Sumitomo broker abreast of possible changes in your requirements, e.g., increase/decrease in price, size, location, etc. Your needs will be discussed at our weekly sales meeting - giving your broker input from fellow agents who can provide leads to finding the ideal property for you. You Found It - Now What? So your search has ended successfully. Now you don't want to miss the opportunity in a "hot" market. Make an offer through your Sumitomo broker. Your offer is first made orally, then in writing. Remember, like any similar business transaction, the seller may "counter-offer" - this will lead to negotiations, which your broker is quite adept at. Once a meeting of the minds takes place and the offer is accepted, you retain an attorney to handle the legalities of the transaction. Signing the Contract Your attorney will review the financial conditions and the by-laws of the building and then advise you to sign the contract if all is in order. Generally, a 10% down payment is required along with your signature on the contract. The contract will then be forwarded for signature to the seller's attorney with the deposit, which is held in the seller's attorney's escrow account until closing. If you are applying for a mortgage, now is the time you should move ahead with your loan application. The Board Package At this time you'll be in receipt of the board requirements and an application from the board of directors of the building. This is provided by your Sumitomo agent. You will need all supporting documents to accompany this package, i.e., tax returns, letters of reference, bank statements, etc. When your package is complete, it will be reviewed thoroughly by your agent and then forwarded to the managing agent of the building. Re: Cooperatives (Co-ops) At the time your application is approved and accepted, you will be invited to meet with the board of directors interview committee. You will be briefed by your Sumitomo agent on what is to take place so you are prepared for the meeting. Approved! You are now ready to begin planning for your closing. Congratulations.... it's all been worth it.