You Negotiated the Sale of Your Hoboken Condo…Now What?

You decided to put your condo up for sale on Hoboken real estate market.  You had many buyer showings and at last a buyer made an offer which you accepted. The contracts are signed.  As I mentioned in a previous post, you are going to want to hire a Hoboken real estate lawyer to represent you through closing. Now that the “attorney review” period has begun in the contract, what should Hoboken real estate sellers do now?

5 Easy Tips for Hoboken Real Estate Sellers

1. Gather your Master Deed. The buyer will request to review this during the attorney review period. You should have received the Master Deed when you purchased. It’s a 1+ inch thick document which contains the public offering statement and floor plans when the condo conversion took place. The master deed also contains the bi-laws and rules for the condo association. If you do not have a master deed or cannot locate it, check with your management company. If your building is self-managed, ask a neighbor. Someone should have a copy.
2. Gather the financial statements of your condo association. The buyer’s attorney is going to review them during the attorney review period along with the budget for the condo association. The management company will have these as well. No management company? Someone in the association should act as the Treasurer.
3. Get a copy of the condo association master insurance policy and master flood policy (if necessary). The buyer’s mortgage company is going to request this policy to review. If your building is in a FEMA flood plain, the condo association is going to need to have the required flood insurance. Your management company should have this policy on file as well.
4. Give your Realtor the contact name and phone # for your management company or condo association president. The buyer’s mortgage company is going to require a condo questionnaire. This document contains about 20 questions regarding the condo association (percentage of owners vs. tenants, pending litigation, etc).
5. Make sure your taxes and monthly maintenance fees are paid. The buyer is going to conduct a title search against your Hoboken condo and the condo association. Making sure all the bills are paid ensure that there should be no liens against the unit or condo association. This will avoid any last minute delays before the closing takes place.

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