Buying Co-Op

[Marcano]

What is the name of your state? New York

I put a bid on a co-op that was accepted. I am pulling the money for my down payment out of a 401K. However, getting that money is going to take some time.

My question is, how much money do I need to have to "hold" the apartment until the paperwork, appraisal, meeting w/ the board, etc, is completed. I understand I have to have the whole down payment by closing, but can I just give let's say 1K as a binder? Or is it a percentage of the total price of the apartment.

Thanks.

 

[seniorjudge]

What is the name of your state? New York

I put a bid on a co-op that was accepted. I am pulling the money for my down payment out of a 401K. However, getting that money is going to take some time.

My question is, how much money do I need to have to "hold" the apartment until the paperwork, appraisal, meeting w/ the board, etc, is completed. I understand I have to have the whole down payment by closing, but can I just give let's say 1K as a binder? Or is it a percentage of the total price of the apartment.

Thanks.

You will have to read your real estate contract to find answers to your questions. You must follow the terms of that written contract.