PROCEDURE TO PURCHASE

Once you have decided to purchase a condo at 696 Chauncey Street, you will be asked to provide the following:

• A Completed Submit Offer Form 

• NYS Agency Disclosure (if you have not already signed one) 

• Mortgage Pre-Approval from the preferred mortgage lenders. For all cash offers, please provide a bank statement with proof of funds.

• Once an offer is accepted, you will be asked to provide the Sales Agent with your full contact information, as well as your NYC Closing Attorney information. 

• The prospectus/Offering Plan, amendment, and contract of sale will be sent to your attorney who will have five (5) business days to review. The contract will be signed and returned to the Sponsor’s attorney along with a contract deposit in the amount of ten percent (10%). 

• There is no restriction on obtaining financing imposed by the Sponsor. Sponsor will only grant a mortgage contingency provided that Purchaser uses the Preferred Mortgage Lenders. A maximum of 90% financing is allowed; however, the sponsor may agree, at its sole discretion to a higher amount. All transactions are subject to customary closing costs and recorded taxes.

CLOSING COSTS

• New York City Real Property Transfer Tax: 1.425% of Purchase Price

• New York State Transfer Tax: 0.4% of Purchase Price

• Mansion Tax: 1% of Purchase Price: $1-2M

• Working Capital Fund Contribution: 2 months Common Charges

• Sponsor’s Attorney Fee: $3,000

• Defrayment Fee: $2,000

• Purchaser’s Attorney Fee: Variable

• Title Insurance, Title Search & Recording Fee: Varies with Purchase Price