Once the division is familiar with that condominium documents are submitted correctly, the developer can sign a binding contract for the sale of the condominium. At this time the developer may ask you to sign a contract to buy your condominium and transfer the order deposit into the sales deposit.
The developer will give you a purchase contract and a set of disclosure documents. If you are looking for upper west side luxury condominium, then you can ask a broker to help or you could check out various sources online by yourself.
From the end of the date you sign the contractor from the date you receive the disclosure document, Columbia law gives you 15 days to cancel the contract.
If for any reason for 15 days you decide you do not want to buy the unit, you can notify the developer in writing and the contract will be canceled and your deposit fully refunded. This period is designed to give you the opportunity to review disclosure documents.
When you receive a disclosure document, the developer will ask you to sign a condominium document receipt. This is the form required by the division to verify the date on which you received the disclosure document.
You must ensure that you have received all the documents shown on the receipt. If so, then you must sign the receipt and write down the date on which it was shown. It is very important for you to post the date accurately because it will likely mark the beginning of the 15-day cancellation period.