The Condo Sales Program at Marans Weisz & Newman, LLC represents sponsors when the buildings have been built and the units are ready for sale. We take care of the entire process for every unit, from the contract preparation to the closing of the transaction. Unlike so many other law firms, Marans Weisz & Newman has focused on this aspect of sponsor support of the condominium process and developed a highly effective product for the expeditious and efficient processing of condominium unit sales, including the release of proceeds to the senior and subordinated lenders as well as the distribution of the proceeds to the sponsors.
OUR CONDO SALES PROGRAM FEATURES:
Extremely rapid distribution of the contracts for sale from term sheet to execution of the agreement, which includes developing and maintaining a close working relationship with the brokers so that potential purchasers execute contracts quickly or dead deals are discovered quickly and units put back on the market.
Detailed reporting on contract and closing status in spreadsheets that go out to our clients (and their representatives and banks) every business day.
We send out amendments and notices to purchasers, purchasers’ attorneys and the sales and marketing staff.
Closing instructions are delivered to the purchaser and purchaser’s attorney with clear and precise information, which limited the potential closing issues.
We track construction loan paydowns and arrange for payoffs as well as provide sales information to construction lenders.
Closing statements are issued and show income and distribution of sales proceeds.
Pursuant to the offering plan and the contract of sale, the Purchaser is responsible for all closing costs, including sponsor’s closing fees.
These are but a few aspects of the condo sales program that have resulted in the trust of developers and law firms providing Marans & Weisz with over 3,000 units to sell.