The short answer

A condo or house purchase in New York commonly takes 60 to 90 days from accepted offer to closing. A co-op usually takes two to three months from contract signing, because the board review alone runs about six to eight weeks after you apply. After you sign a buyer agreement and get pre-approved, you make an offer, your attorney reviews the contract, and you sign it with a deposit of about 10%. An accepted offer isn't binding in New York until both sides sign the contract.

Key numbers

Condo or house
Commonly 60 to 90 days from accepted offer to closing
Co-op
About 2 to 3 months from signed contract to closing
Contract deposit
Usually 10% of the price, held in escrow
When to inspect
Before you sign the contract
Buyer agreement
Required before touring homes since August 17, 2024

The steps

  1. Talk through your goals and budget. Price range, neighborhoods, commute and schools, and whether a co-op, condo or house fits your plans.
  2. Sign a buyer agreement and get pre-approved. Since August 17, 2024, buyers working with an agent sign a written agreement before touring homes. It sets out the agent's services and compensation, which are negotiable. A lender's pre-approval, or proof of funds for a cash purchase, shows sellers you can close.
  3. Search and tour. For each serious option, your agent pulls comparable sales so you know what the home is worth.
  4. Make an offer. Offers go through the agents, usually in writing, and are negotiated on price and terms. An accepted offer is not yet a contract.
  5. Inspect and review the contract. The seller's attorney drafts the contract. Your attorney reviews it, along with the building's financials and board minutes for a co-op or condo, or the title and permits for a house. Do the home inspection now, because New York contracts rarely include an inspection contingency.
  6. Sign the contract and pay the deposit. Typically 10% of the price, held in escrow by the seller's attorney. Most financed contracts include a mortgage contingency.
  7. Get your mortgage commitment and building approval. Your lender appraises the home and issues a commitment. Co-op buyers submit a board package and interview. Condo buyers wait for the building to waive its right of first refusal.
  8. Final walkthrough and closing. You check the home's condition, then sign the loan and transfer documents with the attorneys, the lender's representative and the title closer.

How long each step takes

Stage Typical time
Pre-approval A few days to two weeks
Accepted offer to signed contract About 1 to 3 weeks
Mortgage commitment About 2 to 4 weeks after the contract
Co-op board package, review and interview About 6 to 8 weeks after the application
Condo right-of-first-refusal waiver Up to about 30 days
Signed contract to closing, co-op About 2 to 3 months
Accepted offer to closing, condo or house Commonly 60 to 90 days

All-cash purchases usually move faster.

What's different about buying in New York

  • Attorneys handle the contract. Each side hires a real estate attorney, and the deal isn't binding until both parties sign.
  • You inspect before you sign. The contract usually takes the home as is.
  • House sellers must disclose. Sellers of one- to four-family homes must give buyers a Property Condition Disclosure Statement, which now includes flood history. Since March 20, 2024, sellers can no longer skip it by giving a $500 credit.
  • Co-op boards can say no. Plan your finances around the building's requirements before you make an offer.

Documents to gather early

  • Two years of tax returns and W-2s or 1099s
  • Recent pay stubs and an employment letter
  • Two to three months of bank and brokerage statements
  • Photo ID
  • A signed gift letter if family is helping
  • For co-ops, personal and professional reference letters

Questions people ask

Is an accepted offer binding in New York?

No. Either side can walk away until both have signed the contract, which usually happens one to three weeks after the offer is accepted.

How much is the deposit when you buy a home in New York?

Usually 10% of the purchase price. You pay it when you sign the contract, and the seller's attorney holds it in escrow until closing.

When should I do the home inspection?

Before you sign the contract. Most New York contracts don't include an inspection contingency.

What can delay a closing?

The most common causes are a slow mortgage commitment, an appraisal below the price, title problems and co-op board scheduling.

Sources

  1. National Association of REALTORS®, Consumer guide to written buyer agreements
  2. HGAR, Changes to New York's Property Condition Disclosure Act effective March 20, 2024
  3. Hauseit, NYC co-op closing timeline

This guide is general information about New York real estate as of October 30, 2026. It isn't legal, tax or financial advice. Rates, programs and rules change, so confirm the details of your purchase or sale with your attorney, lender or tax advisor.