NYC Closing Process Checklist: What Happens After You Accept an Offer

The Bridge and Boro Team · Seller Guide · Staten Island + Brooklyn

What Happens After You Accept an Offer on Your NYC Home?

Most sellers think the hard part is over once they accept an offer. In New York City, that is exactly when the real process begins. Between your accepted offer and the day you hand over the keys, there are at least seven major steps, multiple deadlines, and about a dozen things that can go sideways. This is the complete, step-by-step NYC closing process so you know exactly what is coming and how to handle it.

Joseph Ranola · Associate Broker · The Bridge and Boro Team at Real Broker · 80+ Five-Star Google Reviews

How Does the NYC Closing Process Work After You Accept an Offer?

New York City’s closing process is different from almost every other state. You will work with a real estate attorney, navigate attorney review, clear inspections and appraisals, complete a title search, and, for co-ops, pass a board approval. Houses and condos typically close in 60 to 90 days, while co-ops can take 90 to 120 days. Here are the seven steps your deal will follow.

Step 1: Attorney Review (3 Business Days)

New York is one of the few states where both buyer and seller hire a real estate attorney who drafts and negotiates the contract of sale. Once you accept an offer, both attorneys get roughly three business days to negotiate terms like the closing date, what stays with the property, and any repair credits. During this window either side can walk away for any reason with no penalty. Nothing is legally binding until both parties sign.

Step 2: Contract Signing and the 10% Deposit

Once the attorneys agree, both sides sign the contract. This is the first legally binding moment in the deal. At signing, the buyer wires a deposit, typically 10% of the purchase price, into the seller’s attorney’s escrow account. On a $750,000 home that is $75,000 held in escrow until closing. This deposit protects you if the buyer defaults after contingencies are cleared.

Step 3: The Buyer’s Home Inspection

The buyer usually orders a home inspection during attorney review or shortly after signing. A licensed inspector spends two to four hours reviewing the foundation, roof, electrical, plumbing, and HVAC. Do not panic when the report comes back. Every home has issues. What matters is whether there are major defects. A pre-listing inspection before you list helps you avoid surprises.

Step 4: Mortgage Contingency and Appraisal

If the buyer is financing, the contract includes a mortgage contingency, usually 30 to 45 days, to secure the loan. The lender orders an appraisal. If the appraisal comes in at or above the contract price, you move forward. If it comes in low, the buyer covers the gap in cash, you renegotiate, or the deal stalls. A cash buyer skips this step entirely.

Step 5: Title Search and Title Insurance

The buyer’s attorney orders a title search to surface any liens, judgments, easements, or ownership issues. Common Staten Island and Brooklyn issues include old contractor liens, tax liens, or estate problems where a deed was never properly transferred. These can be resolved but can take weeks. Title insurance protects the buyer and lender against anything the search missed.

Step 6: Co-op Board Approval (If Applicable)

If you are selling a co-op, the buyer must be approved by the building’s board. The buyer submits a board package with financials, tax returns, reference letters, and sometimes an interview. Review can take two to six weeks, and the board can reject a buyer for almost any non-discriminatory reason. This is the number one reason co-op closings take longer.

Step 7: The Closing Table

Closing usually happens at the buyer’s attorney’s office or the title company. Bring a government-issued photo ID, your keys, and any garage openers or alarm codes. You sign the deed, the buyer’s lender wires the funds, your existing mortgage is paid off, and your net proceeds are wired to your account, usually within 24 to 48 hours. For the seller, closing day is often under an hour.

What Are the Most Common Deal Killers After an Accepted Offer?

The five most common reasons NYC deals fall apart are financing falling through, a low appraisal, title issues, major inspection surprises, and co-op board rejection. The best defense is preparation: price your home accurately, get a pre-listing inspection, have your attorney review title early, and work with an agent who vets buyers before you accept an offer.

Frequently Asked Questions About the NYC Closing Process

How long does it take to close on a house in NYC after accepting an offer?

For houses and condos, the NYC closing process typically takes 60 to 90 days from accepted offer to closing. Co-ops take longer, usually 90 to 120 days, because of the board approval process. Cash deals can close faster since they skip the mortgage contingency and appraisal.

What is attorney review in a New York real estate deal?

Attorney review is a roughly three-business-day period after an accepted offer when both the buyer’s and seller’s attorneys negotiate the contract of sale. During this window either party can walk away for any reason with no penalty. Nothing is binding until both sides sign the contract.

How much is the deposit when selling a home in NYC?

The buyer typically wires a 10% deposit into the seller’s attorney’s escrow account at contract signing. On a $750,000 home that is $75,000. The amount is negotiable and is sometimes 5% for first-time buyers. The deposit protects the seller if the buyer defaults after contingencies are cleared.

What happens if the appraisal comes in low?

If the appraisal is below the contract price, the bank will only lend based on the appraised value. The buyer can cover the difference in cash, you can renegotiate the price, or the deal can fall apart. A strong agent can sometimes challenge a low appraisal with additional comparable sales.

Why do co-op sales take longer to close?

Co-op sales require the buyer to be approved by the building’s board of directors. The buyer submits a detailed board package and often an interview, and the board can take two to six weeks to decide and can reject for almost any non-discriminatory reason. This adds 30 or more days to the timeline.

Bridge and Boro Real Estate Team · Joseph Ranola, Associate Broker · ranolarealestate.com · (917) 905-2541