Buying in New York works a little differently than in most places: attorneys handle contracts, and co-ops add a board review. Here’s the process from start to finish.
1. Set your budget and get pre-approved
Talk to a lender to learn what you can borrow, and get a pre-approval letter. Budget for the down payment, closing costs, and monthly costs such as taxes, insurance, and common charges or co-op maintenance.
2. Choose your agent
Before touring homes together, you’ll sign a written buyer agreement that explains our services and how we’re paid.
3. Search and tour
We match you with listings that fit your budget, area, and property type, including condos, co-ops, houses, and multi-family buildings, and we schedule showings.
4. Make an offer
We help you set a strong offer based on comparable sales and negotiate with the seller. In New York, an accepted offer isn’t binding until the contract is signed.
5. Hire an attorney and do due diligence
Your real estate attorney reviews the contract and the building’s records. Schedule a home inspection, and for co-ops and condos, your attorney reviews the building’s financials and minutes.
6. Sign the contract
You sign and pay a deposit, often 10% of the price, held in escrow until closing. The contract usually includes a mortgage contingency that protects you if financing falls through.
7. Financing and approvals
Your lender orders an appraisal and issues a mortgage commitment. For a co-op, you submit a board package and interview with the board. See Co-op & Condo Board Requirements.
8. Final walkthrough and closing
You walk through the home to confirm its condition, then sign the final documents, pay closing costs, and get the keys. Most purchases close 30 to 60 days after contract signing, and co-ops often take longer.
Ready to start? Contact us. Buying for the first time? Read our First-Time Homebuyers guide.