August 12, 2026
Congratulations, your offer got accepted. That is a huge milestone, and it is normal to feel a mix of excitement and "okay, now what." A lot of buyers assume the hard part is over once the seller says yes, but the truth is there is still a lot of ground to cover between an accepted offer and the day you get your keys.
If you are buying in New York, yes, almost immediately. Unlike most of the country, New York real estate transactions are handled by attorneys rather than escrow companies, and this is where the attorney review period comes in. Once your offer is accepted, your attorney and the seller's attorney negotiate and finalize the contract of sale, which usually takes anywhere from a few days to a couple of weeks.
This is your chance to raise concerns, adjust terms, and make sure the contract actually protects you. Nothing is truly binding until contracts are signed by both sides and your deposit is sent to the seller's attorney to hold in escrow.
In most cases, yes, and ideally this happens before you sign the contract or as a contingency built into it. A licensed inspector will walk the property and flag issues with the roof, foundation, plumbing, electrical systems, and anything else that might not be obvious on a walkthrough. If something significant turns up, this is your opportunity to renegotiate price, ask for repairs, or in some cases walk away, depending on how your contract is structured. For co-ops and condos, inspections are still valuable but the scope is a bit different since you are often only responsible for what is inside your unit.
While the attorneys are working through the contract, your lender is working through your loan. This is when you will submit final documentation, and your loan moves from pre-approval into full underwriting. The lender will order an appraisal to confirm the home is worth what you agreed to pay, which matters because if the appraisal comes in low, you may need to renegotiate the price, bring additional cash to the table, or in some cases challenge the appraisal. Try to avoid any big financial moves during this window. Do not open new credit cards, finance a car, or make large unexplained deposits, since lenders often re-check your credit and finances right before closing and any red flags can delay or jeopardize your loan.
Your attorney or a title company will run a title search on the property to confirm the seller actually has the legal right to sell it and that there are no liens, unpaid taxes, or ownership disputes attached to the home. If anything turns up, it typically needs to be resolved before closing. You will also purchase title insurance, which protects you and your lender if a problem with the title surfaces after you already own the home.
They absolutely can, especially co-ops. If you are buying a co-op in NYC, you will likely need to submit a detailed board package covering your finances, references, and personal background, and then sit for a board interview. Co-op boards can take several weeks to review an application, and they have significant discretion to approve or reject a buyer, so build extra time into your timeline. Condos usually only require a right of first refusal process, which is far less involved and rarely results in a rejection.
In the final days before closing, you will do a final walkthrough of the property to confirm it is in the condition agreed upon in the contract and that any negotiated repairs were completed. Your attorney and lender will also prepare a closing statement outlining exactly what you owe, including your down payment, closing costs, and any prorated taxes or fees. It is worth reviewing this closely and asking questions about anything that looks unfamiliar.
Closing day itself is mostly paperwork. You will sign your mortgage documents, the deed will be transferred, and funds will be distributed to the seller, their lender if there is one, and anyone else owed money as part of the transaction. Once everything is signed and funds are confirmed, you get your keys. From offer acceptance to closing, this whole process typically takes anywhere from 30 to 90 days depending on financing, co-op board timelines, and how quickly both sides move.
Disclaimer: This content is intended for informational and educational purposes only and is not intended to be construed as legal, tax, financial, or insurance advice. Every property and tax situation is unique. Please consult a licensed attorney, CPA, or tax professional regarding your specific circumstances before making any decisions related to property improvements, tax assessments, or real estate transactions. Mohammed M. Rahman is a licensed real estate broker in New York. Contact: Mo@ClosedByMo.com.
