Typically, about 60 days elapse between the time the seller accepts your offer and the time you actually close on the apartment.
The closing will be attended by attorneys for you and the seller, a title company representative, a managing agent if it’s a co-op and probably the brokers for both sides, who have no official function but come to network and pick up their commission checks. While buyers and sellers are usually there, they can elect to skip it and hand power of attorney to their lawyer.
Arrive with your ID and your checkbook, to cover any minor last-minute ‘adjustments’ that spring up. You may also need to provide proof of apartment insurance.
Ideally, your closing will last one to two hours, though any number of things like problems with the walk-through, tardy transfers of loan funds, and tardy arrivals of humans can slow things to a crawl.
Eventually, you will walk out with a signed purchase agreement, keys and a great new place to rest your head at night.
Ready, set, search!
Congratulations--you've made it through Brick Underground's guide to buying an apartment in New York City. You've acquired a basic understanding of how the process works (or at least a good shot at being mistaken for someone who does, by someone who might otherwise be inclined to take advantage of you).
Ready to get started? Organize your financial records, get preapproved for a mortgage if you'll need one, and optimize your search with the real estate experts at Triplemint. Whether you're a first time buyer, an investor, retiree, or a parent buying a place for your grown-up child, your Triplemint real estate agent will advocate for your best interests and skilfully navigate the complexities of your particular situation. You'll also be able to tap into Triplemint's "off-market" listing platform, meaning you can meet and deal with apartment owners before their homes hit the market.