Your offer was accepted. Congrats! Now, when do you get the keys?
Not quite yet.
In New York City, an accepted offer is a big milestone, but there are still a few important steps between the seller saying “yes” and you walking into your new home.
Here’s what happens next.
First Things First: Call Your Attorney
Once your offer is accepted, your attorney gets to work.
The seller’s attorney sends over the contract, while your attorney reviews the terms and does due diligence. For a condo or co-op, that can include reviewing building financials, board minutes, upcoming assessments, litigation, and other important details.
Think of this as the “look under the hood” stage. A beautiful apartment is great—but you also want to know what’s happening behind the scenes.
Next Up: The Inspection
Before you get too attached to where the sofa will go, it’s time to make sure the apartment is in good shape.
Depending on the property and your deal, an inspection may happen before you sign the contract. The inspector can look for issues with plumbing, electrical systems, appliances, HVAC, water damage, and more.
No apartment is perfect. The goal is to understand what you’re buying before you commit.
Then, It Gets Serious: Contract Signing
Here’s one of the biggest surprises for first-time NYC buyers:
An accepted offer is not the same thing as a signed contract.
After your attorney completes due diligence and negotiates the terms, you’ll sign the contract and provide the required deposit. Once the seller countersigns, you’re officially in contract.
Financing? Your Lender Gets Busy
If you’re getting a mortgage, expect plenty of paperwork.
Your lender will request financial documents, order an appraisal, and move your loan through underwriting toward final approval.
During this stage, keep your finances boring. This is generally not the time to finance a new car, open several credit cards, or make major financial changes without checking with your lender first.
Condo or Co-op? There’s One More Hurdle
Buying into a NYC building usually comes with an application process.
For a co-op, you’ll typically prepare a detailed board package and may attend a board interview. Condo buyers also submit an application, although the process is different.
Yes, the paperwork can feel endless. Your real estate agent can help keep everything organized and moving forward.
Almost There: The Final Walk-Through
Closing day is approaching, but there’s one last visit to make.
During the final walk-through, you’ll confirm that the apartment is in the condition you expected. Check the appliances, faucets, lights, walls, floors, windows, and anything else that was supposed to remain with the property.
This is your chance to catch any last-minute surprises before closing.
And Finally… The Keys
After the documents are signed, funds are transferred, and the closing is complete, you officially become the new owner.
That’s when the celebration really starts.
Buying in NYC can feel like a marathon of attorneys, lenders, applications, signatures, and paperwork. But every step gets you closer to the same finish line:
Your own set of keys—and a place in New York City to call home.
