Twelve steps from viewing
to the keys
New York runs on attorneys rather than escrow, and the timetable and the paperwork follow from that.
Before you read on
- General guidance on process and typical cost. Every transaction differs.
- Reinvent NY works in New York real estate. Brokerage is provided through R New York.
Step 1The sequence
| # | Step | Typical time | What decides it |
|---|---|---|---|
| 1 | Set the budget and the financing route | 1–2 weeks | Cash, or which lender will take your file |
| 2 | Engage a buyer's agent in writing | Same week | Whose side they are on, and who pays them |
| 3 | Engage a New York real estate attorney | Same week | New York contracts are drafted by attorneys, not agents |
| 4 | Search and view | 2–8 weeks | Condo or co-op decides how wide the field is |
| 5 | Offer, with proof of funds | Days | Offers without documented funds are not taken seriously |
| 6 | Attorney reviews the building's documents | 1–2 weeks | Financials, minutes, offering plan, litigation |
| 7 | Sign the contract, pay 10% deposit | Days | Deposit is held in the seller attorney's escrow |
| 8 | Loan application and appraisal | 3–6 weeks | Skipped on a cash purchase |
| 9 | Board application, co-ops only | 4–8 weeks | Financials, references, interview |
| 10 | Clear title and buy insurance | 1–2 weeks | Runs in parallel |
| 11 | Final walk-through | Day before | Condition, and that what was agreed remains |
| 12 | Closing | 1 day | Attorneys, lender, title company, transfer of funds |
A cash condominium purchase runs six to ten weeks from accepted offer to closing. Add a mortgage and it is eight to twelve. A co-op with a board application is ten to sixteen, and the board sets the pace.
Step 2What the buyer pays at closing
| Item | Condominium | Co-op | Note |
|---|---|---|---|
| Mansion tax | 1.00–3.90% | 1.00–3.90% | From $1m, in eight bands, on the whole price |
| Mortgage recording tax | 1.80–1.925% | None | On the loan amount, less the lender's 0.25% share |
| Title insurance | ≈0.45% | None | No deed is transferred in a co-op |
| Attorney | $3,000–6,000 | $3,000–6,000 | Higher on new development |
| Building and application fees | $1,000–2,500 | $1,500–3,000 | Move-in deposit is usually refundable |
| Appraisal and inspection | $800–2,000 | $800–2,000 | Skipped by some cash buyers, rarely wisely |
| New development premium | 1.825–2.075% | — | Sponsor sales shift transfer taxes to the buyer |
On a $2,000,000 resale condominium with a mortgage, a buyer should budget roughly 3 to 5% of the price in closing costs on top of the deposit. On a new development from the sponsor, 5 to 6%.
Step 3Where cross-border purchases stall
Money arriving from an account nobody has documented stops the file at the bank, the title company or both. Show where the funds sit and how they got there at the start, not when the wire is due.
A board can decline without giving a reason. A buyer whose income and assets are outside the US frequently cannot assemble a package that clears, and this only becomes apparent after the offer is agreed and the deposit is committed.
Contracts can be signed remotely, but a power of attorney has to be drafted, notarised and often apostilled in your own country. Start it early — it is measured in weeks, not days.
How you hold the property — personally, through a US LLC, through a corporation — changes the income tax, the estate exposure and what happens on sale. It is far cheaper to decide before the contract than to restructure after.
Yes. There is no citizenship or residency requirement to own real property in the United States, and no visa is conferred by owning it.
No. Closings are routinely completed by power of attorney, and remote notarisation is available in some circumstances. The document has to be prepared well in advance.
10% of the price at contract, held in the seller attorney's escrow account until closing. It is at risk if you walk away outside the contract's contingencies.
Less so than elsewhere in the US for apartments, because the building's systems are the building's responsibility. For a house or a townhouse it is essential, and for a large apartment it is still worth doing.
Let’s talk first
Tell us the budget, the timing and where you are resident, and we will set out what the process looks like for your position.
RELATED GUIDES
Recent transactions
A sample of the sales, purchases and rentals we acted on in 2025 and 2026.
Real estate brokerage services are provided through R New York.
Important notice
The figures on this page are general information as of August 2026 and do not represent an offer, a quote, or a guarantee of any transaction terms. Reinvent NY does not provide legal, tax, or investment advice. Confirm anything material with an attorney and a CPA before you act on it. Nothing here is a solicitation to invest, and no return is promised. Real estate brokerage services are provided through R New York.