Introduction
You’ve listed your home, received offers, negotiated, and accepted one. Congratulations! But what happens now? The period between accepting an offer and closing day involves several important steps.
The Attorney Review Period
In New York, once you accept an offer, both parties have their attorneys review the contract. This typically takes 3-5 business days. Either side can request changes or, in some cases, back out during this period. Once both attorneys approve, the contract is fully executed and you’re officially under contract.
The Buyer’s Due Diligence
After attorney review, the buyer begins their due diligence:
Home Inspection (Week 1-2): The buyer hires an inspector to examine the property. Expect a detailed report and possibly a request for repairs or credits. You’ll negotiate what you’re willing to address.
Appraisal (Week 2-3): The buyer’s lender orders an appraisal to confirm the home’s value supports the loan amount. If it comes in low, you may need to renegotiate the price.
Title Search: The buyer’s attorney conducts a title search to ensure there are no liens, judgments, or ownership issues that would prevent a clean transfer.
What You Need to Do
Gather documents: Your attorney will need your deed, survey (if you have one), mortgage payoff information, and any relevant permits or certificates of occupancy for work you’ve done.
Schedule your move: Once you’re past inspection and appraisal contingencies, start planning your move. The closing date in your contract is the target, but it can shift by a few days.
Maintain the property: Keep the home in the same condition as when it was shown. Don’t remove fixtures that were included in the sale. Continue regular maintenance.
Stay responsive: Your attorney and agent will need information and signatures throughout the process. Quick responses keep things moving.
The Final Week
Final walkthrough: The buyer will do a final walkthrough, usually 24-48 hours before closing, to confirm the home is in the expected condition and any agreed-upon repairs were completed.
Closing preparation: Your attorney will prepare the deed and coordinate with the buyer’s attorney on closing logistics. You’ll receive a settlement statement showing all the numbers.
Closing day: You’ll sign documents transferring ownership, hand over keys, and receive your proceeds (minus your mortgage payoff, commissions, and closing costs).
Timeline Overview
From accepted offer to closing typically takes 45-60 days for a financed purchase, sometimes faster for cash deals. The timeline can stretch if there are title issues, appraisal problems, or financing delays.
Have questions about what to expect after accepting an offer? I can help you navigate through some of the non-legal issues.
Call or text me: (516) 250-4891
Carolyn A. Best
Licensed Real Estate Agent
EXIT Realty Premier
PERFORMANCE…not promises.
