Although every deal is different, most residential deals close between 60-90 days after the Contract is signed. This allows the parties enough time to clear title, obtain clearance to close from the lender, complete any repairs or other deal-specific obligations, and otherwise prepare for closing. An “all cash” deal with no financing may close within thirty days. A complicated deal may take longer to complete. As noted elsewhere in this Blog Series, closing dates in New York are flexible unless the parties stipulate to a Time is of the Essence closing, which is unusual in the residential sector.
*Thank you for taking the time to read this article. This article is part of our “From Contract to Closing; Demystifying NY Residential Real Estate” Series. Other aspects of residential real estate transactions in New York are discussed in other Parts of this series.
For questions about residential real estate law, or general information about our firm, please contact us at (914) 338-8050 or send an e-mail to email@example.com. We look forward to hearing from you.
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