Part 30*: How Long Does It Typically Take to Close a Residential Contract of Sale in New York?

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 keith@betenskylaw.com. We look forward to hearing from you.

Betensky Law PLLC
118 N. Bedford Road, Suite 302
Mount Kisco, New York 10549
(914) 338-8050
keith@betenskylaw.com
www.betenskylaw.com

This is ATTORNEY ADVERTISING. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of an attorney/client relationship. Prior results do not guarantee a similar outcome.

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

Give us a call or fill in the form below and we will contact you. We endeavor to answer all inquiries within 24 hours on business days.