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.
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