We represent buyers and sellers in NYC residential closings — co-ops, condos, brownstones, single-family, and multi-family. Contract review, board package, title clearance, and the closing table across all five boroughs.
The basics, what we do, and the issues we see most.
How does a NYC residential closing work, and how long does it take?
Quick Answer
NYC residential closings — co-ops, condos, single-family, brownstones — run 60 to 90 days from contract to keys; co-ops can stretch to 90-120 days because of the board package and interview. The attorney reviews the contract and board package, runs title via ACRIS, inspects the building's financials, negotiates contingencies, and represents you at the closing table. Mansion tax of 1% applies on purchases over $1 million.
What we do
Services we offer
Every residential closing in NYC is a deadline-driven sprint: 60-90 days for condos and houses, 90-120 days for co-ops with board approval. Here's what the attorney handling your matter does, from contract through closing and recording.
Contract review and negotiation — contingencies, mortgage commitments, fixtures, deposits in escrow
Co-op board package preparation, including financial-disclosure assembly and interview prep
Title search via ACRIS, lien clearance, and title-insurance policy review
Due diligence on building financials, reserve fund, ongoing assessments, pending lawsuits
Coordinate with lenders on commitment letter, appraisal, and Closing Disclosure
Represent you at the closing table — wire confirmations, deed/stock transfer, walk-through
Post-closing recording with NYC Register (ACRIS) and follow-up on lender or board issues
Common issues we handle
Scenarios we see most.
Signing a contract before your attorney has reviewed and negotiated it (New York has no automatic post-signing review period)
Co-op board rejection (boards can refuse without reason; deposit usually returned per contract)
Title defects, liens, or open DOB/HPD violations discovered during search
Lender appraisal coming in below contract price
Mansion tax ($1M+ purchases) and flip tax (co-ops, varies by building)
Mortgage commitment delays past contract contingency window
The same attorney handles your matter from intake through hearing and closeout.
1
Step 1 of 5
Contract review, negotiation, and signing
2
Step 2 of 5
Due diligence — title, financials, board package (co-op)
3
Step 3 of 5
Mortgage commitment and Closing Disclosure review
4
Step 4 of 5
Final walk-through and closing table
5
Step 5 of 5
Record documents with NYC Register (ACRIS)
Frequently asked
Questions clients ask first.
Direct answers from the attorney who handles these matters.
Most asked
Do I need a lawyer for a NYC real estate closing?
Not legally required for all NY transactions, but standard practice in NYC and strongly recommended. New York real estate transactions are complex with significant legal and financial risks. An attorney protects your interests, reviews contracts, handles title issues, negotiates terms, and ensures proper closing procedures. Lenders, brokers, and co-op boards routinely expect both sides to have counsel — going without is unusual and increases risk of contract issues you won't see until closing.
Question 2
How long does a NYC residential closing take?
Timeline varies significantly by property type. Single-family homes and condos typically take 60-90 days from contract to closing. Co-op purchases often take 90-120 days due to the board approval process (4-8 weeks for board review). Cash purchases can close faster (30-45 days). Delays occur due to financing issues, title problems, board approvals, inspection findings, or environmental issues. We anticipate potential delays and keep your transaction moving.
Question 3
What's a co-op board package and how do I prepare?
After contract signing, you submit a comprehensive board package including financial documents (tax returns, bank statements, employment letters), personal references, and a personal disclosure statement. The board reviews your package and typically schedules an interview (some buildings waive interviews). Approval timelines vary, typically 4-8 weeks. Boards can reject without giving reasons. We help prepare strong board packages, advise on the interview, and guide you through the process.
Question 4
What are typical closing costs for a NYC buyer?
Buyers typically pay 2-5% of purchase price in closing costs. All buyers pay: attorney fees, title insurance (buyer's and lender's policies), recording fees, bank fees if financing, mortgage recording tax (1.8-2.05% depending on loan amount and location). Properties over $1M trigger the mansion tax (1-3.9% progressive). Co-op buyers also pay flip taxes (varies by building, often 1-3%), UCC-1 filing fees, and working-capital contributions (typically 1-2 months of maintenance). We provide detailed closing-cost estimates early in the process.
Question 5
What is the mansion tax in NYC?
The mansion tax is a buyer's tax on properties over $1 million. Rates are progressive: 1% on $1-2M, 1.25% on $2-3M, 1.5% on $3-5M, 1.75% on $5-10M, 2.25% on $10-15M, 2.75% on $15-20M, 3.25% on $20-25M, and 3.9% on properties over $25M. A $1.5M purchase pays $15,000. This is separate from other transfer taxes (NYC + NY State transfer taxes, paid by the seller).
Question 6
What's the difference between a co-op and a condo closing?
Condo: you receive a deed for your unit and a percentage of common areas. Easier to buy/sell, fewer restrictions, financing more straightforward, but often higher prices and common charges. Requires review of condo bylaws, financials, and common-charge history. Co-op: you receive shares in the corporation that owns the building plus a proprietary lease. More complex — board approval required (board can reject without reason), flip taxes (typically 1-3% of sale price), sublet restrictions, and stricter financing rules — but often lower prices. Closing involves a stock certificate and proprietary lease assignment, not a deed.
Question 7
What is a title search and why does it matter?
A title search examines public records to verify the seller's ownership and identify issues that could affect your purchase — liens, easements, restrictions, and any open violations cited against the property. In NYC, we search ACRIS (Automated City Register Information System) at a836-acris.nyc.gov for property records, liens, and ownership history, plus DOB/HPD/ECB violation searches. Title insurance protects you against defects discovered after closing. Lenders require lender's title insurance; we strongly recommend owner's title insurance too — a one-time premium that protects you for as long as you own the property.
Most NYC residential closings run 60-90 days; co-ops 90-120. The earlier we're engaged, the more leverage you have during contract review and board prep. Same-day case review during business hours.
