Your offer got accepted. Congratulations! Now for the part that surprises a lot of people: in New York, that’s not a done deal yet. Nothing is binding until both you and the seller sign the contract. Here’s how it usually goes on Long Island.
1. The attorneys take over the paperwork
The seller’s attorney drafts the contract, and your attorney reviews it and negotiates the details. If you don’t have an attorney yet, this is when you need one.
2. You get the home inspected
This usually happens before you sign. If the inspector finds something big, there’s still room to ask for repairs or a credit, or to walk away.
3. Contracts are signed
You sign first and put down a deposit, often 10% of the price, which is held in escrow. Once the seller signs too, the contract is “fully executed,” and now it’s binding.
4. The mortgage gets finalized
Your lender orders an appraisal, finishes underwriting, and issues a mortgage commitment. Your contract usually gives you a set amount of time to get it, so stay on top of any documents the lender asks for.
5. Title, walk-through, closing
A title company checks that the seller can actually sell the house free of liens or other problems. Right before closing you do a final walk-through, and then everyone signs, the money moves, and you get the keys.
From accepted offer to keys often takes two to three months here, but every deal is different. I’m not a lawyer, so your attorney is the one to ask about anything in your contract. For everything else, text me.
