Real Estate Sellers Time Line

Real Estate Sellers Time Line

The real estate sale process in New York can be rather complicated, both practically and legally. Below is our Step by Step Guide for Sellers of real estate. Please note that every deal is unique and the steps below are just a general overview of the sale process. Feel free to Contact Us with further questions.

FIND A BUYER & ACCEPT THE BUYER’S OFFER

The first step in any real estate transaction is to find a buyer and accept his or her offer. Whether you have listed the property with a real estate agent or are selling the property without a broker, our legal work begins once you find a buyer.

Once you find a buyer, do not put anything in writing, as this may, unintentionally, create a binding contract. Often times the real estate agent will request that you sign a buyer’s offer or even a contract. Do not do so without speaking to a Real Estate Attorney.

HIRE A REAL ESTATE ATTORNEY

Once you accept your buyer’s offer, it is time to retain a real estate The real estate sale process in New York can be rather complicated, both practically and legally. Below is our Step by Step Guide for Sellers of real estate. Please note that every deal is unique and the steps below are just a general overview of the sale process. Feel free to Contact US with further questions.

Get your questions answered - call me for your free, 20 min phone consultation (516) 683-1234

FIND A BUYER & ACCEPT THE BUYER’S OFFER

The first step in any real estate transaction is to find a buyer and accept his or her offer. Whether you have listed the property with a real estate agent or are selling the property without a broker, our legal work begins once you find a buyer.

Once you find a buyer, do not put anything in writing, as this may, unintentionally, create a binding contract. Often times the real estate agent will request that you sign a buyer’s offer or even a contract. Do not do so without speaking to a Real Estate Attorney.

HIRE A REAL ESTATE ATTORNEY

Once you accept your buyer’s offer, it is time to retain a real estate attorney. In New York, buyers and sellers of real estate almost always hire a lawyer; the lawyer’s job is to guide the parties and handle the legal paperwork.

When looking for an attorney, make sure the attorney has experience in real estate closings. The staff at the Law Offices of Matthew K. Tannenbaum handles HUNDREDS of real estate closings per year and are well qualified to represent you. Please do not hesitate to Contact Us at any time.

ALLOW THE BUYER TO CONDUCT DUE DILIGENCE

If your buyer chooses to conduct a home owner’s inspection, please grant the inspector access. After the inspection is conducted, the buyer may find certain faults with the property and may ask for you to make certain repairs prior to closing. It is up to you and the buyer to then agree on which repairs you will and will not make.

SIGN THE CONTRACT

Once The Law Offices of Matthew K. Tannenbaum is retained, you or your real estate agent provide us with certain information necessary to prepare the Contract of Sale. We then draft a Seller friendly contract based on the information provided and send the contract to the Buyer’s attorney.

The Buyer’s attorney then reviews the contract and negotiates the terms. We discuss the terms with you and assuming all parties are in agreement, the Buyer signs up to four copies of the Contract of Sale and mails the contracts, along with the down payment check to our office. Upon receipt of the contract, we schedule an appointment for you to sign (or, alternatively we may mail or email the contract to you for signature, if you prefer). Once you sign the contracts, The Law Offices of Matthew K. Tannenbaum deposits the down payment into our escrow account. We then mail two fully executed contracts back to the Buyer’s attorney.

WAIT

After the Buyer’s attorney receives the fully executed contract, the following conditions must be satisfied:

The Buyer’s Attorney orders a title search to ensure that title to the property is clean. A title search takes about 5-10 business days. If there are problems with title, we must work to clear the title problems. This may take more time, depending on the severity of the title problem.

  • If your Buyer is obtaining financing, the Buyer must apply to his lender to obtain a loan. Generally, it takes about 45-60 for a lender to clear the loan for closing.
  • If you are selling a Coop, the Buyer must apply to the Coop Board after  getting approval for financing. The Board can take up to 30 more days to approve or deny an applicant.
  • You move your belongings off the Premises (or get ready to do so) to provide the property in vacant and broom clean condition.

Assuming the title is clean, the Buyer is able to get financing and is approved by the Board (if it is a coop sale) and you have moved out or are ready to move out from the premises, we can schedule a closing. Below are the average time periods it takes to close. Please note that these are only AVERAGE time periods evidenced only by our experience:

  • Cash Sale: House: 20 days
  • Cash Sale: Condo: 25 days
  • Cash Sale: Coop: 45 days
  • Sale with Financing: House: 60 days
  • Sale with Financing: Condo: 60 days
  • Sale with Financing: Coop: 90 days

SCHEDULE A CLOSING

Once the Buyer and the Buyer’s bank are ready to close, we can schedule a closing. You should plan ahead of time to determine when you will be able to move out of the premises to deliver the property vacant at closing.

MOVE OUT

Unless otherwise agreed in the contract, the premises are to be delivered vacant and broom clean at closing. This means that all occupants must be off the premises and all personal belongings and furniture are removed.

ATTEND THE CLOSING

The Closing is a meeting where the deed (or stock certificate for a coop) and other legal documents are given to the buyer and money is given to the seller.

  • The Seller
  • The Buyer’s attorney
  • The Seller’s attorney
  • The Lender’s attorney
  • The Seller’s Bank’s attorney (in Coop transactions)
  • The Title Closer
  • The real estate brokers
  • The Managing Agent (in Coop transactions).

The Closing customarily takes places either at the Seller’s attorney’s office or at the Lenders Attorney’s office. In Coop transactions, the Closing usually takes place at the office of the Managing Agent.

Get your questions answered - call me for your free, 20 min phone consultation (516) 683-1234

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No information that you obtain from this web site is legal advice, nor is it intended to be. You should consult an attorney for individualized advice regarding your own unique situation. No attorney-client relationship is formed between Attorney Matthew K. Tannenbaum and you by viewing this web site.