NYC Contract to Closing Timeline: Co-op vs Condo

From an accepted offer to the keys, an NYC condo purchase with a mortgage often takes about two to three months. A co-op often takes about two to four months, because the board must review your application and usually interview you. These are typical ranges, not rules. Cash deals can be faster, and slow lenders, title problems or a board that meets monthly can make any deal slower.

Below is a week-by-week view of both paths side by side, the deadlines buyers miss most often, and a checklist you can tick off as you go.

Typical length of each stage

Most stages overlap. The co-op path is longer mainly because the board package usually can’t go to the board until you have a mortgage commitment letter. After that the board may need weeks to review the package and schedule an interview.

The condo path, week by week

1. Week 0

   Condo: offer accepted, attorneys engaged

   Brokers circulate a deal sheet. The seller’s attorney sends the contract and building documents to your attorney.

2. Weeks 1–3

   Condo: due diligence, then contract signed

   Your attorney reviews the offering plan, financials and minutes. You sign, wire the deposit (often 10%) to the seller’s attorney’s escrow, and the seller countersigns.

3. Within days of contract

   Condo: full mortgage application

   Contracts usually require you to apply promptly. Your lender must send a Loan Estimate within 3 business days of your application.

4. Weeks 2–6

   Condo: appraisal, underwriting, commitment letter

   The lender appraises the unit and reviews the building. Your commitment deadline in the contract is often around 30 to 45 days after contract signing.

5. Weeks 3–7

   Condo: right of first refusal waiver and title

   The managing agent processes the waiver. The title company issues a report, and your attorney clears any liens.

6. Weeks 6–10

   Condo: clear to close, walkthrough, closing

   You get the Closing Disclosure at least 3 business days before closing, do a final walkthrough, and close. The deed is recorded with the City Register.

The co-op path, week by week

1. Week 0

   Co-op: offer accepted, attorneys engaged

   Your agent or the listing agent usually sends the board package requirements early, so you can start gathering documents.

2. Weeks 1–3

   Co-op: due diligence, then contract signed

   Your attorney reviews the financials, minutes, proprietary lease, house rules and any flip tax. You sign and wire the deposit.

3. Weeks 1–6

   Co-op: share loan application and commitment

   The lender reviews you and the co-op corporation. Many co-ops expect the commitment letter in the board package.

4. Weeks 4–8

   Co-op: board package submitted

   The managing agent checks it for completeness before the board sees it. Missing pages restart the clock.

5. Weeks 6–12

   Co-op: board review and interview

   The board reviews the package, may ask follow-up questions, holds an interview, then approves or rejects in writing.

6. Weeks 8–16

   Co-op: closing at the managing agent or lender

   After approval, attorneys schedule the closing with the managing agent, which issues new stock and a new proprietary lease. A lien search replaces a title report.

Deadlines buyers miss most often

• The mortgage commitment date. This is the date in your contract by which you must have a commitment letter or cancel. If it passes with no extension in writing, you may lose your protection. Read the mortgage contingency guide and ask your attorney to request an extension in writing before the date passes.
• Applying to the lender “promptly.” Contracts often require a full application within a set number of days. Delays can weaken your contingency.
• Your rate lock. The CFPB says locks are typically 30, 45 or 60 days, and extending one can be expensive. A co-op board that meets monthly can push you past a 45-day lock. Ask your lender about extension costs at the start.
• The commitment letter expiry. Commitments are valid for a set period. If board review drags on, the commitment may need to be extended.
• Document expiry. Pay stubs and bank statements age out. Lenders and boards may ask for updated copies close to closing.

Your contract-to-closing checklist

Tick tasks off as you go. Your progress is saved in this browser only.

What happens after closing

For a condo or house, the deed and mortgage are recorded with the City Register. The NYC transfer tax return must be filed within 30 days of the transfer, and the attorneys normally handle this at closing. For a co-op, the managing agent issues your stock certificate and proprietary lease. See after closing and budget every fee with the NYC closing cost calculator.

If you are buying a co-op, test your numbers against typical board requirements first with the co-op board approval calculator.

This is general information. Your contract’s dates and terms control your deal, so ask your attorney to confirm each deadline.