Buying an apartment in NYC: steps, costs, timeline

updated 2026-11-10

Buying an apartment in New York City takes about two to four months from accepted offer to keys, and it works differently from most of the US. Most apartments in older buildings are co-ops, an accepted offer binds no one until contracts are signed, you put down a 10% deposit at contract, and a co-op board can still turn you down after that. This guide walks through each step in order, with what it costs and how long it takes.#

Last updated: 2026-11-10. General information, not legal, tax or financial advice. Confirm the details of your deal with your real estate attorney and lender.#

The steps at a glance#

Step	What happens	Typical time
1. Budget and pre-approval#	Work out the down payment, closing costs and reserves; get a lender's pre-approval	1–2 weeks
2. Co-op or condo#	Decide which you can buy and which fits your plans	before you search
3. Search and evaluate#	Tour listings, compare the true monthly cost, check the building and the block	weeks to months
4. Offer#	Offer through the listing agent; an accepted offer is not binding	days
5. Due diligence and contract#	Your attorney reviews the building's records; you sign and pay a 10% deposit	1–3 weeks
6. Mortgage commitment#	Lender appraises and underwrites	3–6 weeks
7. Board package (co-ops)#	Submit finances and references; interview with the board	3–8 weeks
8. Walk-through and closing#	Final inspection; sign, pay, get keys	1 day

From accepted offer to closing, a condo commonly takes two to three months and a co-op three to four, mostly because of the board.#

1. Budget: three numbers, not one#

Before you search, know three amounts:#

Down payment. Lenders often accept 10% on a condo. Co-ops commonly require 20% or more, and some buildings require 25–50%.#
Closing costs. About 1–2% of the price on a co-op and 3–4% on a condo, more on a new-development condo. The closing costs guide works through examples at $750,000, $1.2 million and $2.5 million.#
Reserves after closing. Many co-op boards require post-closing liquidity: cash and investments left over after closing, commonly one to two years of maintenance and loan payments. Many also set a maximum debt-to-income ratio, often stricter than the lender's.#

Then get a pre-approval from a lender (not just a pre-qualification). Sellers and their agents in NYC expect one with your offer, along with a short financial statement.#

2. Co-op or condo#

Most apartments for sale in the city's older buildings are co-ops. They usually cost less for the space but come with board approval, larger down payments and limits on renting the apartment out. Condos cost more but are easier to buy, finance and rent out. The decision shapes your budget, so settle it before you search. The co-op vs condo guide compares them side by side.#

3. Search and evaluate#

Listings are on StreetEasy, Zillow and brokerage sites. You can contact the listing agent directly or hire a buyer's agent. Since August 2024, agents who belong to the National Association of Realtors must sign a written agreement with a buyer before touring that says how the agent is paid. In NYC the seller has traditionally paid both agents, but check what your agreement says.#

When you find a candidate, compare it on more than the asking price:#

True monthly cost. Co-op maintenance already includes the building's property tax. A condo has common charges plus a separate tax bill. Add the loan payment to each before comparing.#
The building. Ask about recent and planned assessments, major repairs (facade, roof, boiler, elevator), and the sublet and pet policies.#
The apartment and the block. Daylight, street noise, trees and nearby parks are hard to change after you buy, and they shape how the place feels to live in. DwellScore scores these from public city data: street-tree canopy, traffic counts, park proximity and building geometry. The research behind them covers attention restoration, trees and mental health, daylight, street heat, air quality and walkability.#

Visit at different times of day. A quiet block at 2 p.m. on a Sunday can be loud at 8 a.m. on a Tuesday.#

4. Make an offer#

Offers go through the listing agent, usually by email, with your price, down payment, pre-approval letter and financial statement. Expect counteroffers.#

An accepted offer is not binding in New York City. Either side can walk away until the contract is signed, and the seller can keep showing the apartment. That is why the next step moves fast.#

5. Due diligence and contract#

Once the offer is accepted, the seller's attorney sends a draft contract to your attorney. Before you sign, your attorney reviews the building's records:#

Co-op: the last two to three years of audited financials, board minutes, the proprietary lease and house rules, the underlying mortgage, any flip tax, and the sublet policy.#
Condo: the offering plan and its amendments, the budget and reserves, board minutes, any lawsuits against the building, and the share of units that are owner-occupied (lenders check this too).#

Board minutes are where problems show up first: a leaking facade, a planned assessment, a dispute with the sponsor.#

At signing you pay a deposit of 10% of the price, held in escrow by the seller's attorney. Two clauses protect it:#

a mortgage contingency, which lets you cancel and recover the deposit if your loan is not approved within a set period#
for co-ops, board approval: if the board turns you down, the deal ends and the deposit comes back#

If you walk away for any other reason, you can lose the deposit. Read the contingencies before you sign.#

6. Mortgage commitment#

Your lender orders an appraisal and underwrites the loan, which usually takes three to six weeks and ends in a commitment letter. Co-op loans also need the building to be approved by the lender, and the co-op signs a recognition agreement with your lender at closing. If the appraisal comes in below the price, you can renegotiate, bring more cash, or use the mortgage contingency if the contract allows.#

7. Board package and interview (co-ops)#

The board package is a thick application: tax returns, pay stubs, bank and brokerage statements, an employment letter, personal and professional reference letters, and the signed contract and loan commitment. The managing agent reviews it for completeness, then the board reviews it, which can take weeks.#

If the package passes, the board invites you to an interview. It is usually short and polite: the board wants to confirm what's in the package and meet you. Boards can reject a buyer without giving a reason, though they cannot discriminate on grounds protected by law.#

Condo boards usually only waive their right of first refusal, which takes a couple of weeks and is rarely an obstacle.#

8. Final walk-through and closing#

Within a day or two of closing, walk through the apartment to confirm it is empty, clean and in the condition the contract promises, with appliances working.#

At closing, you, your attorney, the seller's attorney, the lender's representative, and for co-ops the managing agent meet (or sign remotely). You sign the loan documents, pay the balance of the price and the closing costs, and get the keys. For a condo you receive a deed; for a co-op, stock certificate and proprietary lease.#

Is buying in NYC worth it?#

Buying is a bet on how long you will stay. Closing costs going in, transfer taxes and broker commissions going out, and co-op flip taxes mean you need several years of ownership to come out ahead of renting the same apartment. A few things to weigh:#

Time horizon. The shorter your stay, the more the one-time costs dominate. Work out how many years of savings over rent it takes to recover the costs of buying and later selling.#
Monthly cost against rent. Compare the full monthly cost of owning (loan, maintenance or common charges and taxes, insurance) to the rent for a comparable apartment, and count only the interest part of the loan payment as a true cost.#
Flexibility. A co-op you can't sublet is hard to keep if you move. A condo can be rented out.#
What you can't change. Light, noise and trees outside the window stay the same for as long as you own. Pick for those as carefully as for the kitchen.#

DwellScore's Financial score compares listings on their true monthly cost, and its other scores cover the parts of a home a listing doesn't show.#