Home Buying in Staten Island>Question Details

Theresa, Both Buyer and Seller in Cleveland, OH

How long to close a straight cash deal in NY?

Asked by Theresa, Cleveland, OH Thu Sep 12, 2013

Probate attorney telling me in NY takes min of 30-45 days to close a cash deal. That there are agencies/regulations must go through that we don't have to go through here. We can close a cash deal here in 10 days with title work/ title insurance and a warranty deed.....which is all that is required in this deal as well.

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It depends on the type of property you are buying, condo, coop, single family etc. If it is a condo there is usually a right of first refusal process that can take up to two weeks to complete and the title search, performed by your attorney. A coop has a board approval process that can tack an additional 30-60 days onto the basic process. If you are buying a single family or two family home then once the contracts are fully executed and title is in you can set up a closing. Good luck finding a NYC attorney with urgency...
1 vote Thank Flag Link Thu Sep 12, 2013
single family
Flag Thu Sep 12, 2013
New York has a lot more regulations than other states. Here attorneys do the contracts and that is a major part of the time being taken up. Between drafting the contract and then having the other attorney make any changes before approving it for signature by the buyer averages about 15 days by itself. The procedure here is: Offer then Acceptance, then Inspection by buyer's engineer, then signing of the contract, then setting closing date. This is why even a cash deal takes 30-45 days.
1 vote Thank Flag Link Thu Sep 12, 2013
It depends on the Attorney, The Title company and the seller & buyer.
0 votes Thank Flag Link Thu Sep 19, 2013
After browsing through recent cash closings on MLS- I came across some interesting finds. I have seen multiple closings literally take place in 48 hours... and others months. I guess it depends on whether or not the sellers are living in the home or not, and how fast your attorneys can work
0 votes Thank Flag Link Fri Sep 13, 2013
It is posiable to close with-in 12 days if every thing goes good.
Fajardo Delacruz
347 932-0609
0 votes Thank Flag Link Fri Sep 13, 2013
I'm going to say anywhere from 2 weeks to a month theres a few factors involved but for a quick closing everything has to go super smooth

Thanks Felix
0 votes Thank Flag Link Thu Sep 12, 2013
In NY you can close as fast a 1 week. It will depend on a few factors:
1. Title search
2. Your Attorney's availability
3. Sellers
I hope that answers your question.
0 votes Thank Flag Link Thu Sep 12, 2013
Hi Theresa,

If all goes, well about a month is typical. If there are issues that arise, there is no limit to how long it may take.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes Thank Flag Link Thu Sep 12, 2013
Thanks everyone......we have signed contracts, title work is done and he is claiming another 30-45 days. I think Christopher may be right.....finding an attorney with urgency is difficult
0 votes Thank Flag Link Thu Sep 12, 2013
Theresa,
In my experience, about 30 Days.
Best,
Will
0 votes Thank Flag Link Thu Sep 12, 2013
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