There's no "typical" time for providing notice to the parties in the transaction. Sometimes the notice is a couple of days, sometimes considerably longer. There are several parties to the transaction, and, depending on the timelines established in the contract of sale, your Lender's ability to clear your approved loan for closing, your Attorney's efforts to review and resolve any title report issues, you might get several weeks notice or only a few days.
In a New York home purchase, the timeline goes like this:
1. HomeBuyer and Seller negotiate the Offer. Offer is best presented in writing. After much hand-wringing and back and forth negotiation, both parties agree on a price and terms of the sale.
2. Offer accepted
3. Contract of sale is prepared by Seller's Attorney and forwarded to Purchaser's attorney for review
4. Purchaser hires a Licensed Home Inspector (As per NYS regulations, ALL Home Inspectors must be Licensed). The Home Inspection is conducted PRIOR to signing contracts. If inspection reveals a problem with Foundation, Roof, Plumbing, Heating or Electrical, Purchaser's Attorney discusses with Seller's attorney to obtain satisfactory remedy PRIOR to contract signing. The remedy can be either a Seller repair or Seller credit to Purchaser at closing.
Since Home Inspection is done before contract is signed, the Purchaser has the opportunity to negotiate or walk away with no obligation to the Seller.
5. Contract Signing. Once all issues and concerns and terms of the Contract of Sale have been satisfactorily worked out by Purchaser's and Seller's attorneys---including any Home Inspection issues---the Purchaser meets with Attorney to sign the Contract and present an "Earnest Money Deposit." This is often misconstrued as the Down Payment.
In fact, this is money presented by the Purchaser for the Seller's attorney to hold in an escrow account until closing. This is often referred to as the "Good Faith Deposit" because it's the Purchaser's way of telling a Seller "I'm serious about buying your home and obtaining the mortgage financing to complete this purchase! Here's my money as a show of Good Faith."
6. Mortgage Application. Purchaser applies for and receives approval for the mortgage loan
7. Title Report. Purchaser's attorney orders a title inspection of public records to verify the Deed can be transferred from Seller to Purchaser with no liens, violations, or other encumbrances. Purchaser's Lender's attorney reviews the title inspection, or title report, to verify there are no objections on the Lender's behalf that would affect the closing of the mortgage loan.
8. Closing! Purchaser completes Down Payment, Mortgage Lender ponies up the rest of the cash, and Seller hands over the Deed and the Keys to the House!
9. Purchaser buys steaks for first Barbecue in their own backyard of their own home.
10. 30 years of Fixed Rate bliss because you own a Piece of the Rock!
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Once the bank issues a clear to close, it could take a matter of days, sometimes a week. It depends mostly on the schedules of the attorneys and the others involved. I'd say in the majority of cases, it only takes about 4-7 days unless the closing needs to be by a specific date to accommodate another closing for the seller or a rate lock for the buyer.
NYS Licensed Real Estate Salesperson
Certified Buyer Representative
Bliss Properties of NY
So usually everyone is on edge waiting for a closing date and will leap at the next available time.
Stressful? Yes. Normal? Yes. Just breathe and all will feel better after you've spent a few weeks in your new home!