Buying in NYC is different from anywhere else in the country. Here is how the process works, step by step.

Step 1 — Get Pre-Approved

Before you tour a single apartment, get a mortgage pre-approval letter from a licensed lender. In NYC's competitive market, sellers will not take your offer seriously without one. Pre-approval is based on verified documents — tax returns, pay stubs, bank statements — not estimates.

Step 2 — Hire a Licensed Real Estate Agent

Your buyer's agent costs you nothing in most NYC transactions — the seller pays the commission. An experienced agent helps you identify suitable properties, negotiate price and terms, and navigate the complexity of co-op boards and condo due diligence. Call AFMC at (212) 644-8231.

Step 3 — Find the Right Property Type

NYC has four main property types for buyers:

- Co-op (cooperative): You buy shares in a corporation that owns the building. Requires board approval. Monthly maintenance covers your share of building expenses and underlying mortgage. Lower purchase price, higher ongoing costs, more restrictions.

- Condo: You own your unit outright with a deed. More flexibility, easier to finance, no board interview, but typically higher purchase prices.

- Townhouse or brownstone: Full building ownership. Higher entry price, more responsibility, more privacy.

- New development: Sponsor sale from a developer. No board approval needed. May offer financing incentives.

Step 4 — Make an Offer

Your agent submits a written offer to the seller's agent. Once accepted, both parties sign a term sheet and move to contract. In NYC, nothing is binding until contracts are signed by both parties — verbal acceptances do not bind either side.

Step 5 — Attorney Review and Contract Signing

Your real estate attorney reviews the purchase contract, negotiates rider language, and orders a title search. For co-ops, your attorney reviews the proprietary lease, house rules, and financial statements of the building. This phase typically takes 1–3 weeks. You pay a contract deposit (typically 10%) at signing.

Step 6 — Co-op Board Package (Co-ops Only)

If buying a co-op, you submit a board package — a detailed financial application including tax returns, bank statements, references, and a personal statement. The board reviews it, may interview you, and votes to approve or reject. This process can take 4–8 weeks.

Step 7 — Mortgage Commitment and Appraisal

Your lender orders an appraisal and issues a mortgage commitment letter once underwriting is complete. If the appraisal comes in below the purchase price, you may need to renegotiate or cover the gap in cash.

Step 8 — Closing

Closing in NYC is an in-person event attended by the buyer, seller, both attorneys, the lender's attorney (for financed purchases), and a title company representative. You bring a certified check or wire transfer for the balance of the purchase price and closing costs. Ownership transfers when the deed is recorded (for condos and houses) or shares and the proprietary lease are transferred (for co-ops).

Timeline

From accepted offer to closing typically takes 60–90 days for condos and houses, and 90–120 days for co-ops due to the board process. New construction closings depend on the developer's schedule.

AFMC is with you at every step. Call (212) 644-8231 or email to schedule your free buyer consultation.

Disclosure: AFMC NY is a licensed real estate brokerage. Broker: Sy Williams, NYS License #10491208948. This guide is for general informational purposes only. Real estate transactions involve significant legal and financial decisions — consult a licensed NYS real estate attorney before signing any contracts.