What Happens After You Accept an Offer in New York?
After you accept an offer in New York, the attorneys review the contract and handle the paperwork. Unless a legal exception applies, you deliver the property condition disclosure statement before the buyer signs, then you and the buyer sign the contract. The buyer's inspection, appraisal, and mortgage approval follow, and you hand over the keys at the closing. Your contract sets the dates, and your attorney confirms each step.
By Team RiveraUpdated
What happens right after you accept an offer?
Accepting an offer in New York does not close the sale. It starts the contract stage. New York law requires a home sale contract to be in writing and signed (General Obligations Law 5-703). An accepted offer alone does not bind the sale.
Here is the usual order from there:
- Attorney review of the contract.
- Your property condition disclosure statement, delivered to the buyer or the buyer's agent before the buyer signs a binding contract, unless an exception in the law applies.
- The signed contract.
- The buyer's home inspection.
- The buyer's appraisal and mortgage approval, ending in a commitment from the lender.
- The closing, when the sale becomes final and you hand over the keys.
The steps overlap, and your contract sets the dates. We coordinate with your attorney, the buyer's side, and the lender, and keep the timeline moving. What a listing includes, how a sale goes, and the home valuation form are on our sell page.
What is attorney review, and what do you sign?
In New York, the contract stage runs through attorneys. Your attorney and the buyer's attorney review the contract and negotiate its terms, and each side can ask for changes before it is signed. You and the buyer are the ones who sign it. The legal work is your attorney's.
A contract can give both attorneys a short approval window. Your contract sets its length, and your attorney will tell you when it ends.
You also have a disclosure to deliver. New York's Real Property Law says every seller of residential real property must complete and sign a property condition disclosure statement and see that it reaches the buyer or the buyer's agent before the buyer signs a binding contract of sale, except as the statute provides. Your attorney can tell you whether an exception applies to your sale.
What happens at the buyer's home inspection?
Once the contract is signed, the buyer's inspection is next. A licensed home inspector looks at the structure, roof, and major systems of the house. The Department of State says a person holding its license can perform home inspections of residential buildings for compensation.
After the inspection, the buyer may ask for repairs or a credit. Those requests move between the attorneys and the agents, and whether to agree is your decision. Check with your attorney before you agree to anything.
How do the appraisal and mortgage commitment work?
If the buyer is using a mortgage, the lender orders an appraisal and finishes its review of the buyer's application. When the lender is satisfied, it issues a mortgage commitment, its agreement to make the loan on stated conditions. The buyer's attorney tracks the commitment against the dates in the contract, and your attorney watches it from your side.
Federal rules put timing on the paperwork a borrower receives:
- Appraisal copy. Under Regulation B, the buyer's lender must provide a copy of the appraisals and other written valuations the rule covers promptly upon completion, or three business days before closing, whichever is earlier.
- Loan disclosures. Under Regulation Z, the lender must get the buyer the final loan disclosures at least three business days before closing, with limited exceptions.
What happens at the closing?
The closing is the day the sale becomes final. Documents are signed, funds move, the deed is delivered, and you hand over the keys. Your attorney prepares you for what you sign and goes through the final figures with you, including the payoff of any mortgage still on the house.
A few things tend to come up in the days before:
- The buyer's side may schedule a final walk-through.
- Your attorney confirms the closing date, time, and place with the buyer's attorney.
For questions about taxes on the sale, ask a tax professional. We can explain how the process generally works, but your attorney, the lender, and your tax professional are the ones to confirm the details for your situation.
How does Team Rivera help between acceptance and closing?
We stay with you through the closing, until the day you hand over the keys, and the decisions stay yours.
We are Team Rivera at Keller Williams Points North, Steven and Rose Rivera. Gold Coast and North Shore first, Montauk to Manhattan. Plain answers to the questions people ask about Team Rivera are on the questions page.
If you have an accepted offer or are getting ready to list, call or text (631) 213-2005, or reach us through the contact page.
Questions
Questions, answered.
- Is my sale final once I accept an offer?
- Not yet. In New York an accepted offer is followed by attorney review and a signed contract, and the sale becomes final at the closing. Your attorney can tell you exactly when your contract becomes binding.
- What is an attorney approval period?
- It is a short window in the contract for the seller's and the buyer's attorneys to approve it. Your contract sets its length, and your attorney will tell you when it ends.
- Do I have to give the buyer a property condition disclosure statement?
- New York's Real Property Law says every seller of residential real property must complete and sign one and see that it reaches the buyer or the buyer's agent before the buyer signs a binding contract, except as the statute provides. Ask your attorney whether an exception applies to your sale.
- Who can do the buyer's home inspection?
- The Department of State says a person holding its license can perform home inspections of residential buildings for compensation. Any repair requests that follow move between the attorneys and the agents, and the decision is yours.
- When does the buyer get the loan disclosures and the appraisal copy?
- The lender must get the buyer the final loan disclosures at least three business days before closing, with limited exceptions. The buyer gets a copy of the appraisal when it is done, or three business days before closing, whichever comes first.
Sources
Where this comes from.
Each source with the exact line we relied on and the day we read it. Confirm the details of your own sale or purchase with your attorney.
1.Section 462, Property condition disclosure statement
New York State Senate (New York Real Property Law), read
Except as is provided in section four hundred sixty-three of this article, every seller of residential real property pursuant to a real estate purchase contract shall complete and sign a property condition disclosure statement as prescribed by subdivision two of this section and cause it, or a copy thereof, to be delivered to a buyer or buyer's agent prior to the signing by the buyer of a binding contract of sale.
2.Conveyances and contracts concerning real property required to be in writing
New York State Senate (New York General Obligations Law), read
A contract for the leasing for a longer period than one year, or for the sale, of any real property, or an interest therein, is void unless the contract or some note or memorandum thereof, expressing the consideration, is in writing, subscribed by the party to be charged, or by his lawful agent thereunto authorized by writing.
3.Moran v Erk, No. 176 (N.Y. Court of Appeals, decided November 25, 2008)
New York Court of Appeals, reproduced by Cornell Legal Information Institute, read
This Contract is contingent upon approval by attorneys for Seller and Purchaser by the third business day following each party's attorney's receipt of a copy of the fully executed Contract (the "Approval Period").
4.Frequently Asked Questions - Home Inspector | Department of State
New York State Department of State, read
Person holding a license issued by the NYS Department of State (DOS) can perform home inspections of residential buildings for compensation.
5.§ 1002.14 Rules on providing appraisals and other valuations.
Consumer Financial Protection Bureau (Regulation B, 12 CFR 1002.14), read
A creditor shall provide a copy of each such appraisal or other written valuation promptly upon completion, or three business days prior to consummation of the transaction (for closed-end credit) or account opening (for open-end credit), whichever is earlier.
6.12 CFR 1026.19(f)(1)(ii) Timing of disclosures (Regulation Z)
Consumer Financial Protection Bureau (Regulation Z, 12 CFR 1026.19), read
Except as provided in paragraphs (f)(1)(ii)(B), (f)(2)(i), (f)(2)(iii), (f)(2)(iv), and (f)(2)(v) of this section, the creditor shall ensure that the consumer receives the disclosures required under paragraph (f)(1)(i) of this section no later than three business days before consummation.