So you’ve decided to sell your New York condo or co-op. What happens next? Quite a bit. And how long will it take? That depends—on what kind of apartment you’ve got, the demand for it, and you and your buyer’s ability and desire to finalize the deal quickly.
On average, resales (as opposed to new construction) took 81 days to go from a signed contract to a closed sale in the fourth quarter of 2014, according to Jonathan Miller, head of appraisal firm Miller Samuel. But in practice, deals can happen much more quickly—45 days for a condo and 75 days for a co-op, in the experience of Peter Lucia, a loan officer at Mortgage Masters, or faster if the deal is all-cash.
It helps if everyone is prepared and working together. So in that spirit, here are the milestones you’ll need to watch out for as you sell your apartment: