How Long Does It Take to Get a Real Estate Contract Signed in New York City?

At least ten days. That's generally the time required for the buyer's attorney to perform "due diligence." The purpose is to protect the buyer by making sure that there are no issues with the apartment or the building.

While the seller's attorney prepares the contract, the buyer's attorney reviews various building documents (the offering plan and amendments, house rules, financials, etc.). They'll read the board minutes from the last couple of years, which requires an in-person appointment at the managing agent's office.

They also submit a lengthy questionnaire to the managing agent. It can take some time to receive the completed questionnaire back, as managing agents are notoriously overworked and busy.

Once both attorneys have hashed out the contract's terms and due diligence is complete, the buyer signs the contract. It's sent to the seller's attorney with a 10% downpayment. The seller signs, and the contract is "fully-executed." Until that point, either party can walk away without penalty. It's why you want to get that contract signed ASAP.

As a listing agent, I help that along by being fully prepared beforehand with all of the building documents. I encourage my seller and buyer clients to be ready with an attorney, so they're not scrambling at the last minute. I also rely on my relationships with managing agents and my co-brokers to move things along.

So while it's a long time, a lot has to happen. It takes patience, but in the end both parties will feel more comfortable and confident about the transaction going forward.