What expectations should I have about closing my property purchase on a specific date or within a certain amount of time?

The safe answer is until there is a definite closing date set (and even then, you’re not 100% free and clear to close, although it’s likely), you should temper your expectations as much as you can and have a backup plan in case the closing is delayed.  Please keep in mind that the typical language found in a NYC purchase contract uses the phrase “closing will take place on or about [specific date],” meaning even at contract signing, the exact closing date is not determined and could be up to 30 days after the designated “on or about” date.

There are many factors that can impact the closing date, most notably if the seller needs more time (he/she can potentially push back the closing up to a month or longer) or if you are purchasing in a co-op and the board application process, including the board interview, is delayed.  So unfortunately you cannot rely on an exact date or time range in every situation.

Furthermore, all of the various parties involved in the closing, in addition to the buyer and seller, such as attorneys (buyer’s, seller’s, the lender’s, etc.), the managing agent (if a co-op or condop) and the title insurance representative (primarily condos), must agree on a specific date, subject to availability, which can further delay the closing by a few days or even 1-2 weeks in some circumstances.

The bottom line is that the closing date is very fluid and relies on multiple factors to be concluded before an established date can be set.  Although most closings occur in a timely manner, we recommend having a safe plan for a delayed closing, in case one were to occur.