The Offer Timeline in NYC Real Estate: From Accepted Offer to Signed Contract
NYC sellers reviewing a buyer’s offer—an early milestone that shapes the path to contract, where price, terms, and key details start to take form in the deal timeline.
Navigating the post-offer stage in New York City real estate can be just as complex as getting an offer accepted. The period between acceptance and a fully executed contract is often misunderstood, but it’s one of the most critical phases of any deal. Whether you’re buying or selling, these first steps—offer negotiation, deal sheets, attorney review, and contract signing—set the foundation for everything that follows.
1. Offer Accepted: What “In Contract” Really Means in NYC
In New York City (and New York State more broadly), a deal isn’t binding until the attorneys negotiate, both parties sign the contract, and the seller countersigns. A verbal or even written “accepted offer” doesn’t remove the property from the market because it has no legal force yet.
This is also the stage where deals most often fall apart. Financing can shift, attorneys may flag issues during due diligence, or buyers may simply hesitate. And until the contract is fully executed, the seller isn’t locked in—meaning another buyer could come in with a stronger offer, whether it’s at full asking price, above asking, or all cash. While there’s some risk in switching buyers midstream, legally the seller can do so without an executed contract in place.
2. From Offer to Deal Sheet: How Terms Are Set
The process begins when the buyer’s agent formally submits an offer. This typically includes:
Offer sheet outlining price and proposed terms.
REBNY financial statement detailing the buyer’s assets, liabilities, income, and liquidity (especially critical for co-ops with strict financial standards like post-closing liquidity and debt-to-asset ratios).
Mortgage pre-approval letter if financing is involved.
This package opens the negotiation. The listing agent and seller will review the offer, weigh it against other interest, and decide whether to accept, counter, negotiate, or decline. Sometimes, a buyer’s agent will even give a heads-up that an offer is coming, or engage in early discussions if they know the offer will be below asking or if there’s high competition.
Once price and terms are agreed upon, the seller’s agent prepares the official deal sheet. This document captures the full terms of the deal and includes: buyer and seller details, attorneys on both sides, agent and brokerage information, purchase price, contingencies, commission structure, and anticipated closing timeline.
The deal sheet is then circulated to both attorneys, who take the lead on due diligence and contract drafting. While the lawyers now drive the process, an attentive agent stays engaged to track progress, resolve questions quickly, and help keep the deal moving toward contract.
3. Attorney Review: Due Diligence on the Building
In New York City, where co-ops and condos make up the majority of the housing stock, the buyer’s attorney typically reviews the building’s financials, offering plan, recent board meeting minutes, house rules, and any pending or recent assessments. This stage is crucial—especially for co-ops and older buildings. They’ll be looking for red flags such as:
Poor building reserves or high debt
Planned capital projects and assessments
High sublet or delinquency rates
Legal disputes or building violations
For condos and co-ops alike, this step determines whether the buyer’s attorney will advise them to proceed—and what modifications, if any, they’ll request before signing.
For single-family homes and townhouses, the due diligence process looks different: attorneys focus more on title, property condition, and municipal issues (like violations or liens), rather than board documents. But regardless of property type, this legal review is a critical safeguard before contracts are signed.
4. Contract Negotiation and Signing
Once due diligence is complete, the seller’s attorney sends the contract to the buyer’s attorney. Negotiations may include adjustments to:
Closing date
Contingency timelines (financing, appraisal, board approval)
Inclusion or exclusion of fixtures/appliances
Attorneys will also review the fine print closely. In NYC, contracts are not one-size-fits-all—language can occasionally favor one side too heavily, and part of the negotiation is ensuring the terms are fair and balanced before anyone signs.
Once both sides agree, the buyer signs the contract and sends the deposit (typically 10% of the purchase price). Then the seller signs, making the contract fully executed. Only at this point is the deal legally binding.
5. What Comes Next
Reaching a fully executed contract is a major milestone—but it’s only the beginning. Financing, board packages, and closing logistics still lie ahead. For a complete breakdown of what happens after contracts are signed, see my guide: Steps to Closing on a Home in NYC: What Happens After an Accepted Offer
6. The Role of Your Real Estate Agent
Your agent is more than a marketer—they’re your transaction manager. Even before contracts are signed, a skilled agent helps by:
Coordinate between attorneys, managing agents, and the buyer’s team
Monitor deal progress and flag delays or issues early
Clarify building requirements and deadlines
Maintain momentum and keep all sides aligned on timing
A smooth offer-to-contract process depends on clear communication, strong legal and financial coordination, and proactive oversight. A skilled agent provides exactly that—start to finish.
Related Resources and Insights
Thinking about buying or selling in NYC? Let’s connect. I can walk you through the offer-to-closing process, answer questions before you take the next step, and give you the support you need to move forward with confidence.