What happens after a seller accepts an offer in New York City?
In NYC, an accepted offer is not a binding contract. The seller's attorney drafts the contract of sale, both attorneys negotiate terms during the attorney review period, and the deal only becomes legally binding once both parties sign the final contract and the buyer's deposit is delivered into the seller's attorney's escrow account. Until that happens, either side can walk away.
Key Takeaways
- An accepted offer in NYC is not enforceable until both parties execute the contract of sale and the buyer's deposit is held in escrow.
- The seller's attorney drafts the initial contract; both sides then negotiate contingencies, closing date, and adjustments during attorney review.
- Co-op sales add a board approval contingency that can extend the post-offer timeline significantly compared to condo or townhouse deals.
- NYC home prices rose 6.6% year-over-year in Q2 2026, with homes closing at a median of 98.1% of asking price, according to a Q2 2026 market report, meaning post-contract negotiations in this environment tend to center on terms, not price.
- The NYC Real Property Transfer Tax applies to most residential sales; the rate is 1.0% on consideration of $500,000 or less and 1.425% above that threshold, per the NYC Department of Finance.
What does the NYC seller timeline actually look like after an accepted offer?
Here's the honest version of what happens next, and why the first two weeks after an accepted offer are where deals either get built or fall apart.
Step 1: The acceptance is informal, not binding
When you say yes to a buyer's offer, whether by email, phone, or through your agent, you've agreed on price and basic terms. That's it. New York attorneys are clear on this: until both parties have signed a fully negotiated contract, there is no binding agreement. You can still show the apartment. You can still entertain backup offers. Whether you should is a different question, and I walk my clients through that conversation carefully, because the reputational cost of shopping a deal you've already accepted is real, even if the legal exposure isn't.
Step 2: Your attorney drafts the contract of sale
In NYC, the seller's attorney prepares the initial contract of sale. This is a meaningful distinction from how deals work in many other states, and it's one of the first things I explain to out-of-town sellers. Your attorney typically works from a standard New York State Bar Association or REBNY form, then adds custom riders that address your specific property, building rules, and negotiated terms.
This is not a formality. The riders your attorney drafts set the starting point for everything that follows, what contingencies the buyer gets, how inspection issues are handled, what happens if the closing date slips. Getting a good real estate attorney in your corner early is not optional in this market.
Step 3: Attorney review and contract negotiation
Once the buyer's attorney receives the draft contract, the attorney review period begins. During this phase, both sides negotiate the terms. Common points of negotiation include:
- Financing and appraisal contingencies, whether the buyer has one, how long it runs, and what triggers it
- Closing date and extension provisions
- Condition of the unit and how any known defects or inspection findings are addressed
- Apportionments, how common charges, real estate taxes, and building assessments are prorated at closing
- Responsibility for transfer taxes and building fees, more on this below
Until attorney review concludes and both parties approve the final contract, either side can disapprove and cancel. If the buyer walks during this period, they're entitled to a full refund of any deposit already delivered. This is standard NYC practice, and it's why I tell sellers not to start celebrating the moment an offer comes in, celebrate when the contract is signed.
For a standard condo or townhouse deal, attorney review typically runs several days to a couple of weeks. Co-ops often take longer because the due diligence is more involved.
Step 4: Buyer signs, funds the deposit, seller countersigns
Once both attorneys have agreed on the contract language, the buyer signs first and delivers the contract deposit, commonly 10% of the purchase price, though the amount is negotiable, to be held in the seller's attorney's escrow account. The seller then countersigns.
At that moment, you have a binding contract. From here, walking away without a valid contractual right exposes either party to breach consequences. Your attorney will explain exactly what that means for your specific deal.
What happens between signed contract and closing?
This is the stretch of the transaction most sellers underestimate. The contract is signed, but there's still real work ahead.
Financing, appraisal, and title
If the buyer is financing, their lender orders the appraisal and works through underwriting toward a loan commitment. For condos and houses, the buyer's attorney orders a title search. For co-ops, the process involves a lien and stock review instead of a deed-based title search. Your job as the seller during this phase is mostly to stay available, respond promptly to any requests, and keep the property in the condition the buyer expects.
Co-op board package and approval
If you're selling a co-op, and a significant share of Manhattan inventory is co-op, the post-contract period includes one additional and often lengthy step: board approval. Your buyer must compile a comprehensive board package covering financials, tax returns, reference letters, and application forms, then submit it to the managing agent for board review. Many co-op contracts include an explicit board approval contingency, meaning the deal is canceled and the deposit returned if the board rejects the buyer.
As the seller, your role here is to facilitate. That means providing building documents, house rules, and the managing agent's contact information promptly. I also coach my sellers on how to be a helpful presence without overstepping, the board's process is their process, and the best thing you can do is make sure your buyer has everything they need to put their best package forward. For a deeper look at what buyers face in this process, see my post on the NYC co-op board interview.
Condo right of first refusal
For condos, the building's board typically holds a right of first refusal, the right to step in and purchase the unit on the same terms as your buyer. In practice, boards almost always waive this right, but the waiver must be formally issued before closing can occur. Your attorney handles the submission; build the time into your expectations.
Closing preparation
In the final weeks before closing, your real estate attorney calculates the apportionments (prorated taxes, common charges, assessments), confirms the payoff amount on any existing mortgage, and prepares the transfer documents. For houses and condos, this includes the deed. For co-ops, it includes the stock and proprietary lease transfer. The NYC Real Property Transfer Tax (RPTT) filing, Form NYC-RPT, and the New York State transfer tax documents are also prepared at this stage, typically by the seller's attorney or a title company, and submitted at closing.
For a full walkthrough of what happens from signed contract through closing day, my post on the NYC home selling process from contract to close covers it in detail.
What taxes and costs should sellers expect after an accepted offer?
I won't put dollar estimates on this page, your actual numbers depend on your sale price, property type, building, and what gets negotiated in your contract. What I can do is name the categories so you're not surprised when your attorney walks you through the closing statement.
NYC Real Property Transfer Tax (RPTT)
The NYC Real Property Transfer Tax applies to residential sales above $25,000 where at least 50% of the controlling interest transfers. For residential Type 1 and Type 2 transfers, which include one-to-three-family houses, individual condo units, and individual co-op apartments, the rate is 1.0% when consideration is $500,000 or less, and 1.425% when consideration exceeds $500,000, per the NYC Department of Finance. Co-op transfers are treated as conveyances of an economic interest and subject to the same RPTT rate structure.
The RPTT is typically paid at closing and is commonly associated with the seller in NYC residential transactions, but this can be negotiated in the contract. Never assume; confirm it with your attorney.
New York State transfer tax
A separate state-level transfer tax applies as well, with rates set under New York Tax Law. This is also typically a seller obligation but can be allocated differently by contract. Your attorney will address both the city and state tax in the same closing documents.
Other cost categories
Depending on your property type and building, you may also encounter:
- Attorney's fees, paid directly to your real estate attorney; structure and amount vary
- Building transfer fees, flip taxes, or move-out fees, common in co-ops and some condos; who pays is often set by building policy and can be negotiated in the contract
- Broker compensation, fully negotiable and not set by any standard or law; the fee is agreed in your listing agreement, and any compensation offered to a buyer's agent is a separate, optional decision
- Mortgage payoff and related charges, if you have an existing mortgage, the payoff amount and any prepayment fees are calculated before closing
Every deal is different. The only way to know your actual net is to run the numbers with your attorney and your agent together, that's a conversation I have with every seller before we even list.
How the current market shapes post-offer dynamics
Context matters here. According to a Q2 2026 New York residential market report, NYC recorded approximately 7,070 residential sales in Q2 2026, with signed contracts up about 5% year-over-year, the highest second-quarter level in five years. A separate Q2 2026 market snapshot shows home prices rising 6.6% year-over-year, contracts entering escrow up roughly 11.1%, and the median sale closing at about 98.1% of last asking price.
What that means for sellers in practice: in a market where well-priced listings are closing near ask, post-contract negotiations tend to focus on contingencies, timing, and terms rather than price reductions. The price conversation is largely over once the offer is accepted. What your attorney negotiates in the contract is where the real work happens.
Recent local market data shows median sale prices in the area ranging from $670,351 in Murray Hill to $4,380,000 in Nolita, with NoHo sitting at $3,375,000 and a median of 44 days on market over the trailing 90 days. Individual outcomes vary by condition, floor, building, and timing, but the broader picture is a market with real buyer activity and sellers who have reasonable leverage once an offer is on the table.
Area | Median Sale Price | Median Days on Market |
|---|---|---|
NoHo | $3,375,000 | 44 |
Murray Hill | $670,351 | 49 |
Nolita | $4,380,000 | 45 |
Upper West Side | $1,082,500 | 21 |
Park Slope | $1,600,000 | 45 |
Source: Recent local market data, trailing ~90 days as of September 2026. Area-level medians, individual property values vary by condition, street, and timing.
If you want to know where your specific property sits in this picture, let's talk.
Before you get to the accepted-offer stage, it also helps to understand what buyers are thinking on their side of the table. My post on key things to know before making an offer in NYC gives you useful context on how serious buyers approach a deal.
If you found this helpful, you can read reviews from past clients on Google and Zillow.
Frequently Asked Questions
Once I accept an offer on my NYC condo, is it legally binding or can I still consider other buyers?
An accepted offer in NYC is not legally binding. Until both parties sign the fully negotiated contract of sale and the buyer's deposit is in the seller's attorney's escrow account, either side can walk away without legal consequence. In practice, most sellers stop actively marketing once a deal is in attorney review, but you are not contractually obligated to do so until the contract is fully executed.
How long does attorney review typically take after an accepted offer in NYC, and what happens during it?
For a standard condo or townhouse deal, attorney review commonly runs anywhere from several days to a couple of weeks. During that period, both attorneys negotiate the contract riders, covering contingencies, closing date, condition, apportionments, and tax allocations. Co-op deals often take longer because the due diligence is more involved and the board approval process adds an additional layer. The timeline depends heavily on how quickly both attorneys move and how much the parties need to negotiate.
In NYC, who drafts the contract of sale, the buyer's attorney or the seller's attorney?
In NYC, the seller's attorney drafts the initial contract of sale. This is standard local practice and is one of the key differences between how NYC deals are structured versus many other markets. The seller's attorney typically starts from a standard REBNY or New York State Bar Association form and adds custom riders specific to the property and negotiated terms. The buyer's attorney then reviews, redlines, and negotiates from that draft.
If the buyer backs out during attorney review in NYC, what happens to their deposit?
If the buyer's attorney disapproves the contract during attorney review before both parties have fully executed it, the buyer is entitled to a full refund of any deposit already delivered. Once the contract is fully signed and the deposit is in escrow, the rules change, walking away without a valid contractual right (such as a financing contingency or board rejection) can expose the buyer to breach consequences and potential loss of the deposit. Your attorney will explain exactly what protections your specific contract provides.
How does the post-offer timeline differ when selling a Manhattan co-op versus a condo?
Selling a co-op takes longer after the contract is signed because of the board approval process. The buyer must compile a comprehensive board package, financials, tax returns, reference letters, and application materials, submit it to the managing agent, and potentially interview with the board. Most co-op contracts include a board approval contingency, meaning the deal is canceled and the deposit returned if the board rejects the buyer. Condo sales skip this step (though a right-of-first-refusal waiver is still required) and generally move to closing more quickly, assuming financing proceeds smoothly.
The period between an accepted offer and a signed contract is where NYC deals are won or lost. Having the right attorney and the right agent working together makes all the difference. Reach out to discuss your sale and I'll walk you through exactly what to expect for your property type and timeline.
Equal Housing Opportunity. Heather M. Cooper is a Licensed Associate Real Estate Broker and Certified Negotiation Expert licensed by the New York Department of State, Division of Licensing Services, and a member of REBNY. This article is general information only and does not constitute legal, tax, or financial advice. Please confirm your specific costs, tax obligations, and transaction terms with your real estate attorney, tax advisor, or lender.
