Ask a Closing Lawyer- How long does it take to close on a Co-op?

On average, it takes about 60 days from acceptance of an offer to close on a New York City co-op, according to James Woods, Esq., managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyers, sellers, and cooperative representation.

“The key factors that impact timing are the contract negotiations, whether the buyer requires financing and the board review process. However, there are several moving parts to each deal that could affect timing,” Woods says. “To expedite the process, it’s important that the real estate attorneys and brokers are experienced in the intricacies and nuances of New York City co-op transactions.”