Buying a home in New York City operates by a completely different set of rules than buying anywhere else in the country. The process is slower, more layered, and governed by customs that exist nowhere else. If you are approaching NYC real estate with the expectations set by another market, you are going to be surprised — repeatedly.

Here is what your agent should be telling you before you make your first offer.

There Is No Standard Purchase Agreement

In most states, a buyer submits an offer using a standard form, the seller counters, and everyone signs. In NYC, the accepted offer is entirely verbal. Nothing is binding until both parties sign a contract of sale — a document prepared by attorneys, not agents. This process typically takes one to three weeks after offer acceptance. During that time, either party can walk away without legal consequence.

You Need an Attorney — Period

Unlike most states, NYC real estate transactions require each party to have legal representation. Your attorney reviews the contract, negotiates terms, conducts due diligence on the building, and manages the closing process. Budget $2,500 to $4,000. Do not cut corners here.

Co-ops Are Not Like Buying a Condo

Roughly 75 percent of NYC apartments are co-ops. When you buy a co-op, you are not buying real property — you are buying shares in a corporation that owns the building, and those shares come with a proprietary lease for your unit. The co-op board has the right to approve or reject your purchase for almost any reason, and the approval process requires a formal board package with financial statements, reference letters, tax returns, and more. Board rejections happen. Budget 60 to 90 days for the full co-op process.

The REBNY Financial Statement

Before submitting an offer in NYC, serious buyers complete a REBNY Financial Statement — a standardized document showing your assets, liabilities, income, and debt. This is not optional. Sellers and their agents use it to evaluate whether you can close, and many will not entertain an offer without it.

Mortgage Contingencies Work Differently Here

In NYC contracts, mortgage contingency windows are typically shorter and more tightly defined than in other markets. Many sellers — particularly in competitive buildings — prefer all-cash offers or minimal contingencies. Your agent needs to counsel you on what terms are realistic given the specific building and market conditions.

Closing Costs in NYC Are Higher Than You Think

Buyers in NYC pay a mansion tax on purchases over $1,000,000 (starting at 1 percent and scaling up), mortgage recording taxes, title insurance, attorney fees, and lender fees. On a $1,000,000 purchase, total buyer closing costs can reach $30,000 to $50,000 or more. Factor this into your budget before you start shopping.

The Right Agent Makes Everything Easier

NYC real estate is a relationship business. An experienced buyer’s agent who knows the buildings, knows the listing agents, and knows the negotiating norms in the specific neighborhoods you are targeting is not a luxury — it is the price of admission for a smooth transaction.

Ready to start your search? The REHUB team knows NYC. Reach out to schedule your buyer consultation.