If you’re buying a home in Brooklyn, getting your offer accepted is a huge milestone. In a competitive New York City market, it often takes time, patience, and strategy to get there. But here’s something many buyers don’t realize: an accepted offer is just the beginning of the process. Here in Brooklyn there are a lot of steps between accepted offer-to-contract-to-closing and it doesn’t happen in the same way as it does in other states so it’s important to understand the differences.

Unlike many parts of the country where you go straight into escrow after accepted offer, New York follows a different process whereby inspection (or financial review for coops) is done prior to escrow or attorney involvement. That means several important steps happen between an accepted offer and actually going into contract. One very important thing to

Here’s what typically happens after your offer gets accepted.

1. You Schedule Your Inspection

For residential houses, buyers usually conduct a home inspection before signing the contract. Many agents actually like to do the inspection before attorneys even get involved, that way any negotiations post inspection can be handled by the agents before the attorneys get involved. This allows for the attorneys to receive a clean deal with the main purchase terms negotiated, and it avoids wasting everyone’s time in the event that buyer & seller cannot come to an agreement after inspection.

An inspection helps uncover issues like:

• Roof problems
• Electrical or plumbing issues
• Structural concerns
• Water damage
• Heating or cooling problems

If major issues are discovered which were not disclosed or for which the buyer was not aware of, you may decide to renegotiate the price, ask the seller to address the issue(s), or renegotiate the terms of the sale. If major issues come up and there is a renegotiation, one of two things will happen:

1) You will come to a new agreement and everyone will agree to move forward under the new terms. Or

2) The buyer and seller will not come to a new agreement and the deal will get cancelled. Seller will go back to their backup offers or just go back to showing and marketing the home. Buyer will go back to searching for homes.

We’ve seen many deals die after inspection so once you have your offer accepted, keep in mind that it is not locked in. In our experience, as long as the buyer and seller are reasonable, then we are usually able to get through inspection fairly smoothly.

In most apartment purchases, inspections are less common, but sometimes buyers still do them.

2. The Deal Sheet Is Created

Once the seller accepts your offer, the listing agent usually prepares something called a deal sheet.

This isn’t a legally binding document. Instead, it’s a summary of the key terms of the deal so the attorneys can start preparing the contract.

The deal sheet usually includes things like:

• Buyer and seller names
• Purchase price
• Down payment amount
• Financing details
• Closing timeline
• Any special terms (for example, contingency waivers, included personal items, excluded personal items, etc)

The deal sheet is sent to both attorneys so the legal work can begin. The deal sheet email will typically include the listing agent, buyer’s agent, seller’s attorney, and buyer’s attorney.

3. The Seller’s Attorney Drafts the Contract

In New York City, the seller’s attorney prepares the first contract.

This contract package is usually quite extensive and often includes:

• The purchase contract
• Property disclosures
• Certificate of Occupancy (if applicable)
• CO searches
• Violation details (if any)
• Lease info (if sold with tenants)
• Building financials (for condos and co-ops)
• Offering plan documents
• Board application requirements (for co-ops)
• House rules or bylaws

If you’re buying a residential home, the package may include any title documents and surveys that the seller has as well.

4. Your Attorney Performs Contract Due Diligence

Once your attorney receives the contract package, they begin legal due diligence. This is one of the most important parts of buying property in New York City.

Your attorney will review things like:

• Building financial health (for coops and condos)
• Outstanding violations or liens
• Legal Use (via CO or CO search)
• Rules and restrictions in the building
• Property tax history
• Open liens
• Any legal issues affecting the property

If you’re buying in a coop or condo, they may also review the board minutes and financial statements to make sure there aren’t red flags. At this stage, your attorney may request revisions to the contract. In most cases, the contract goes back and forth between the attorneys for about a week or two (up to 3 weeks for apartments). Contract negotiations between attorneys are very common. Once the contract is finalized, you move on to the next step.

5. You Sign the Contract and Cut a Check for the Escrow Deposit

Once all negotiations are finalized, your attorney will let you know it’s time to sign.

At that point you will:

1. Sign the contract
2. Provide the contract deposit

In New York City, the deposit is typically 10% of the purchase price. It can be lower as well depending on the total down payment and/or negotiations. This deposit is held in the seller attorney’s escrow account until closing.

Important: the deal is not binding until both parties sign the contract. Until that happens, either side can technically walk away. For that reason, remember this phrases, “No offer considered fully accepted until contract is fully executed.” This is why buyers lose out on properties, because until contracts are fully executed, either party can walk away with no legal penalties.

6. The Seller Countersigns the Contract

After you sign and submit the deposit, the contract goes back to the seller for signature.

Once the seller signs, the deal becomes fully executed.

This is the moment when the transaction officially becomes legally binding.

7. Your Mortgage Process Moves Into Full Gear

If you’re financing the purchase, this is when your lender moves forward with the loan process.

The lender will typically:

• Order an appraisal
• Review your financial documents
• Finalize underwriting

If you’re buying in a coop or condo, the lender may also review the building’s financials.

8. Board Application (If Applicable)

If you’re buying in a coop or condo with a management company and/or board, you will need to complete an application package. This can be one of the most time-consuming parts of the process.

The package usually includes:

• Financial statements
• Tax returns
• Employment verification
• Reference letters
• Bank statements
• Purchase application forms

Once submitted, the management company or board reviews the package and may schedule an interview.

9. Title Search and Closing Preparation

Meanwhile, the title company begins preparing for closing by conducting a title search.

They check for things like:

• Outstanding liens
• Property ownership history
• Legal claims against the property
• Open permits
• Out of possession issues
• Boundary line issues

Your attorney, lender, and the seller’s attorney coordinate to prepare the closing documents.

10. Final Walkthrough & Closing

Finally, the time arrives when you’re ready to close. Once you have clear to close from the bank and attorneys, you will schedule final walkthrough. This is the time where you get to walk through the property again in order to make sure that everything looks the same way it did when you first viewed it. Final walkthrough typically takes place 0-3 days before the actual closing date. After final walkthrough, you’re ready to sign the final paperwork and receive the keys.

At closing you will:

• Sign your loan documents (if financing)
• Pay your closing costs
• Transfer the remaining purchase funds

Once everything is completed, ownership of the property is transferred to you.

Congratulations, you’re officially a homeowner in Brooklyn!

One of the biggest surprises for buyers in New York City is that an accepted offer doesn’t mean the deal is done yet. The inspection, legal contract process, attorney negotiations, and building requirements all happen after that point. That said, with the right team, a knowledgeable agent, a good real estate attorney, and a reliable lender, the process becomes much smoother.

If you’re planning to buy property in Brooklyn and want to understand the process before making an offer, feel free to reach out. We’re always happy to walk buyers through what to expect so there are no surprises along the way.