Real Estate Law – What Is The Time Frame Involved In Closing On A Real Estate Transaction?
- The time frame on closing varies tremendously but generally takes anywhere from two to three months.
- The longest part of that mortgage application process involves the actual appraisal of the house.
- The only way that you can speed up the process is if you can stay on top of the bank and push them to conduct their process in an expeditious fashion; the title search can be expedited as well.
- Co-ops and condominiums take a little bit longer because there is another layer involved in those transactions which is getting the co-op or condo board’s approval.
- If the approval is granted after the interview, then you are free to set-up the closing.
- If the co-op doesn’t approve you then you are back to square one because a contract in a co-op situation usually states that if the co-op doesn’t approve you, you can’t buy the apartment and seller must return your down payment.
This short informational real estate law was provided by Arnold Drucker, an experienced Jackson Heights Real Estate Lawyer.