Radcliffe

The Radcliffe Buyer’s Guide

This guide reflects general best practices for residential real estate buyers in the current market. Radcliffe advises buyers across Manhattan and the greater New York metropolitan area. Individual market conditions vary by neighborhood and property type.

What to Expect as a Buyer

Purchasing a home is one of the most significant financial decisions you will make. Understanding the process before you begin protects your interests and positions you to move confidently when the right property appears.

Step 1 — Establish Your Budget

Before viewing properties, determine what you can realistically afford. This means reviewing your liquid assets for down payment and closing costs, obtaining a mortgage pre-approval letter from a licensed lender, and understanding that in New York, closing costs for buyers typically run between 2 and 5 percent of the purchase price on a house, and higher on a co-op or condo due to mansion tax, title insurance, and attorney fees.

Step 2 — Understand Property Types

In New York City, buyers encounter three primary ownership structures. A condominium gives you direct ownership of your unit and is the most flexible structure for financing and subletting. A cooperative, or co-op, means you are purchasing shares in a corporation that owns the building. Co-ops require board approval and often impose stricter financial requirements. A townhouse or single-family home offers the most autonomy and is typically found in outer boroughs or specific Manhattan enclaves.

Step 3 — Work With a Buyer’s Agent

Your agent represents your interests exclusively. A buyer’s agent conductsproperty searches, arranges showings, advises on offer strategy, negotiates on your behalf, and coordinates inspections and closing logistics. In New York, buyer’s agent compensation is negotiated at the time of engagement.

Step 4 — Make an Offer

When you identify the right property, your agent will prepare a written offer. In a competitive market, offers frequently come in at or above asking price. Your agent will advise on offer structure, escalation clauses, and contingencies. A mortgage contingency protects you if financing falls through. An inspection contingency gives you the right to negotiate repairs or withdraw.

Step 5 — Due Diligence

Once your offer is accepted, your attorney reviews the contract and, for co-ops and condos, the building’s financials, board meeting minutes, and governing documents. This period typically runs 30 to 45 days. Do not waive due diligence to win a deal.

Step 6 — Closing

Closing in New York is attorney-conducted. You will sign final loan documents, transfer funds, and receive keys. Budget time: residential closings can take 60 to 90 days from accepted offer to close, longer for co-ops pending board approval.

If your next move also involves selling a current property, review our selling guidance to understand how the two timelines can fit together.

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