Buying a Home in New York — The Legal Process Explained

Buying residential real estate in New York is meaningfully different from buying in Ontario. The process, the documents, the timelines, and the professionals involved all differ. Here is what to expect.

Coming Soon — This article is in development. The outline and key resources below give you a preview.

What This Article Will Cover

The New York residential purchase process involves several stages that differ significantly from Ontario's system:

The role of the real estate attorney in New York (unlike Ontario, it is standard to have attorneys on both sides in New York residential transactions)
The Contract of Sale: New York uses a negotiated Contract of Sale rather than a standard-form APS. The seller's attorney drafts it; the buyer's attorney reviews and negotiates it.
The mortgage contingency and what happens if financing falls through
Co-op vs. condo vs. single-family: the distinct legal process for purchasing a co-operative apartment in New York City (including the board approval process)
Title searches and title insurance in New York
Closing costs in New York: mansion tax, NYC transfer tax, NYS transfer tax, attorney fees
The REBNY disclosure requirements

Canada/Ontario comparison: In Ontario, OREA standard-form agreements are used and a real estate agent typically prepares the initial offer document. In New York, attorneys draft and negotiate the Contract of Sale. If you are purchasing in New York having previously purchased in Ontario (or vice versa), the process will feel substantially different.

Useful Resources

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