Making an offer on a NYC apartment is different from almost every other real estate market in the country. There is no standard offer form, no automatic contingency period, and no protection once you sign a contract. Here is exactly how the process works and what you need to do to compete effectively.
How the NYC Offer Process Works
In New York City, an offer is almost always made verbally or in writing directly to the seller’s broker. Unlike many other states, there is no standardized purchase offer form. Instead, your agent communicates your offer price and terms, and if accepted, attorneys on both sides negotiate the contract of sale. Nothing is legally binding until both parties have signed the contract and the buyer’s deposit has been delivered.
This is a critical point: a verbal or even written offer acceptance means nothing in New York. Sellers can continue showing the apartment and accept another offer right up until contract signing. This is called being “gazumped,” and it happens. The goal once your offer is accepted is to get into contract as quickly as possible.
What Goes Into a NYC Offer
| Component | What to Include |
|---|---|
| Offer price | Your proposed purchase price |
| Down payment amount | Percentage of purchase price you plan to put down |
| Financing or all-cash | Whether you have a mortgage contingency or are paying cash |
| Pre-approval letter | Required for financed offers; strengthens all-cash claims |
| Proof of funds | Bank statements or brokerage statements showing available cash |
| Proposed closing timeline | How quickly you can close (30, 60, or 90 days) |
| Any contingencies | Financing contingency, inspection contingency (rare in NYC) |
How to Make Your Offer Stronger
NYC is a competitive market, and price is only one factor sellers consider. A well-structured offer with clean terms can beat a higher offer that comes with uncertainty. Here is what moves sellers:
Larger down payment. A 25 to 30% down payment signals financial strength, especially for co-ops where the board will scrutinize your finances anyway. On condos, a larger down payment reassures sellers that financing is unlikely to fall through.
Waiving or limiting contingencies. Many competitive NYC offers waive the financing contingency, meaning if your mortgage falls through you still owe the seller the 10% deposit. Only do this if you are fully pre-approved and confident in your financing. Inspection contingencies are uncommon in co-ops and condos since the unit is in a professionally managed building.
Flexible closing timeline. Ask your agent what the seller needs. Some sellers want to close fast; others need 90 days to find their next place. Matching the seller’s preferred timeline at no cost to you can be the difference.
A complete financial package upfront. For co-ops especially, submitting a complete, clean financial package quickly signals that you will sail through board approval. Sellers know a financially weak buyer is a risk even after contract signing.
Offer to Contract: The Timeline
| Step | Typical Timeline |
|---|---|
| Offer submitted and accepted | Same day to 48 hours |
| Attorneys introduced and begin contract negotiation | 1 to 3 days after acceptance |
| Contract negotiation and due diligence | 1 to 4 weeks |
| Contract signed and deposit delivered (10% of purchase price) | End of negotiation period |
| You are now in contract | Binding on both sides |
The 10% contract deposit is held in escrow by the seller’s attorney. If you walk away without a valid contractual reason, you forfeit it. If the seller walks away, they owe you double the deposit. This is why getting into contract quickly matters: it protects you.
Should You Offer Below Asking in NYC?
It depends on the property and the market. In a competitive situation with multiple offers, bidding below asking is unlikely to succeed. For a property that has been sitting on the market for 60 or more days, a 5 to 10% discount is often negotiable. Your agent should pull the listing’s days on market, any price reductions, and comparable sales before advising on where to start.
In Manhattan, the spread between listing price and sale price for co-ops has historically been 2 to 5%, and slightly less for condos. But averages mask a wide range. Some apartments sell above ask in bidding wars; others sell at 10% discounts after sitting for months.
Frequently Asked Questions: Making an Offer in NYC
Is an accepted offer binding in New York City?
No. In New York, nothing is legally binding until both parties have signed the contract of sale and the buyer has delivered the deposit. A seller can accept your offer and then accept a higher offer the same day. Your priority after an offer is accepted is to get into contract as quickly as possible.
How much is the deposit when you go into contract in NYC?
The standard contract deposit in NYC is 10% of the purchase price, paid by personal or bank check and held in escrow by the seller’s attorney. This is due at contract signing, not at closing.
How long does it take to get into contract after an offer is accepted?
Typically 1 to 4 weeks depending on how quickly both attorneys can negotiate the contract terms and complete due diligence on the building’s financials. Your attorney will review board minutes, the building’s financials, and the proprietary lease (for co-ops) or offering plan (for condos) during this period.
Do I need an attorney to make an offer in NYC?
You do not need an attorney to make an offer, but you should have one retained before your offer is accepted. Once a seller accepts your offer, the attorneys are introduced immediately and the contract process begins. Having an attorney ready to move fast protects you from losing the deal to a competing buyer who is already in contract.
Can I make an offer on multiple apartments at once in NYC?
Yes. There is no obligation attached to making an offer until you sign a contract. Buyers sometimes have active offers on two or three apartments simultaneously. Once you sign a contract, you are committed, so be thoughtful about which offer you sign first.
Related Reading
- How Long Does It Actually Take to Buy an Apartment in Manhattan?
- NYC Closing Costs for Buyers: A Complete Breakdown
Ready to make an offer? Contact The Stacey Froelich Team and we will help you structure the strongest possible offer for the apartment you want.
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