🗽 The New York Home Buying Process

Leo Chen
Oct 17
3 min read

A Step-by-Step Guide by Leo Cheng Wei Chen

Buying a home in New York can feel like a high-stakes puzzle — full of moving parts, legal details, and timing that needs to line up perfectly. But once you understand each step, the process becomes far less intimidating and much more empowering.

This guide expands on my visual breakdown, offering extra insights, local tips, and real-world advice from years of working with New York and international buyers.

💼 Step 1: Work with the Right Agent & Team

Everything begins with the right representation. A buyer’s agent works solely in your best interest — analyzing the market, coordinating showings, and connecting you with trustworthy attorneys, accountants, and lenders.

In New York, commissions are typically covered by the seller, so having professional representation costs you nothing extra but gives you peace of mind and protection.

📝 Pro Tip:Sign a Buyer Representation Agreement — it ensures your agent works exclusively for you, with transparency and confidentiality.

A strong agent doesn’t just open doors — they help you avoid costly mistakes, negotiate smartly, and structure offers that actually get accepted.

💰 Step 2: Define Your Needs and Budget

Before scheduling showings, get clear on your priorities.Ask yourself:

Are you buying for self-use, investment, or future planning?
Which neighborhood matches your lifestyle or rental goals?
What’s your realistic budget, factoring in down payment, taxes, and monthly fees?

For international buyers, condos are the go-to choice: they’re easier to rent out, sell, and manage remotely. Neighborhoods like Long Island City, Downtown Brooklyn, Astoria, and Midtown East offer strong value with excellent connectivity.

🧭 Leo’s Insight:Knowing your “why” behind the purchase helps narrow the search and filter out distractions — the clearer your goal, the faster the right property appears.

🏘 Step 3: Property Search & Viewings

This is the discovery phase — when you explore listings, compare buildings, and start to feel the rhythm of the market.

Take both virtual and in-person tours. Pay attention to details beyond photos: natural light, building upkeep, HOA rules, and nearby conveniences.

The best listings move fast — responsiveness is everything.

💡 Tip: Always have your Proof of Funds or Pre-Approval Letter ready. It shows sellers that you’re serious and financially qualified, which can make all the difference in a competitive offer situation.

📄 Step 4: Making an Offer

Once you’ve found “the one,” your agent will help craft a professional written offer that includes price, deposit, financing details, and proposed closing date.

In a city like New York, negotiation is an art — balancing flexibility, timing, and confidence.

In multi-offer situations, a strategic agent will adjust your offer terms and conditions to strengthen your position without overpaying.

🧠 Leo’s Note: Don’t rush. The first offer isn’t always about price — clarity, paperwork readiness, and professionalism often seal the deal.

⚖️ Step 5: Attorney Review & Contract Signing

In New York, attorneys play a central role in every real estate transaction.Once your offer is accepted, your attorney:

Reviews and negotiates the contract
Verifies the title, financials, and building documents
Sets up an escrow account to hold your 10% deposit securely

That deposit stays safely in escrow until closing — a legal safeguard for both buyer and seller.

🏦 Step 6: Financing & Pre-Closing Preparation

For financed purchases, your lender orders an appraisal and finalizes your mortgage.

Foreign buyers generally need a 30–40% down payment, proof of income or assets, and supporting tax/bank statements.

If transferring funds internationally, plan ahead — wires can take 7–10 business days. Your CPA and real estate attorney will help ensure compliance with both U.S. and international regulations.

🔍 Pro Tip: Transparency is key — always document your source of funds to avoid banking delays.

🗝 Step 7: Closing Day & Ownership Transfer

The finish line! On closing day, both attorneys and your lender meet to finalize paperwork. You’ll sign documents, send the balance, and receive your keys.

Within one to two weeks, your attorney will mail you the official Deed (Title Certificate) confirming ownership.

Ongoing ownership costs include property tax (0.8–1.2%) and building fees (HOA or maintenance).If you’re abroad, your accountant can manage payments on your behalf.

🥂 Welcome Home.

✨ Summary: Buying in New York, Simplified

Yes — buying in New York involves multiple steps, but with the right team and plan, it’s entirely achievable.Every stage — from viewing to closing — is designed to protect you, not confuse you.

Whether you’re an international investor, a student family, or a first-time buyer, strategic preparation and trusted guidance make the journey rewarding.