Buyer Guide
From Accepted Offer to Keys: How a Western New York Purchase Works
WNY does things differently from most of the country. Your agent writes the contract, attorneys for both sides must approve it, and the seller provides the title search (abstract) and a survey. Expect 45 to 60 days from accepted offer to closing with a mortgage.
The steps
- Offer accepted and signed. Most local deals use the Buffalo Niagara Association of Realtors / Bar Association of Erie County purchase contract. NYSBA
- Attorney approval: 3 business days. Both attorneys review the contract after receiving it. They can approve it, approve it with conditions, or disapprove it, and a disapproval ends the deal. Cole Sorrentino This is why you hire your attorney before you write offers.
- Inspection period. Usually about 3 to 7 days after attorney approval, depending on what your contract says. After the inspection you accept, negotiate repairs or credits, or cancel. UB Law CLE sample letter
- Deposit to escrow. Typically held by the listing brokerage.
- Formal mortgage application. Within about 5 days of clearing inspection. The appraisal usually lands within about 2 weeks, and the loan commitment within 2 to 4 weeks.
- Homeowner’s insurance. Bind a policy and pay the first year’s premium before closing.
- Title work. The seller’s attorney updates the abstract and survey. Expect 4 to 6 weeks, and longer if the seller can’t find the old abstract.
- Title insurance commitment and clear to close. Your attorney reviews title, and the lender issues clear to close, typically 3 to 10 business days before closing.
- Final walk-through. 1 to 2 days before closing. Confirm the home is broom-clean, included items are there and agreed repairs are done.
- Closing. Often at the County Clerk’s office or an attorney’s office. You sign loan documents, the deed records, and you get keys. The contract closing date is a target, not a guarantee.
Who does what
| Role | Hired by | Job |
|---|---|---|
| Buyer’s agent (Kunji) | You | Search, offer, negotiation, coordinating deadlines |
| Buyer’s attorney | You | Contract approval, title review, closing |
| Seller’s attorney | Seller | Abstract and survey, payoffs, deed, transfer tax forms |
| Lender and bank attorney | You choose the lender | Appraisal, loan approval, closing funds |
| Title company | Through the attorneys | Title search and title insurance |
Where WNY deals usually slow down
- A missing abstract (sellers who inherited or bought long ago often can’t find it)
- Municipal sump pump or sewer inspections in some towns (see the seller section)
- Well and septic testing on rural properties, especially in winter when testing can’t be done
- Appraisals that come in low in bidding wars