In every real estate transaction, there are costs on both the buy-side and the sell-side known as closing costs; or transaction fees. In this case, the brokerage commission is paid by the seller and split evenly between the selling broker and the buyer broker at closing.

It will generally take between 2 - 3 months to close, once you have a signed contract of sale. For co-op transactions, it will usually take closer to 3 months as a result of the board approval process.

We always advise our clients to start gaining product knowledge at least 2 months before they need to sign a contract of sale. This will allow you to get a good idea of your target price point and keep the time pressure for the purchase at a minimum.