How long does it take to close?

Many variables involved. If the contract is signed and the construction is done and the building is approved for occupancy, then probably 5-8 weeks on average. This is all assuming the building is approved for mortgages by WF not to mention other factors.

You should read about the certificate of occupancy. I actually backed out of a deal on this basis and saved myself a massive hassle as the place sat there for months and then they flipped the place into rentals. That is a worst case scenario, but don't be surprised if you have to wait for several more months than anticipated.

The construction is completely done and WF told me building already got approved for occupancy. He knows this because I got him direct from my agent. Looked at DOB and all the violations has been removed. Agent also told me they passed the inspection.

which building?

I don't know for WF but it can certainly take 6 weeks alone to get a commitment letter if your situation is a bit complex (for instance if you use funds that were overseas in the last 6 months)

I don't think my situation is complicated. I have 0 debt and all income. I have provided them with all the docs they've asked me for now.

Are you talking about amount of time it takes for your bank to get your the commitment letter and fund? If so, it can be anywhere from 2 weeks to 8 weeks +. It really depends on your loan officer. A good loan officer would request all the necessary and essential documents up front and prepare your file for the underwritter to review in a way that is easy for the underwritter to understand. If your loan officer is sloppy or inexperienced then the extra time is really the back and forth and getting more information for the underwritter to approve your file.

If WF is the preferred lender of the building it will aslo be faster because they already have the finincial information of the building.

Thanks ggman, I'm talking about the actual closing. I was told by WF that usually new development closes in 90 days. Seem pretty conservative estimate to me if the building already passed the inspection, completed construction. I'm wondering what is the more realistic time to close assuming everything is in order.

Well every building is different. Which building are you referring to?