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How quickly can closing happen after a condo plan becomes effective?

Started by kewlly
over 17 years ago
Posts: 34
Member since: Dec 2007
Discussion about
Does anyone know how long after a plan becomes effective (when 15% of the condo is sold and the developer files) condo closings can begin? I've heard 60 days but does anyone have any personal experience with this?
Response by West81st
over 17 years ago
Posts: 5564
Member since: Jan 2008

I've personally seen as little as 30-40 days. I don't know of any legal minimum - I think it's mostly a matter of coordinating lawyers and lenders.

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Response by kewlly
over 17 years ago
Posts: 34
Member since: Dec 2007

Maybe I mis-stated the question. I was wondering how long it takes from when the developer is done selling 15% of the units and files to get the plan effective to when it actually gets declared effective, allowing closings to start. Is 30-40 days how long it takes to process the paperwork to get a condo plan declared effective?

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Response by West81st
over 17 years ago
Posts: 5564
Member since: Jan 2008

Figure on 60-90 days.

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