The Contract

The contract is the most important document in your real estate transaction! It is of utmost importance to hire an experienced Real Estate attorney who knows the ins and outs of the New York City buying and selling process.

Your attorney will discuss with you terms of the contract, and will communicate and negotiate on your behalf with the other attorney. From start to finish, the contract process usually takes around ten business days, but each case could take more or less time depending on the parties involved.

Here are some key things to consider regarding your contract:

– Closing Date: The closing date should be a date that is acceptable to both buyer and seller. “On or about” terminology offers you the ability to close the transaction on a non-specific date within 30 days of the closing date stated in the contract.

– Mortgage Contingency: Is a mortgage contingency important for you? As a buyer, this affords you the ability to walk away from the deal without having to forfeit your deposit should you fail to receive financing. As a seller, you might find this an unacceptable risk.

– Furniture and other property: Unless specifically stated, only major appliances are included in a sale of property. Both buyer and seller must specify if they wish to include or exclude any other property from the sale.

The information provided herein are not to be deemed legal advice and provide general information that is usually applicable to real estate transactions in New York City. Please consult with your attorney regarding the specifics of your transaction.