CONTRACT OF SALE

The Seller’s attorney prepares the Contract of Sale and forwards it to the Buyer’s attorney. It is a proposed Contract because the Buyer must review its terms and make sure it meets their understanding of the transaction. The real estate Contract of Sale contains the essential terms of the transaction, including the names of the parties, the purchase price, the terms of financing the purchase, the personal property to be included in the sale, and the approximate closing date.

We believe that every transaction is unique and never treat your contract as a cookie cutter transaction. Many law firms use paralegals and legal assistants to oversee the process of the home purchase, even the review and negotiation of your contract. Only our attorneys review and negotiate the Contract of  Sale. Further, we can communicate with your lender to make sure that the time frame in the Contract within which to obtain the commitment letter is realistic for your lender.

It is customary for the Buyer to deposit ten (10%) per cent of the purchase price with the Seller’s attorney when the Buyer signs that Contract. The “Contract Deposit” can be a personal check and is made out to the Seller’s attorney to be held in “escrow”.  The amount of the Contract Deposit can be negotiated between the parties on a case by case basis.

REMEMBER THAT IN NEW YORK THE CONTRACT IS NOT BINDING UNTIL IT HAS BEEN SIGNED BY BOTH PARTIES. THUS IT IS A FINE BALANCE BETWEEN TAKING THE TIME TO DO THE DUE DILIGENCE THAT HELPS YOU, THE BUYER FEEL COMFORTABLE MOVING FORWARD, AND MOVING QUICKLY SO AS NOT TO LOSE THE DEAL.