people signing paper

After a time-consuming and emotionally draining property hunting process, you may be eager to sign a contract of sale and have it in your possession as soon as possible. This may be especially true if you believe that you found the ideal property of your dreams and do not want this opportunity to slip away. While we understand and feel your excitement, we still encourage you to take a deep breath, take a step back, and closely comb through the contract of sale presented in front of you. With that being said, please read on to discover the most significant legal terms you should review in your contract of sale and how a seasoned New York City purchase & sale attorney at Zimmet Law Group, P.C. can help you study them before putting pen to paper and signing.

What is the purpose of a real estate contract of sale?

With a real estate transaction likely being the biggest transaction you will make in your lifetime, there should be no question that it is backed up by a legally binding contract of sale.

Essentially, this is a formal agreement between a property buyer and seller, outlining the terms and conditions for its purchase and sale. For example, it should define the specifics of the transaction, such as the purchase price and closing date. But it should also serve as a facilitator of the title transfer, and overall as a concrete legal record to avoid any potential disputes in the future.

What key legal issues should I review in a contract of sale?

You may now have a brief understanding of what is contained within a contract of sale. But now it is time for you to learn about the key legal issues you should review and address promptly. They read as follows:

  • Seller assist: if this clause exists, the seller is expected to assist the buyer in covering part or all of the closing costs associated with executing this real estate transaction (i.e., escrow, title search, title insurance, notary, and recording fees).
  • Home inspection contingency: if this clause exists, the buyer can walk away from this real estate transaction if a home inspection reveals significant or expensive flaws in the structure’s condition (i.e., electrical issues, pest control issues, lead-based paint, etc).
  • Fixture and appliances: if this clause exists, the seller can be expected to leave behind certain fixtures and appliances with the property as part of the buyer’s real estate purchase (i.e., refrigerator, dishwasher, oven, washing machine, light fixtures, etc).
  • Sale of existing home contingency: if this clause exists, the buyer can wait for the sale of their current property to allocate enough funds for the purchase of this new property, within a reasonable timeframe (i.e., 30 days, 60 days, etc).

In conclusion, at this time, what matters most is that you retain strong legal representation to get you through this critical case. Please contact a competent New York City real estate attorney from Zimmet Law Group, P.C. today.