What is a New York Real Estate Contract?
A New York real estate contract is an agreement that is drafted for the purpose of buying and selling real estate. After a potential buyer makes an offer on a property, and the seller accepts the offer, a real estate contract will lay out the terms and conditions that will facilitate the sale.
Real estate contracts include important information about the transaction. It is common to find the following terms and clauses included in the contract:
- The identity of the parties
- A description of the property
- The agreed upon purchase price
- Contingencies that must be met to finalize the sale
- State required seller disclosures that must be provided to the buyer
- Closing date
- Fees like closing costs and which party is responsible for payment
Contracts pertaining to real estate are governed by the New York Statute of Frauds. Under these laws, all real estate contracts must be in writing to be enforceable by a court. It is highly recommended that buyers and sellers consult with a realtor or a real estate agent to assist with preparing a real estate contract.
Common New York Real Estate Contracts
There are several types of real estate contracts that can be used when buying and selling property. In New York, the most common real estate contract is residential purchase and sale agreement. This contract comes in two different versions:
- New York Association of Realtors Purchase Agreement. This contract is a fillable standard form template for the purchase and sale of real estate in New York.
- New York City BAR Purchase Agreement. This contract is a standard template that was prepared by the New York State Bar Association.
Both contracts contain all the necessary terms and conditions that make a New York real estate contract legally binding. Once the contract is signed by both parties, it is enforceable in court.
4 Essential Elements of a New York Real Estate Contract
In New York the 4 essential elements required in all real estate contracts include:
- Legal Capacity. There needs to be at least two parties who are legally allowed to enter a contract. This means the parties are of sound mind, of legal age, and are not under the influence of drugs or alcohol.
- Offer and acceptance. The contract must include a valid offer and acceptance of the offer. In a real estate contract, the offer is made by the buyer.
- Consideration. Consideration is the exchange of items of value. Each party must give up something to gain something in a contract. For the purposes of a real estate contract, consideration is typically the exchange of money for property.
- Mutual assent. Also referred to as “meeting of the minds”, mutual assent is each party’s understanding and intent to enter a legal contract.
If any of the four essential elements are missing from a real estate contract in New York, the contract will not be enforceable.
Are Real Estate Offers Binding in New York?
No. Real estate offers are not legally binding in New York. Unlike other states which require buyers who are making offers to sign a real estate contract, New York uses a short offer form. This form is not legally binding and only serves to provide the seller with an offer. Even if the seller accepts the offer, the deal is not legally binding until both parties sign a valid purchase and sale agreement.
Once the purchase agreement is negotiated and signed by both parties, the parties are considered “in contract”. At this stage, both parties are legally bound by the agreement and only certain contingencies, or a mutual agreement will allow the parties to terminate the contract.
See Real Estate Contract by State
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Meet some of our New York Real Estate Contract Lawyers
Harry S.
Stirk Law is a law firm based in London that advises on dispute resolution, commercial and corporate arrangements, employment and private wealth. We are experts in our areas and experienced in advising on complex and high value matters in the UK and internationally. We have extensive onshore and offshore experience across a variety of areas such as the administration of trusts together with complex fraud and trust disputes. Our expertise includes the conduct of significant and high-value cases valued at up to in excess of £1 billion over a combined 40 years of legal practice in England, Jersey and Guernsey. As well as having a large international network, we work closely with a corporate investigations and risk advisory business based in London and Vienna. Together we can deliver a holistic service for cases involving fraud, dissipation of assets or other illegal activity.
Robert Jay H.
My Legal career hasfocused on representing businesses (corporations and limited liability companies) as general outside counsel. In this capacity, I have drafted a broad range of legal documents as well as analyzed proposed agreements drafted by the other party's attorney to the agreement for the pupose of determining the risks to which my client would be exposed. I maintained the client's minute book if no one in-house was available for that task. Additionally, if rquested, I served as a general advisor to the client's executive offers and to its Board of Directors.
Keidi C.
Keidi S. Carrington brings a wealth of legal knowledge and business experience in the financial services area with a particular focus on investment management. She is a former securities examiner at the United States Securities & Exchange Commission (SEC) and Associate Counsel at State Street Bank & Trust and has consulted for various investment houses and private investment entities. Her work has included developing a mutual fund that invested in equity securities of listed real estate investment trusts (REITs) and other listed real estate companies; establishing private equity and hedge funds that help clients raise capital by preparing offering materials, negotiating with prospective investors, preparing partnership and LLC operating agreements and advising on and documenting management arrangements; advising on the establishment of Initial Coin Offerings (ICOs/Token Offerings) and counseling SEC registered and state investment advisers regarding organizational structure and compliance. Ms. Carrington is a graduate of Johns Hopkins University with a B.A. in International Relations. She earned her Juris Doctorate from New England Law | Boston and her LL.M. in Banking and Financial Law from Boston University School of Law. She is admitted to practice in Massachusetts and New York. Currently, her practice focuses on assisting investors, start-ups, small and mid-size businesses with their legal needs in the areas of corporate and securities law.
August 3, 2021
Robert D.
Robert is a skilled corporate lawyer, licensed to practice law in NY and DC. He has over 25 years of experience, with a focus on Venture Capital, Private Equity, M&A, General Business Law and Company Formation. Robert brings business side experience to every legal transactions. This allows him to shape a client's legal needs around its business goals to drive success in an effective and efficient manner.
August 4, 2021
Spencer W.
I’m a New York based attorney with substantial experience in media and art law, corporate structuring and commercial contracts. For the past several years, I have been advising startups and new business on their legal needs, with a special focus on tech and entertainment.
August 13, 2021
Jim S.
Jim Slattery most recently served as General Counsel at Regional News Network, a large owner of broadcast television stations. Jim is an experienced attorney with broad-based expertise. He is a seasoned negotiator who has been involved in negotiations as complex as the Olympic Games. Jim spent 18 years as Vice President for Business and Legal Affairs at NBCUniversal. Previously, Jim worked in the media industry in various roles at All American Television. Jim’s success can be attributed to his ability to properly analyze data, manage projects, lead teams, develop creative solutions for complex problems, focus on strategically optimizing assets, manage/allocate risk and collaborate with divergent constituent groups to achieve objectives. Jim received a J.D. and a B.B.A. from the University of Notre Dame.
September 19, 2021
Jonathan H.
I’m an attorney focusing my practice on concierge corporate and intellectual property law for startups and high-growth companies. I also serve as outside General Counsel to several businesses in various sectors. Since founding my practice I've worked with hundreds of clients across a variety of industries. My experience as a former General Counsel of a premier edtech company gives me unique insight into the challenges my clients face and how to resolve them efficiently and cost-effectively.
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Browse Lawyers NowReal Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
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ContractsCounsel User
real estate sales contract
Location: California
Turnaround: Less than a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 2
Bid Range: $800 - $950
ContractsCounsel User
Recission of home sales contract
Location: Florida
Turnaround: Less than a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 2
Bid Range: $750 - $1,000
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